Yuga Labs, the founding company behind the Bored Ape Yacht Club NFT collection, bought the intellectual property (IP) rights to the CryptoPunks and Meebits non-fungible token (NFT) collections from Larva Labs. Yuga Labs now also owns 423 CryptoPunks and 1711 Meebits. A key aspect of the deal is CryptoPunk NFT owners will now be able to exploit the IP rights to their characters commercially.
CryptoPunks was one of the first NFT projects to entice a digital community of loyal followers. In June of 2017 its founders launched 10,000 caricature-like digital figures, one of the first NFT collections ever, that were free on a first come, first serve basis. It took a while for the project to kick off, but several individual CryptoPunks have sold for millions of dollars since then. The cheapest ones sell for around $182,000.
Larva Labs’ CryptoPunks defined the profile pictures NFT playbook in many ways. It is no coincidence that many collections that followed, including the Bored Apes, had a total of 10,000 digital assets. Each collectible is identified by a number and features distinctive characteristics that vary in rarity.
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