Bored Ape Creators Purchases CryptoPunks
Yuga Labs, creators of the highly-respected Bored Ape Yacht Club NFT Collection, has purchased CryptoPunks and Meebits at Larva Labs for an undisclosed amount.
We have some big news today: Yuga purchased the CryptoPunks, Meebits collection from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. As we did for MAYC and BAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
There were rumors of the development that circulated through the NFT community Friday night, but the studios finally announced the change late on Friday evening. A tweet storm Yuga Labs stated that it would grant CryptoPunks and Meebits their intellectual property rights to the NFTs. This is similar to the commercial rights Bored Ape owners have to their cartoon apes. “It’s been amazing to watch the BAYC ecosystem use their rights to collaborate and build awesome shit we never could have dreamed up,” a post read. “We can’t wait to see the Cryptopunks and Meebits communities do the same.” Yuga Labs added that it had long been inspired by Larva Labs for elevating “NFTs and the broader crypto world,” before noting that the Bored Ape Yacht Club ecosystem would remain its core focus.
Larva Labs wrote that CryptoPunks and Meebits had helped lay the foundations for other profile picture NFT projects and now “need a steward with a different skill set in order to continue growing.” In a Mirror announcement, joint quote from Larva Labs co-founders Matt Hall and John Watkinson read:
“Yuga Labs are the innovators of the modern profile picture project, and the best in the world at operating these projects. They are the perfect stewards for the CryptoPunks & Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web.”
Larva Labs launched the famous CryptoPunks NFT collection, which was a precursor to the avatar project trend that took NFT by storm in 2021. Every CryptoPunk NFT was offered for free, and they were quickly claimed. They now command a pretty penny on the secondary market: at the height of last year’s NFT boom, Punks were trading for upwards of $500,000. The cheapest Punks sell for $190,000. However, rarer ones are often sold at much higher prices. Last month, one of nine Alien Punks went for $23.7million. Larva Labs released a new line of avatar-based characters, the Meebits, in May 2021, just months after NFTs made their way into mainstream culture.
Yuga Labs drew inspiration from Larva Labs to create its hot Bored Ape Yacht Club collection. Released in April 2021, the Bored Ape has arguably become the world’s most sought after NFT collection, surpassing even CryptoPunks. Countless celebrities including Paris Hilton, Jimmy Fallon, and Justin Bieber have “aped into” the exclusive club, and the collection has since spawned a full ecosystem including offshoot series, a partnership with Adidas, and an upcoming play-to-earn game. Unlike CryptoPunks, Yuga Labs opted to give ape owners the full commercial rights to their NFTs, which partly contributed to the collection’s success. The new deal means that CryptoPunks and Meebits holder will now be able to use NFTs in any way they want. Although Larva Labs hinted at the possibility of more plans, it is not clear what the future holds for both collections. Yuga Labs closed the announcement by writing:
“Our vision has always been to build a community-owned brand that extends far beyond NFTs, and now we get to bring CryptoPunks and Meebits along for the ride.”