Published on: 31/03/2022

Yuga Labs announces NFT projects CryptoPunks, Meebits acquisition

Yuga Labs, the creator behind the NFT collection hit Bored Ape Yacht Club (BAYC) built on the Ethereum blockchain has acquired the intellectual property of two NFT collections from Larva Labs, namely CryptoPunks and Meebits.

The “acquisition” means that right now, Yuga Labs own the brands, art copyright, and other IP rights related to both collections. In a statement, Yuga Labs explained the decision is due to deep admiration towards CryptoPunks and its founders. Moreover, they sang high praise for how CryptoPunks’ work has moved the NFTs scene and how the project has influenced BAYC.

“When we set out to create within the NFT space, we did so with a deep admiration for CryptoPunks and the visionary work of the project’s founders, Matt and John,” Yuga Labs’ statement reads.

“Their work moved NFTs, the Ethereum blockchain, and the entire crypto space forward, and influenced how we built BAYC. We’re honored to shepherd the CryptoPunks and Meebits brands into the future as part of the broader ecosystem we’re building.”

More about Yuga Labs’ new ownership, sales increase

Other than what has been mentioned previously, as part of the deal Yuga Labs also acquired 423 CryptoPunks and 1711 Meebits. Moreover, according to Decrypt, the aftermath of the ownership has resulted in CryptoPunks’ sales surge to an all-time high record, Decrypt added the event as “selling like hotcakes”.

The report also explained that prior to Yuga Labs’ acquisition, CryptoPunks had an issue in NFTs monetization. Notably, Larva Labs gave presented unclear guidance over holders’ ability to monetize NFTs images.

Are we not going to talk about the huge amount of meebits insider trading that just happened?

— DappPunk (@dapppunk) March 12, 2022

However, it seems that is no longer an issue to worry about following Yuga Labs’ acquisition as CryptoPunks’ Ethereum NFT’s sales surge by a whopping 1,200%, followed by an increase in sales volume and an 11% increase in floor price for the cheapest CryptoPunks’ NFT, recording a current floor price of over 75ETH (approximately $195,000).

The same sales effect expands to Meebits NFT. According to CryptoSlam, the project’s price has jumped to $18.5 million in just 24 hours, or roughly 529% compared to the previous span. As for the floor price, the project recorded a 32% increase or near to 5.6ETH ($14,500).

Yuga Labs’ BAYC somewhat benefitted from the acquisition, having recorded an increase in both sales at a high number of $7.3 million or 307% and a 12% rise in floor price or 82ETH ($212,000). Additionally, its Mutant Ape Yacht Club (MAYC) gained $4.5 million in sales or a day-over-day increase of 79% alongside an increase of value in floor price at 9% or 18.5ETH ($48,000).

What’s next for Yuga Labs

Yuga Labs further elaborate its future plan after acquiring two of Larva Labs’ prominent NFT collections. Yuga Labs explained the first step is to grant holders of both acquired collections equal commercial rights with BAYC and MAYC.

“As a first step, we will soon be granting CryptoPunks and Meebits holders the same commercial rights that BAYC and MAYC owners enjoy. We’re working with our legal teams to draft the new terms and conditions for both collections, and expect to share these with the community soon,” Yuga Labs said in a statement.

“By handing over these rights, we’re further aligning CryptoPunks and Meebits with the web3 ethos, and we expect a wide-range of third party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects. We’ll be building the overall brand right alongside them.”