Crypto Punks and Meebits have been acquired by Bored Ape Yacht Club
Yuga Labs, the company behind the Bored Ape Yacht Club, revealed on Friday that it had purchased CryptoPunks and Meebits from Larva Labs.
Meebits immediately joined the list of most valuable NFT collections after releasing last May, and CryptoPunks is one of the oldest and most valuable brands in the NFT market.
Yuga Labs intends to create a “community of builders” who will create derivative works based on the two initiatives.
To that end, it plans to provide CryptoPunks and Meebits owners intellectual property and commercialization rights, letting people develop works and goods based on their NFTs in the same manner as Bored Ape owners have.
“Everybody knows CryptoPunks, everybody loves CryptoPunks, It’s iconic, and it was ahead of its time. It’s forward-thinking, and it’ll be around for a long time. We were ecstatic about it right away, with no idea what the next step should be.” Greg Solano, a co-founder of the Bored Ape Yacht Club
Larva Labs co-founders Matt Hall and John Watkinson stated that they believed Yuga Labs would be better caretakers of the projects in the future.
The team founded CryptoPunks in 2017 as a “kind of digital art project.” “As a couple of software development experimentalists, we felt that we were getting less and less suited to this.”
As part of the agreement, Yuga Labs will acquire around 400 CryptoPunks and 1,700 Meebits from Larva Labs.
The corporation did not disclose the transaction price. Larva Labs will remain autonomous and focus on new initiatives.
The acquisition comes as the NFT industry begins to cool. Following a substantial increase in sales volume and value for much of last year, the market started to fall around the holidays and has yet to recover.
According to the sales tracker NonFungible, yesterday’s NFT sales totalled roughly 12,000 transactions worth $30 million.
Transaction totals were ten times greater than in August and September of last year; even a month ago, sales volumes and value were twice as high as they are now.
Yuga Labs is also fast expanding. In January, Yuga Labs employed 11 workers. According to the co-founders, that number is now closer to 50.
According to reports, Yuga Labs has been negotiating with Andreessen Horowitz about a multi-million dollar investment at a valuation of around $5 billion. Yuga Labs declined to comment on the possibility of an investment.
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