Yuga Labs, creators of Bored Apes, obtains IP for CryptoPunks and Meebits
Yuga Labs, the company behind the famous NFT project Bored Ape Yacht Club, has just purchased the rights to two of the most popular NFT collections available.
Yuga Labs purchased the intellectual property rights to Larva Labs’ CryptoPunks and Meebits NFT collections on Friday.
“This means that we now control the brands, copyright in the art, and other intellectual property rights associated with both collections, as well as 423 CryptoPunks and 1711 Meebits,” the release noted, adding that “the first thing we’re doing is granting full commercial rights to NFT holders.”
This implies that holders of CryptoPunks and Meebits will have the same rights as holders of previous Yuga Labs collections. It is now collaborating with its legal staff on new terms and conditions for CryptoPunks and Meebits holders.
“By transferring these rights, we are further integrating CryptoPunks and Meebits with the web3 ethos, and we anticipate that a broad spectrum of third-party developers and community producers will include CryptoPunks and Meebits into their web3 projects. We’ll be developing the entire brand in tandem with them.”
However, CryptoPunks and Meebits will not necessarily adopt BAYC’s “club” concept. Yuga said that BAYC would remain the primary focus, while CryptoPunks will serve as a “historic” collection. Indeed, CryptoPunks was one of the first significant NFT collections to garner widespread interest. Yuga Labs, on the other hand, will seek to enhance the functionality of the CryptoPunks and Meebits collections.
Matt Hall and John Watkinson, co-founders of Larva Labs and creators of the CryptoPunks and Meebits collections, will stay at Larva Labs. They referred to Yuga as the “perfect custodians” who would ensure that their early initiatives remained “alive, flourishing projects” on the developing decentralised web. According to CoinGecko statistics, the two most valuable collections are Bored Apes and CryptoPunks.