NFT Surprise: Cryptopunks and Meebits Now Belong to Bored Ape Makers

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Yuga Labs, the fast-growing company behind the Bored Ape Yacht Club, has secured the rights to the popular NFT collections Cryptopunks and Meebits. The price remains unnamed at first.

NFT Surprise: Cryptopunks and Meebits Now Belong to Bored Ape Makers

With the acquisition of Lara Labs' popular NFT collections, Bored Ape creators Yuga Labs now control three of the most valuable NFT collections on the market. Yuga Labs announced this last Saturday.

Yuga Labs: Number 2 takes over Number 1

The Cryptopunks collection has been in existence since 2017 and is the largest NFT collection on the market by trade volume. With a volume of 2.2 billion US dollars, according to Opensea, it more than doubles the 2nd following Bored Apes with just over a billion dollars.

Yuga Labs, the inventor of Bored Ape Yacht Club, announced today that it has acquired Cryptopunks and Meebits from Larva Labs. Cryptopunks is one of the oldest and most valuable brands in the NFT world and Meebits has quickly joined the list of the most valuable NFT collections after its launch last May. According to Opensea, meebits have reached a trading volume of around $227 million so far.

Monetization model behind Cryptopunks and Meebits under construction

This was of little use to the creator of the collections, the software developer duo Matt Hall and John Watkinson, known as Larva Labs, because they designed their NFT differently. Yuga Labs earns a share every time a Bored Ape is resold – a kind of standing order. Larva Labs doesn't do that with its Cryptopunks and Meebits.

This Cryptopunk NFT alone generated 24 million dollars

Although Yuga Labs does not want to change this practice, it should be clear that the Bored Ape makers will consider a monetization model. However, they did not want to comment to The Verge on the concrete future plans for cryptopunks and meebits.

In any case, Yuga Labs hopes to establish a "community of builders." This community will then create "derivative works" around the two projects. For this, the company would have to grant the owners of Cryptopunks and Meebits further rights of use to the NFT, as is already the case with the NFT from the Bored Ape Yacht Club.

Larva Labs: Art project is no longer enough

But why didn't the original creators Hall and Watkinson come up with this idea? The duo launched Cryptopunks in 2017 as "a kind of digital art project," not for further marketing purposes. That's why over time we developed the feeling "that we, as a pair of software developers who are keen to experiment, were less and less suitable for this," says Hall.

In addition to the rights, Yuga Labs is also acquiring more than 400 cryptopunks and 1,700 meebits from Larva Labs as part of the deal, but not the company itself. Larva Labs will continue to operate independently and work on new projects.

Conglomerate of offerings goes beyond individual NFT

Yuga Labs looks beyond the individual NFT. The company, which has grown from 11 to 50 employees over the past two months, has already launched merch drops, released a limited-time mobile game, and hosted a party with many celebrities in Brooklyn.

"We see each other with tentacles in all these areas: streetwear, events, gaming, NFT and so on," says Bored Ape co-founder Wylie Aronow, who performs under the pseudonym Gordon Goner. "Our aim is to find out and expand the benefits for this new IP."

Yuga Labs professionalizes itself

Yuga Labs thinks big. Rumor has it that the company is looking for venture capitalists, aiming for a market valuation of five billion dollars. After the first gold rush last year, the NFT market is much weaker.

According to the market research institute Nonfungible, around 12,000 NFT sales with a total value of 30 million dollars are currently processed every day. Just a month ago, the numbers were twice as high. Yuga Labs has probably recognized what every real company realizes at some point – the time for consolidation has come.

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