Yuga Labs sells CryptoPunks IP
Infinite Node Foundation (NODE) has acquired the intellectual property of the CryptoPunks NFT collection from Yuga Labs, establishing itself as the most well-capitalized nonprofit dedicated to digital art in the U.S. The acquisition includes a $25 million endowment. An advisory board has been formed to oversee the collection, featuring its original creators, Matt Hall and John Watkinson, along with a Yuga Labs representative. CryptoPunks, launched in 2017 by Larva Labs, consists of 10,000 algorithmically generated pixel art characters and has a market capitalization of nearly $1.2 billion. The collection has generated over $3 billion in sales, with the highest NFT selling for nearly $24 million in 2022. Yuga Labs, which also owns the Bored Ape Yacht Club, previously purchased CryptoPunks and Meebits before selling Meebits in February. The SEC closed an investigation into Yuga Labs, marking a significant moment for NFTs.
