The commercial rights to CryptoPunks and Meebits will remain the property of their respective owners, Bored Ape Yacht Club creator Yuga Labs announced after acquiring both NFT collections.
Two of the world’s most prominent NFT crypto collections, CryptoPunks and Meebits, are now owned by Bored Ape Yacht Club creator Yuga Labs. NFT developer Yuga Labs announced the acquisition of the ownership rights to the CryptoPunks and Meebits crypto collections, developed by Larva Labs.
In a release Posted on Twitter, Yuga Labs reported that it has acquired the CryptoPunks and Meebits brands, as well as the copyrights to the art and intellectual property rights of both collections from NFTsThe company also reported the acquisition of 423 CryptoPunks and 1.711 Meebits from these crypto collections.
This acquisition, the first of its kind in the crypto industry, is part of the company’s plans to continue building the future of the crypto ecosystem and Web3. Yuga Labs explained that commercial ownership of CryptoPunks and Meebits will be delivered to the holders of these NFTs in the same way as the Bored Ape Yacht Club and Mutant Ape Yacht Club crypto collections, developed by the company, to align with the principles of Web3 decentralization.
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Yugab Labs, CryptoPunks and Meebits
CryptoPunks, a non-fungible token collection of 10.000 pixelated avatars, is considered one of the first and most important NFT collections developed in the blockchain de Ethereum, which kicked off the modern Crypto Art movement. Today, CryptoPunks are the most traded collection of non-fungible tokens in the entire industry, with a total volume of 864.508 ETH, worth approximately $2.220 billion at the time of writing. Meebits rank fourth among the most traded NFT collections in the past week, with trading volume growing by 1,500%.
Matt Hall and John Watkinson, co-founders of Larva Labs, CryptoPunks and Meebits, said that Yuga Labs “They are the ideal administrators of CrytoPunks and Meebits”, considering the innovation and modern profile that they have integrated into their own projects.
The company said it currently has no plans to create exclusive member “clubs” with these NFT crypto collections, but rather will grant commercial rights to the collections to the community to see what they build, hear their feedback, and plan what comes next. “We are in no hurry here”, he said. However, the goal is to provide additional utility for both NFT collections.
Yuga Labs is currently working on drafting new terms and conditions for licensing CryptoPunks and Meebits. The company said it will soon share the new terms with the community of users and collectors.
Commercial property rights
One of the biggest features of the Bored Ape Yacht Club and Mutant Ape Yacht Club crypto collections is the commercial ownership that their holders possess. In addition to the elite membership that these NFT collections allow their owners to enter exclusive message boards and spaces, BAYC and MAYC grant commercial rights to their holders, allowing them to freely use the brands for commercial purposes.
For example, in mid-November 2021, the record label Universal Music Group announced the creation of the first completely virtual band of musicians, called Kingship. This band, designed for the Metaverse, is made up of four NFT members from the Bored Ape Yacht Club collection. Also, Twitter user “Jay” reported that he had used his commercial rights to BAYC to create a version Bored Ape IPA from India Pale Ale (IPA) beer.
“By giving up these rights, we are aligning CryptoPunks and Meebits with the Web3 ethos and we hope that a wide range of third-party developers and community creators will incorporate CryptoPunks and Meebits into their projects. We will build the overall brand together with them.”, Yuga Labs reported.
The minimum sale price of NFTs is increasing
Larva Labs announced in September plans to bring crypto art and avatars from its CryptoPunsk collection to Hollywood screens in partnership with talent agency United Talent Agency.
At press time, the floor price of CryptoPunks, Meebits, Bored Ape Yacht Club, and Mutant Ape Yacht Club NFTs have all increased significantly. BAYC and MAYC hit a floor price of 97 ETH and 19,89 ETH (approximately $250.000 and $51.200), while CryptoPunks and Meebits are trading at a floor price of 74 ETH and 4,99 ETH, respectively.
Continue reading: Larva Labs to bring its crypto art and NFT avatars to Hollywood with United Talent Agency
