Yuga Labs Sells CryptoPunks IP to Infinite Node Foundation
Yuga Labs, the development team behind the Bored Ape NFT series, has sold the intellectual property rights of another well-known NFT collection, CryptoPunks, to the Infinite Node Foundation (NODE), a non-profit organization focused on digital art. The specific terms of the transaction have not been disclosed.
NODE stated on the social media platform X that the acquisition of CryptoPunks, along with an additional $25 million in donation funds, makes it “the most capitalized non-profit organization in the United States dedicated to digital art.” The organization also announced the establishment of an advisory committee to oversee the CryptoPunks collection, which includes original artists Matt Hall and John Watkinson, as well as a representative from Yuga Labs.
CryptoPunks was launched by Larva Labs in 2017, a company co-founded by Hall and Watkinson that specializes in NFT design. In March 2022, Yuga Labs announced the acquisition of CryptoPunks and Meebits from Larva Labs (the latter has been sold to MeebCo).
CryptoPunks is one of the most valuable NFT collections today, consisting of 10,000 unique NFTs. According to CoinGecko data, the total market capitalization of CryptoPunks is approximately $1.2 billion.
According to NODE, the cumulative sales of this NFT collection have exceeded $3 billion since its launch, with each sale generating royalty income for the IP holders of the NFT. According to data from the CryptoPunks website, the most expensive CryptoPunk NFT sold for nearly $24 million in 2022.
