Yuga Labs, Creator of the world’s top NFT collection BAYC revealed the thrilling acquisitions of Intellectual property (IP) Cryptopunks and Meebits NFT collection, which is curated by Larva Labs.
- Yuga Labs will work with the community to incorporate CryptoPunks and Meebits into the web3 project.
- With the IP rights, NFT holders will be able to monetize their NFTs in other projects.
The latest acquisition will enable Yuga Labs to own the brands, copyright of digital art as well as other IP rights of CryptoPunks and Meebits. Along with IP, the firm has also bought 423 CryptoPunks and 1711 Meebits.
CryptoPunks is the second-largest NFT collection after the Bored Apes, which is a 10,000 computer-generated pixel image.
As a part of the deal, the Yuga Lab will grant commercial rights to CryptoPunks and Meebits owners, same as BAYC NFT holders. Also, The lab will work with “a wide-range of third party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects”.
Many BAYC holders have monetized their Bored Apes by participating in other community-centric projects. Previously, leading Music firm Universal Music Group formed a metaverse group using four Bored Ape NFTs. Other than that, the largest NFT influencer Snoop Dogg is creating mixtape NFTs that also include some Bored Ape NFTs with jazz beats.
“Yuga Labs are the innovators of the modern profile picture project, and the best in the world at operating these projects. They are the ideal stewards of the CrytoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web,” Matt Hall and John Watkinson, co-founders of Larva Labs.
Yuga Lab made clear that they have no plan to add CryptoPunks or Meebits into the club category, which they have developed for BAYC. CryptoPunks is a ‘historic’ collection.
It seems like Yuga Labs wants to boost the NFT ecosystem space and its engagement with the community in a Web 3 through the leading collection.