BAYC’s Yuga Labs recently acquired CryptoPunks IP from Larva Labs and it is granting Punk holders full commercial license as we are reading more in today’s latest crypto news.
BAYC’s Yuga Labs is the company behind the biggest NFT collections in the industry and it announced today that it purchases the rights to the intellectual property of the Meebits and CryptoPunks collections from Larva Labs. Another step for Yuga Labs is to grant commercial licnese to the holders as per the company’s statement:
“With this acquisition Yuga Labs will own the CryptoPunks and Meebit brands and logos, and as they’ve done with their own BAYC collection, Yuga Labs will transfer IP, commercial, and exclusive licensing rights to individual NFT holders.”
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
Yuga Labs launched the BAYC collection back in 2021 and granted all Bored Ape NFT owners full licnese to use the image their own for commercial use of their choice. Brands, celebrities, and entrepreneurs capitalized on the BAYC phenomenon and launched various Bored Ape-branded enterprises like the Arizona Iced Tea ad campaign and a Gorillaz-inspired metaverse band from Universal Music Group.
Larva labs, the creators of CryptoPunks, were reluctant to grant the same kind of commercial licnese for the NFT holders that became a source of controversy among CryptoPunks investors, and as a result, the high profile holders left the project and said that the December IP dispute was what led to the $10 million CryptoPunks NFt sale.
Bored Ape Yacht Club – BAYC donated $1 million in Ethereum to Ukraine’s official Ethereum wallet address. The NFT collection made a $1 million contribution to the Ukrainian government as it is battling with Russian forces. BAYC donated $1 million to Ukraine’s wallet address after the country was attacked by Russia almost two weeks ago and joined the list of companies and people that made contributions to the country. The NFT collection’s Twitter account shared the information alongside an Etherscan transaction link which shows that it sent 388.999 ETH after being inspired by the community members’ contributions.
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NFTs are unique tokens that exist on the blockchain like Ethereum and signify ownership of the asset. The BAYC was among the first NFT collections to hit a floor price or a minimum of buy now price per NFT of over 50 ETH.
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