BAYC founders acquire CryptoPunks NFT IP, relaxing commercial rights
Yuga Labs, which is the business behind Bored Ape Yacht Club's non-fungible token (NFT), collection, purchased intellectual property (IP), rights to CryptoPunks (NFT), and Meebits (NFT), collections from Larva Labs. Yuga Labs now owns 423 CryptoPunks, and 1711 Meebits. The agreement's most important aspect is that CryptoPunk NFT character owners will be able commercially to use their IP rights.
CryptoPunks was the first NFT initiative to have a dedicated online audience. The founders of CryptoPunks distributed 10,000 digital characters that look like caricatures on a first come, first served basis in June 2017. This made it one the most unique NFT collections. Although it took some time for the CryptoPunk project to take off, several individual CryptoPunks have been sold for millions of dollar. The most expensive ones are sold for $182,000.
CryptoPunks of Larva Labs created the profile photos NFT playbook. Many subsequent collections, like the Bored Apes', contained a total 10,000 digital elements. This is no accident. Each collection has its own unique set of rare qualities and is assigned a number.
Jasia Junaid is a professional and experienced content writer working with NFT News. She is also working at other International companies. Jasia has remained a former article writer at Saakin real estate, foodytechy and scholarly net. With a great command over several niches, Jasia took a dive into the world of NFTs and proudly takes part in bringing up the latest authentic news on cryptocurrency, metaverse, and blockchain alot more at NFT News. In her spare time, she tries to read and organize more information related to on-going crypto trends around the world, do light blogging and surf the internet around.
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