Bored Ape Yacht Club Creator Acquires CryptoPunks and Meebits Collections

2 mins
12 March 2022, 11:04 GMT+0000
Updated by Ryan James
12 March 2022, 11:04 GMT+0000
In Brief
  • Yuga Labs acquired IP rights to CryptoPunks and Meebits.
  • The company announced to give commercial rights to all NFT holders.
  • NFT sales amassed $17.4 billion in 2021 which is 21,000 higher than 2020.
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Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), acquired two non-fungible token (NFT) collections called CryptoPunks and Meebits. 

Furthermore, Yuga Labs has the IP rights for “423 CryptoPunks and 1711 Meebits.” However, the creator of CryptoPunks and Meebits, Larva Labs, will keep the ownership to a couple of “Punks and Meebs” with its extensive NFT collection called the Autoglyphs.

According to Yuga Labs’ announcement, it will grant commercial rights to CryptoPunks and Meebits holders the same as BAYC and MAYC owners. This means that NFT collectors can monetize their digital assets as they desire.

Yuga Labs, per its announcement, views “BAYC as the center of the universe we are building at Yuga, and CryptoPunks as a historic collection.”

“While we will work to bring additional utility to both the CryptoPunks and Meebits collections, we intend to do so as thoughtful stewards. We’re not in a rush here. We’ll be listening to the community before we decide what comes next.”

The NFT hype

Digital collectibles garnered huge attention in 2021 which led to $17.4 billion in sales. According to a recent report, NFT sales rose 21,000% last year in comparison to 2020 with 2.5 million crypto wallets being involved in either trading or holding a token.

Of this tally, one of the biggest sales in NFT history goes to Chain CEO Deepak Thalipal who bought a rare alien avatar from the CryptoPunk collection for $23.7 million last month. This is the fourth most expensive NFT sale in history.

Meebits also sold its most expensive NFT for 1,000 Ethereum (ETH) worth $2.1 million last year in July. 

“Our vision has always been to build a community-owned brand that extends far beyond NFTs, and now we get to bring CryptoPunks and Meebits along for the ride,” reads Yuga Labs’ announcement.

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.