In quite possibly the biggest shock in NFT history, BAYC founder, Yuga Labs, has acquired the CryptoPunks and Meebits collections, representing a huge shift in the power dynamic of the entire sector as former owner, Larva Labs, steps back from the limelight.
So far, Yuga Labs has declined to reveal how much it paid for the No1 collection in the NFT sphere. However, sources noted that it received more than 400 CryptoPunks and 1,700 Meebits as part of the deal. As a result, Yuga Labs will continue to transition from independent developer into a massive multinational corporation.
From the offset, and effective immediately, Yuga Labs has granted intellectual and commercialization rights to owners of both collections, fostering a new era of derivative content centered around the projects and enabling owners to monetize their assets in a way not previously possible.
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
What remains uncertain however, is how Yuga Labs will look to recuperate their presumably costly investment. Both CryptoPunks and Meebits collect no royalty payments on the secondary market, and there are no plans to change this state of affairs. Despite this, hints abound at a range of streetwear, games and events relating to the incredible assets.
NFT trailblazer, Larva Labs revealed that through their vast experience Yuga Labs represented the best placed company to take the assets to the next level, indicating that its professional set up was suited to withstand the trials that lay ahead. Following the acquisition however, Larva Labs will continue to operate as an independent organization.
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