Yuga Labs acquires CryptoPunks IP from Larva Labs, gains over $2 Billion in Secondary Sales

Larva Labs, creators of the popular NFT collection CryptoPunks, announced that it will sell the IP for CryptoPunks to Yuga Labs, the developers of Bored Ape Yacht Club. Following the announcement, CryptoPunks sales surged. According to CryptoSlam, secondary sales for the collection totaled $18.8 million over 24 hours (a 1,219% increase over 24 hours).

Yuga Labs stated that it will grant IP rights for CryptoPunks images to their respective owners as it has for owners of Bored Apes in the past. Previously, CryptoPunk owners showed disdain as Larva Labs did not give clear guidance as to how holders could monetize their NFT images.

Additionally, the floor price for CryptoPunks rose by 11% during the 24 hours to a price of 75 ETH (~$195,000).

Furthermore, Larva Labs included the sale of the Meebits NFT project’s IP to Yuga. Consequently, Meebits’ sales jumped to $18.5 million over 24 hours, marking a 529% over the previous period. Meebits’ floor price also shot up by 32% to almost 5.6 ETH ($14,500) following the sale.

A project that has been abandoned by Larva Labs, the V1 CryptoPunks Wrapped collection, also saw a significant success as it generated over $1.6 million in secondary sales.

Following the deal, Bored Ape Yacht Club reached over $7 million in NFT sales, up 307% with its floor price rising about 12% to at least 82 ETH ($212,000) per token. Yuga Labs’ newer Mutant Ape Yacht Club benefitted from the momentum with about $4.5 million in sales and a new floor price of 18.5 ETH ($48,000).

Overall, the IP sale allowed CryptoPunks to yield more than $2.1 billion in secondary trading volume, Meebits at around $435 million, BAYC with $1.4 billion, and MAYC at $987 million.

Source: Decrypt