Source: Cointelegraph
Original: “Yuga Labs Sells CryptoPunks IP to Infinite Node Foundation”
The Infinite Node Foundation (NODE), a nonprofit organization focused on digital art, announced on May 13 that it has acquired the intellectual property rights of the CryptoPunks non-fungible token (NFT) collection from Yuga Labs.
In a post on the X platform, NODE stated that the acquisition of CryptoPunks, along with an additional $25 million donation fund, makes NODE “the only nonprofit organization in the U.S. focused on digital art with the most substantial funding.”
The terms of the deal were not disclosed.
The nonprofit organization stated that it has formed an advisory committee to oversee the management of the CryptoPunks collection. Committee members include the artists behind the NFT collection, Matt Hall and John Watkinson, as well as a representative from Yuga Labs.
NODE stated, “Our role is to build a networked architecture that allows digital art like CryptoPunks to thrive in the annals of digital and art history.”
According to NODE, CryptoPunks are “algorithmically generated pixel art characters” that “have changed the art world by existing outside of it and have sparked a cultural shift that continues to reshape our digital world.”
According to CoinGecko data, as of May 13, CryptoPunks is the highest market cap NFT collection, with a total market cap of nearly $1.2 billion for its 10,000 NFTs.
The CryptoPunks collection was launched in 2017 by Larva Labs, an NFT design company co-founded by Hall and Watkinson.
According to NODE, since then, sales of these NFTs have exceeded $3 billion. Each NFT sale generates royalty income for the holders of the NFT intellectual property rights.
According to data from the CryptoPunks website, in 2022, the highest-grossing CryptoPunk NFT was sold for nearly $24 million. That same year, the collection was acquired by Yuga Labs, which is known for designing the Bored Ape Yacht Club NFT collection, which, according to CoinGecko data, is the third-largest NFT collection by market cap.
Yuga Labs also acquired another NFT collection from Larva Labs, Meebits, and sold it in February.
In March, Yuga Labs announced that the U.S. Securities and Exchange Commission (SEC) had concluded its investigation into the company, calling it “a huge victory for NFTs.”
Related: The Democratic Party of Korea Establishes a “Digital Asset Committee”
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