Pixel Mover: NFT Acquisitions
The makers of Bored Ape Yacht Club have purchased the rights to the CryptoPunks and Meebits NFT collections
What happened?
Yuga Labs, the company behind the most valuable NFT collection - Bored Ape Yacht Club (BAYC) - has acquired the brands, copyright in art and IP of two major NFT projects owned by Larva Labs: CryptoPunks and Meebits. Yuga Labs also acquires 423 and 1,711 Meebits as part of the deal. Yuga Labs and Larva Labs made the announcement on March 11 via joint twitter announcement. Financial terms have not been disclosed, but OpenSea data provides volume data on all three of the aforementioned projects. CryptoPunks has traded $2.2B in volume to date, Bored Ape Yacht Club has traded more than $1B in volume, and Meebits has traded $227M in volume.
As part of the acquisition, Yuga Labs grants the commercial rights to CryptoPunks and Meebits NFTs to their respective token holders, enabling them to monetize their NFTs.
Larva Labs will continue to own the rights to their remaining NFT projects and assets. Additionally, the announcement dispelled any rumors that cofounders Matt Hall and John Watkinson would be leaving to join Yuga Labs as part of the deal. They will continue working on Web3 projects at Larva.
Origin Story: CryptoPunks
Launched in June 2017, CryptoPunks are a series of 10,000 unique and collectible characters (24x24 pixel art images of punk humans, apes, aliens and zombies) with provenance established on the Ethereum blockchain. They are an example of one of the earliest NFT projects ever created on Ethereum and have served as a major engine for the growth of the CryptoArt movement. Over the last few years, CryptoPunks NFT bundles have been sold at art auction houses such as Christie’s.
Origin Story: Meebits
Launched in May 2021, Meebits are a series of 20,000 unique 3D voxel characters also established on the Ethereum blockchain. Each Meetbit has combined traits including tattoos, clothes, and accessories. Meebits represent an early attempt to serve as avatars for virtual worlds and metaverses. Larva Labs also innovated around the time of its launch, creating a no-fee marketplace for users to trade and swap Meebits.
What’s Next?
“We see ourselves with tentacles into all those things: streetwear, events, gaming, NFTs, et cetera… It’s just a matter of figuring out and extending that utility to these new IPs.” Wylie Aronow, co-founder of Bored Ape Yacht Club.
For Yuga Labs, the team will need to figure out paths to monetize the new IP as it won’t be collecting royalties for each CryptoPunk or Meebits sale, as it currently does for BAYC. It may do this through merchandising, content creation, and other collaborations, as it continues consolidating historical and valuable NFT projects. The company continues to grow its employee headcount and has even flirted with taking on a $200M investment from high-powered VC Andreesen Horowitz.
Sources & Additional Reading
Yuga Labs Buys CryptoPunks and Meebits | Will Gottsegen
Yuga Labs acquires CryptoPunks and Meebits and gives commercial rights to the community | 0x56C5…5053F8
Bored Ape Yacht Club creator buys CryptoPunks and Meebits | Jacob Kastrenakes
Report: Andreesen Horowitz Seeks an Investment in Bored Ape Yacht Club | Jamie Redman
CryptoPunks | Larva Labs
Meebits | Larva Labs
CryptoPunks NFT bundle goes for $17M in Christie’s auction | Lucas Matney
Breaking Down Meebits NFT - Could It Be The CryptoPunks Of The Metaverse? | Jon Torrey