Yuga Labs may be selling the rights to the Crypto Punks collection’s intellectual property. In 2022, the top NFT collection was acquired by Yuga Labs, maintaining its exclusivity. Someone may end up purchasing the rights to use the Crypto Punks collection’s intellectual property, according to rumours. It was in 2022 that Yuga Labs, makers of Bored Apes, bought the rights to the Punks album.
CryptoPunks IP Sale Rumors
Their statement regarding the possible sale of rights is still pending. Along with the intellectual property rights to Punks, the company also holds onto the rights to Meebits, which it bought. CryptoPunks With a minimum price of 0.01 ETH, Yuga Labs has purchased or issued 26 NFT collections, including exclusive top collections and more accessible ones. With a minimum price of 41.47 ETH, punks remain in first place.
An adviser to Moca Network brought up the prospect of an unidentified buyer acquiring the collection’s rights. Neither a conventional Internet company nor another collection startup like Pudgy Penguins is among the possible purchasers. The next owner has the option to preserve the collection in its current state, preserving the unique history of NFT. Another possibility is that the purchaser.
CryptoPunks IP Rights and Ownership
A record loan of 2.75 million USDC was secured by the collector’s top Punks NFT, #8348. The purchase of the Punks’ intellectual property rights has not been officially announced, and other unfounded rumors about possible purchasers have circulated. Currently, there isn’t much need for the change; it’s just part of the NFT culture. Punks were originally Larva Labs’ property. Freely distributed to ETH holders, the collection had a cap of 10,000 NFT. At first, Larva Labs had all of the image rights.
In a further shift, Yuga Labs began to provide ownership of the intellectual property rights to the images purchased by each NFT holder. CryptoPunks Thanks to this, some owners were able to turn their ape or other image-based content into tangible goods. Additionally, punks made it to other chains, albeit with different covers. Nothing was done with the majority of holders’ IP rights. Because it was one of the few NFTs auctioned on Sotheby’s auctions.
CryptoPunks Price Surge Amid IP Rumors
Rumors about who owned the Punks’ intellectual property rights caused an instant reaction in the NFT market. The floor price of the collection surged from approximately 34 ETH to more than 41 ETH in a matter of minutes, reaching a one-month high.S suspicion that Yuga Labs would cause CryptoPunks’ floor price to rise. The collection experienced an unexpected surge in activity, with 30 sales in the past 24 hours. This comes after months of virtually few Punks changing hands.
When it comes to floor prices, Punks are still ahead of Pudgy Penguins, which are around 27 ETH. The collection’s worth exceeds that of other top items, coming in at over $1.3 billion. It is unclear how much value the collection has when intellectual property rights are not tied to NFT ownership. At the moment, you can find a Punks spinoff on nearly every network. Rare airdropped Punks, however, remain in the possession of their original owners.
Summary
After acquiring the CryptoPunks collection in 2022, Yuga Labs allegedly plans to transfer the IP rights to the property. The anticipation has caused the collection’s floor price to soar significantly, going from 34 ETH to over 41 ETH, even though no official announcement has been made. Meebits and CryptoPunks are both owned by Yuga Labs, which has also released 26 other NFT collections. Some have speculated that collectors or organisations. of NFT enthusiasts would be interested in purchasing the IP rights, but no one knows for sure.
