The creators of the famous Bored Ape Yacht Club NFTs have acquired the intellectual property of other known non-fungible tokens (NFTs) created by Larva Labs known as CryptoPunks and Meebits collections. The terms at which the deal was reached was not disclosed to the public. What is known is that about 1,711 Meebits and 423 CryptoPunks were acquired by Yuga Labs from Larva Labs.
The creators of CryptoPunks and Meebits collections Larva Labs created CryptoPunks in 2017 and the Meebits NFT Collection came in 2021. These two NFT collections are some of the most popular and valuable NFT collections in the NFT market.
According to the information released by DappRadar, the average selling price of CryptoPunks NFTs is about $177,420 and for that of Meebits, it is valued at an average of $16,100. It seems like Yuga Labs struck a good deal because according to the data provided by DappRadar, Meebits NFTs have been able to facilitate about $7.4 billion in lifetime sales and counting, while CryptoPunks on the other hand have been able to secure about $4.2 billion in the same range.
The creators of the Bored Apes Yacht Club, Yuga Labs released a statement on Twitter that read;
“It’s been amazing to watch the Bored Ape Yacht Club ecosystem use their rights to collaborate and build awesome shit we never could have dreamed of. We can’t wait to see the Cryptopunks and Meebits communities do the same”. The deal between the two NFT labs means that the creators of the Bored Apes Yacht Club NFT will now be the owners of the Meebits and CryptoPunks logos and brand.
The owners of CryptoPunks NFT Collection on the other hand are not feeling too good about the way Larva Labs gave the IP rights of their NFTs to the creators of Bored Ape Yacht Club NFTs. But Yuga Labs have released a statement on a blog post concerning CryptoPunks and Meebits collections said:
“What we don’t plan to do is shoehorn these NFT collections into the ‘club’ model we’ve developed for BAYC,” Yuga’s team said in a blog post. “We’re not in a rush here. We’ll be listening to the community before we decide what comes next”.
This simply means that Bored Ape Yacht Club NFT creators will listen to the community of CryptoPunks and Meebits collections before they make decisions concerning the NFT. Yuga Labs are known as one of the savviest NFT brand marketers and the positive side of this means that CryptoPunks and Meebits NFTs will be developed into larger brands. This deal means that the characters of the CryptoPunks NFTs and that of Meebits will be featured in luxury goods and games.
Although the financial details of the deal were not revealed, it is known that Yuga Labs will now transfer exclusive and commercial licensing privileges to the holders of CryptoPunks and Meebits NFTs.
These commercial rights will be the same as the one of the Bored Apes Yacht Club NFT. In an official statement released by the company, it said:
“We’re working with our correct teams to draft the contemporary phrases and prerequisites for both collections, and request to fragment these with the neighborhood soon”.
Although some holders of CryptoPunks and Meebits NFTs are not pleased with Larva Labs giving the IP rights of the NFT Collection to the creators of Bored Ape Yacht Club NFT, the deal means a lot to the development of the two NFT collections. Improvements in the brands of the Meebits NFTs and that of CryptoPunks is guaranteed in this deal.
Let’s grow rather than fight our slices, WAGMI.