Normally, a “major NFT acquisition” is a whale-sized buy, stuffing up big dollar NFTs in their wallet. However, this most recent headline-smashing acquisition news in the NFT space isn’t about a big whale purchase, but rather a broader project acquisition – the first of it’s kind at this level – by Yuga Labs.
The Bored Ape Yacht Club creators purchased the rights to the full slate of CryptoPunks and Meebits, according to an announcement. Punks and Meebits were created, and now sold off, by Larva Labs – and while terms of the acquisitions are not disclosed currently, it’s safe to assume that Larva received substantial compensation.
Yuga’s portfolio of Bored Ape Yacht Club, CryptoPunks, and Meebits secures the team as overseers of arguably the three biggest projects in NFTs.
The move was a hot topic in the hours leading up to the announcement, and there’s been interesting activity (for CryptoPunks in particular) since the announcement. According to crypto analytics firm Nansen, all three of the NFT projects mentioned here – BAYC, CryptoPunks, and Meebits – have seen jumps in floor price over the past 24 hours. Meebits have seen the biggest spike with a floor price jump around 30-40% at time of publishing. Both Punks and Apes lead the entirety of the NFT space when it comes to single project market cap and most expensive floor price. Despite this, there are still mixed reviews from Punk and Meebit holders – some expressing excitement and others disappointment.
CryptoPunks, Bored Ape Yacht Club, and Meebits are three powerhouse projects on Ethereum - and now all three projects fall under the Yuga Labs umbrella. | Source: ETH-USD on TradingView.com
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Where We Go From Here
While the news is obviously a major win for Yuga Labs, Larva Labs has stated that the team will continue operate as independent creators in the NFT space, building new projects.
For Yuga, the team has shared that the move secures rights for the broader NFT brands, copyright in the project’s art, and other IP rights – along with 423 Punks and 1711 Meebits. Yuga has also stated that it will grant commercial rights to independent NFT owners, as they have with Bored Ape Yacht Club, allowing each NFT owner to create monetized opportunities around their respective NFT.
Reports over the past couple months have floated rumors that VC firm Andreessen Horowitz was exploring an investment in Yuga Labs that placed a value on the company at around $5B. Whatever the number is – it certainly has gone up after this recent acquisition.
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Featured image from yugalabs.io, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.