Yuga Labs purchases CryptoPunks and Meebits and grants the community commercial rights.

March 12, 2022 - Around 3 mins mins to read

Yuga Labs, the business behind the Bored Ape Yacht Club NFT collection, has bought CryptoPunks and Meebits from developer Larva Labs after 24 hours of rumors and internet discussion. This means that they’re now own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits.

https://twitter.com/yugalabs/status/1502420714527334406?s=20&t=LGIESuP32nnoAGzKQXXvyw

Larva Labs says it will keep the rights to Autoglyphs, its other large NFT collection, “as well as a number of our favorite Punks and Meebs.” This deal came about in a very organic way from conversations between their partner Guy Oseary and the Larva Labs founders.

One call led to another and here we are at this historic moment. This acquisition does not mean that Matt and John are joining Yuga. They’re going to continue running Larva Labs and will keep doing what they do best: creating awesome projects that help shape the future of web3.

What will happen next?

Yuga Labs purchases CryptoPunks and Meebits and grants the community commercial rights. 2

Here’s what Yuga Labs intends to do with the CryptoPunks and Meebits IP now that they possess it. As a first step, they will shortly provide CryptoPunks and Meebits owners the same commercial rights as BAYC and MAYC holders. They are currently working with their legal teams to develop new terms and conditions for both collections, which they hope to share with the community soon.

By transferring these rights, they are further integrating CryptoPunks and Meebits with the web3 ethos, and they anticipate that a wide spectrum of third-party developers and community creators will incorporate CryptoPunks and Meebits into their web3 projects. They’ll be working alongside them to build the overall brand.

They don’t intend to cram these NFT collections into the ‘club’ format they’ve created for BAYC. They see BAYC as the hub of the cosmos we’re creating at Yuga and CryptoPunks as a historical collection. While they will seek to improve the utility of both the CryptoPunks and Meebits collections, they will do so as responsible guardians. They are not in a hurry here. Before deciding what to do next, they will engage with the community.

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