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Yuga Labs purchases CryptoPunks and Meebits’ IP from Larva Labs

Yuga Labs purchases CryptoPunks and Meebits’ IP from Larva Labs

Last updated 30th Nov 2022
Disclosure
  • This deal brings the CryptoPunks and Meebits brands and logs under Yuga Labs.
  • Larva Labs co-founders believe both projects will thrive under Yuga Labs’ stewardship.
  • Despite purchasing the collections, Yuga Labs seeks to keep BAYC at the center of its universe.

Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), has bought the rights to the intellectual property (IP) of CryptoPunks and Meebits collections from Larva Labs. The firm unveiled this news through a press release earlier today, noting that this deal means it now owns the CryptoPunks and Meebits brands and logos.

According to the news release, Yuga Labs seeks to handle the two NFT collections the same way it dealt with BAYC and Mutant Ape Yacht Club ( MAYC). This means the company will transfer IP, commercial, and exclusive licensing rights to individual NFT holders. Yuga Labs said it is not in a hurry to do anything but offer holders their IP to see what they build and listen.

By transferring IP and commercialization rights, Yuga Labs seeks to create a lively new community swarming with creators and third-party developers to integrate CryptoPunks and Meebits into digital and physical items worldwide.

Commenting on the acquisition of CryptoPunks and Meebits, Larva Labs co-founders Matt Hall and John Watkinson said,

Yuga Labs are the best in the world at what they do, and are the ideal stewards of the CryptoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web.

Surpassing the role model

As part of the deal, Yuga Labs owns the copyright of both the CryptoPunks and Meebits collections. Additionally, the company received 423 CryptoPunks and 1,711 Meebits. The company, however, failed to disclose further details about the agreement.

Elated about this purchase, Yuga Labs CEO Nicole Muniz said,

When we set out to create within the NFT space, we did so with a deep admiration for CryptoPunks and the visionary work of Matt and John.

She added that Yuga Labs is honored to take on the stewardship of both brands and the communities backing them. Muniz further noted that Yuga Labs is excited to build alongside CryptoPunks and Meebits holders as it steps into their world.

Despite purchasing the two Larva Labs collections, Yuga Labs assured its community members that the BAYC ecosystem would always be at the center of its universe. The firm said it believes what is good for Punks is also good for Apes and the rest of the NFT space. Yuga Labs added that it wants to grow the pie, not fight over slices.

Jinia Shawdagor

Jinia Shawdagor

Jinia is a fintech writer based in Sweden. With years of experience, she has written about cryptocurrency and blockchain for renowned publications such as Cointelegraph, Bitcoinist, Invezz, etc. She loves gardening, traveling, and extracting joy and happiness from the little things in life.