Yuga Labs, the founder of BAYC, has bought the CryptoPunks and Meebits collections, signalling a significant shift in the power dynamic of the entire sector as former owner, Larva Labs, steps back from the spotlight.
Yuga Labs has been tight-lipped about how much it paid for the No. 1 collection in the NFT sector thus far. According to sources, it received about 400 CryptoPunks and 1,700 Meebits as part of the deal. As a result, Yuga Labs will continue to grow from a small developer to a multibillion-dollar enterprise.
Yuga Labs has granted intellectual and commercialization rights to owners of both collections from the start, paving the path for a new era of derivative content centred around the projects and allowing owners to commercialise their assets in ways never before feasible.
What is unknown is how Yuga Labs will recoup their apparently large investment. On the secondary market, neither CryptoPunks nor Meebits receive any royalty payments, and there are no plans to change that. Despite this, there are numerous indications about a variety of clothing, games, and events involving the fantastic assets.
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
Larva Labs, an NFT pathfinder, stated that Yuga Labs was the best-positioned firm to take the assets to the next level, showing that its professional set-up was prepared to endure the challenges ahead. Larva Labs, on the other hand, will continue to operate independently following the acquisition.
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