In an unexpected turn of events, recent reports indicate that The Infinite Node Foundation has purchased the CryptoPunks IP from Yuga Labs. The strategic move keeps the intellectual property of this project within the crypto-native ecosystem. CryptoPunks is a prominent Ethereum-based NFT collection.
CryptoPunks is one of the biggest NFT collections on the Ethereum blockchain. It has an astounding market cap of $1.2 billion. The deal is likely to ramp up Ethereum’s network activity, considering CryptoPunks’ stature as the blue chip of NFTs.
It was always Yuga Labs’ intent to transfer the IP to the Infinite Node Foundation, as they deeply believed in the project’s future. They wanted to make sure it stayed in the auspices of an organization closely embedded in the cryptocurrency ecosystem. Following this CryptoPunks acquisition, Yuga will have “more room to readjust [its] priority focus back” on its main mission.
When Yuga acquired the CryptoPunks IP… we did so not only because we believed in the project, but because we wanted to make sure it landed in crypto-native hands. We chose Node because we believe they’re best positioned to protect and preserve the long-term value of the Punks legacy. I trust the leadership at Node. - Wylie Aronow
Both cryptoPunks and the Infinite Node Foundation verified that an agreement in principle had been achieved. Beyond that, it’s hard to overstate the significance of this acquisition for one of the largest NFT collections out there.
It’s worth noting that Yuga Labs had denied selling the CryptoPunks IP prior. To counter such predictions, the company has retooled its overall strategy in hopes of preserving its long-term survival inside the crypto ecosystem.
