First Of Its Acquisition By Bored Ape Creator: Yurga Labs Buy Meebits and CryptoPunks

Yurga Labs, the Bored Ape Yacht Club creators, purchased the rights to the full slate of Meebits and CryptoPunks.

Larva Labs, the creators of Meebits and CryptoPunks, as is being speculated, has gained a huge compensation for the sale of its famous NFT projects.

After the acquisition, the floor prices of BAYC, CryptoPunks, and Meebits, three NFT projects now under Yurga Labs, increased significantly in the past 24 hours.

This time a “major NFT acquisition” is in news but not due to its usual reason, a big whale purchase. But a first of its kind at such a level – broader project acquisition by Yuga Lab.

As per an announcement, the creators of Bored Ape Yacht Club bought the rights to the full slate of CryptoPunks and Meebits. Larva Lab is the creator of Punks and Meebits. The terms of the acquisition are yet to be disclosed but speculations are that Larva acquired a large sum of money as compensation for its sale.

Floor Prices Of These NFT Projects Rises After The Acquisition

With the three biggest NFTs projects in its portfolio, Bored Ape Yacht Club, CryptoPunks, and Meebits has taken the portfolio of the Yuga team on a different level.

Since the announcement, quite an interesting activity was happening, particularly for CryptoPunks. In the moments leading up to the announcement, the move was being discussed at length.

In the past 24 hours, all the three NFT projects- BAYC, CryptoPunks, and Meebits have experienced a surge in their floor prices, according to crypto analytics firm Nansen.

At the time of writing, Meebits have experienced a spike in floor price jump around 30-40%. However, in terms of single project market cap and most expensive floor price, both Punks and Apes lead the entirety of the NFT space.

However, not all Punk and Meebit holders seem happy about the acquisition as some were seen expressing dissent.

What’s Next?

It’s a great acquisition for Yuga Labs. Nonetheless, Larva Labs will still be working as independent creators in the NFT space and taking on new projects.

The Yuga teams as part of the acquisition acquired the rights for the broader NFT brands, IP rights including copyright in the project’s art- in addition to 423 Punks and 1711 Meebits. Further, the Yuga team says it will also render independent NFT owners commercial rights, just like how they did with Bored Ape Yacht Club, powering each NFT owner to generate monetized opportunities, surrounding their NFT.

In the past few months, reports have suggested that Andreessen Horowitz, a VC firm, looks interested in Yuga Labs, taking the company’s value to around $5B. While numbers are not clear, the latest acquisition has surely increased the number.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing