CryptoPunks NFT Collection Up 1,200% Following Bored Ape Creators IP Acquisition
CryptoPunks NFT collection has seen soaring sales since Yuga Labs announced the IP acquisition from Larva Labs.
Yesterday, as surprising news, Larva Labs announced that it would sell the IP for the popular CryptoPunks project to Yuga Labs, creators of the Bored Ape Yacht Club. As a result, secondary market sales of the CryptoPunks NFT collection totaled $18.8 million in the last 24 hours, according to CryptoSlam data, representing a 1,219 percent increase over the previous 24-hour period.
In addition to increasing sales volume, the floor price—or the cheapest available NFT in the project listed on a marketplace—for CryptoPunks has increased 11 percent over the period, to a current price of more than 75 ETH (approximately $195,000).
New buyers may expect more value from the CryptoPunks project now that it will be managed by Yuga Labs, the company that turned the Bored Ape Yacht Club into a celebrity favorite in less than a year.
Yuga Labs has announced that it will grant IP rights to the owners of individual CryptoPunks images, similar to how it has done for its own Bored Ape collections. That detail had previously been a source of debate for some CryptoPunks owners, as Larva Labs had previously provided ambiguous guidance regarding holders' ability to monetize their NFT images.
As part of the deal, Larva Labs also sold its Meebits NFT project IP to Yuga Labs. Meebits sales increased 529 percent in the last 24 hours, reaching $18.5 million, according to CryptoSlam data. During that time, the Meebits floor price has risen by a whopping 32% to nearly 5.6 ETH ($14,500).
To date, CryptoPunks has generated more than $2.1 billion in lifetime secondary trading volume, with the newer Meebits accounting for approximately $425 million (after wash sales are excluded). The Mutant Ape Yacht Club has generated $987 million in secondary sales, while the Bored Ape Yacht Club has generated more than $1.4 billion.