Mar 14, 2022 - Economy & Business
NFT megamerger between Bored Apes and Cryptopunks
Yuga Labs, the NFT company behind the Bored Apes Yacht Club, acquired the rights to the CryptoPunks and Meebits collections, from Larva Labs.
Why it matters: Bored Apes and CryptoPunks are the world's most valuable NFT collections, with Meebits not too far behind. Yuga now controls NFTs with around $5.5 billion in market cap.
Flashback: Andreessen Horowitz in talks to back Yuga Labs.
The bottom line: Yuga Labs said it plans to open up the IP rights of individual CryptoPunks to their owners, as it's done since the beginning for Bored Apes owners. This resolves a conflict between the CryptoPunk community and Larva Labs, which hadn't been willing to take such a step.