BAYC Price Jumps 25% After Yuga Labs Buys CryptoPunks and Meebits
After the news broke on Yuga Labs buying the IP for CryptoPunks and Meebits collections, the floor price for Bored Ape Yacht Club NFTs soared 25%.
Yuga Labs, the company behind the Bored Ape Yacht Club NFT collections, earlier announced that they’ve purchased the CryptoPunks and Meebits collections, or effectively the intellectual property rights to both series.
“Today we’re excited to announce that Yuga has acquired the IP of the CryptoPunks and Meebits NFT collections from Larva Labs. This means that we now own the brands, copyright in the art, and other IP rights for both colletions, along with 423 CryptoPunks and 1711 Meebits.”
According to the team, the first step will be to grant CryptoPunks and Meebits holders the same commercial rights that BAYC and MAYC owners currently have.
What this would mean is that developers would be able to incorporate CryptoPunks and Meebits into their web3-based projects.
However, Yuga also revealed that:
“What we don’t plan to do is shoehorn these NFT collections into the ‘club’ model we’ve developed for BAYC.”
Not long after the news broke, BAYC sales soared. As noted by a prominent NFT whale, there were 14 sales in 90 minutes, which saw the floor price for BAYC jump by 25% and is currently above 90 ETH.
Make that 14 sales in the last 90 minutes. Only one sale on LooksRare though ? Why do people hate free money pic.twitter.com/rldT0NZFlV
