Yuga Labs | BAYC Creators Just Bought Two More Mega-NFT Brands
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Yuga Labs | BAYC Creators Just Bought Two More Mega-NFT Brands

March 29, 2022 Share

One of the most valuable brands in NFT history, Yuga Labs now controls CryptoPunks and Meebits.

Dozens of these NFT (non-fungible tokens) projects have popped up in recent months, typically themed around a single creature. There are penguins, aliens, and robots; lions, tigers, and bears; plus many cats — Gutter Cats, MoonCats, Mad Cats, Punk Cats, Stoner Cats, and BlazedCats.

The giant animal seen in people’s new profile pictures is apes. An increasing number of accounts are changing their avatars to cartoons of apes: apes sporting sunglasses or bunny ears, apes with leopard-patterned or rainbow fur, apes smoking cigars or shooting laser beams from their eyes. 

Yuga Labs
Illustration by Alex Castro / The Verge

We all know by now that these are BAYC, aka The Bored Ape Yacht club.

The Bored Ape Yacht Club collection is a unique NFT collection of over 10,000 different NFT avatars that live on the Ethereum blockchain. Created by Yuga Clubs, each has specific unique traits that hang over the original image of an ape looking bored. 

But would you believe that Yuga Labs is valued at $4 billion? Well, it’s true, and the mega-company is not stopping there.

Yuga Labs is increasingly doubling down on its position. Earlier this month, the startup announced it had acquired the assets of popular NFT projects CryptoPunks and Meebits from Larva Labs. CryptoPunks, launched by Larva Labs in 2017, consists of customised heads and Meebits, full-bodied dancing Minecraft characters introduced last year, emerged as among the most valuable digital art collections the previous year as the NFT craze got rolling.

Yuga Labs

In a significant move, Yuga Labs said it is “giving full commercial rights to the NFT holders”, company said in a tweet.

The startup is also fresh off the launch of ApeCoin, which the startup’s founders and executives have a substantial stake in. 

The token gathered a multibillion-dollar market cap on its first day of trading. 

Ultimately, Yuga Labs says they aim to foster a ‘community of builders’ creating derivative works around the two projects. As they’ve done with their BAYC collection, Yuga Labs will transfer IP, commercial, and exclusive licensing rights to the individual NFT holders. 

Yuga Labs
Yuga Labs purchases CryptoPunks and Meebits and grants the community commercial rights.

This deal will enable CryptoPunks and Meebits owners to create artwork and products based on their NFTs the same way BAYC owners have.

As part of the deal, Yuga Labs also received 423 CryptoPunks and 1711 Meebits. When asked what they plan to do with them, Gordon and Gargamel, the co-founders of Yuga Labs, told NFT Now, “we’re not in a rush to do anything but give people their internet protocol, see what they build, and listen.”