THE THREE BIGGEST NFT PROJECTS NOW HAVE A SINGLE OWNER

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Bored Ape Yacht Club, CryptoPunks and Meebits, three biggest NFT projects, now have the same owner. Yuga Labs, the startup behind the mega-popular Bored Ape Yacht Club nonfungible token collection, has acquired the intellectual property of CryptoPunks — a pioneer in the NFT space — and Meebits from Larva Labs. As a result, Yuga Labs now has possession of three of the world’s most valuable NFT collections. According to OpenSea, which rates the collection as the second-largest NFT collection of all time by trading volume, more than $1 billion worth of Bored Apes has been exchanged to date. Only CryptoPunks ($2.2 billion) comes close. According to OpenSea, Meebits have traded for roughly $227 million in volume. As part of the deal, Yuga Labs received 423 CryptoPunks and 1,711 Meebits from Larva Labs’ stockpile. The transaction’s entire value was not disclosed.

According to a statement from Yuga Labs, the first step is for the company to grant a full commercial license to CryptoPunks and Meebits holders: “With this acquisition, Yuga Labs will own the CryptoPunks and Meebit brands and logos, and, as they have done with their BAYC collection, Yuga Labs will transfer IP, commercial, and exclusive licensing rights to individual NFT holders.”

In a statement, Larva Labs co-founders Matt Hall and John Watkinson said, “Yuga Labs are the greatest in the world at what they do, and are the appropriate stewards of the Crytopunks and Meebits.” “We are certain that in their hands, they will remain vital, vibrant projects in the emerging decentralized web.” The team will also have to work out how to monetize its new purchases, which were previously unprofitable for Larva Labs. Although Yuga Labs takes a cut every time a Bored Ape is resold, Larva Labs does not. Yuga Labs has no plans to change that, so they’ll have to come up with something else.

Yuga, who is recognized for being one of the most savvy marketers of NFT products, is expected to help grow CryptoPunks and Meebits into even greater brands, with some of the characters maybe appearing in games or on luxury goods. In a blog post, Yuga’s team stated, “What we don’t aim to do is shoehorn these NFT collections into the ‘club’ model we’ve built for BAYC.” “We’re not in a hurry.” “We’ll listen to the community before deciding what comes next,” the release says. CryptoPunks and Meebits holders will soon get revised terms and conditions for their NFTs.

The news of the purchase immediately raised the prices of all three collections. The floor price (or lowest price) of a Bored Ape was increased more than 30% less than two days after the announcement, to 97 ETH ($250,000). CryptoPunks’ floor price increased by 11% to 75 ETH ($195,000), while Meebits’ increased by 32% to roughly 5.6 ETH ($14,500).