Typically, a "major NFT acquisition" is a huge purchase that stuffs a large amount of NFT into their wallets. However, the most recent acquisition news making waves in the NFT space is not about a giant whale acquisition, but a broader project acquisition by Yuga Labs – the first of its kind at this level.
According to the announcement, the creators of Bored Ape Yacht Club purchased all rights to CryptoPunks and Meebits. Punks and Meebits were created and sold by Larva Labs – and while the terms of the purchase have not yet been disclosed, it is safe to assume that Larva received substantial compensation.
All Star Acquisition
Yuga's portfolio of Bored Ape Yacht Club, CryptoPunks and Meebits has ensured that the team is the overseer of three of the largest projects in NFT.
The move was a hot topic in the hours leading up to the announcement, and there has been some interesting activity since the announcement (especially for CryptoPunks). According to cryptocurrency analytics firm Nansen, all three NFT programs mentioned here – BAYC, CryptoPunks, and Meebits – have seen floor price increases in the last 24 hours. Meebits has seen the biggest spike, with a floor price increase of around 30-40% at launch. Both Punks and Apes lead the entire NFT space in terms of market cap and most expensive reserve prices for individual projects. Despite this, reviews from Punk and Meebit holders remain mixed – some expressing excitement, others disappointment.
CryptoPunks, Bored Ape Yacht Club and Meebits are three powerful projects on Ether – all three now fall under the Yuga Labs umbrella. | Source: ETH-USD on TradingView.com
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Where we go from here
While the news is clearly a major win for Yuga Labs, Larva Labs says the team will continue to operate as an independent creator in the NFT space, building new projects.
For Yuga, the team said the move secures rights to the broader NFT brand, copyrights to project art and other intellectual property – as well as 423 Punks and 1711 Meebits. Yuga also said it will grant commercial rights to independent NFT owners, just as they did with Bored Ape Yacht Club, allowing each NFT owner to create monetization opportunities around their respective NFTs.
In reports over the past few months, there have been rumors that venture capital firm Andreessen Horowitz is exploring an investment in Yuga Labs, which the firm values at about $5B. Whatever the number is – it's certainly gone up after this recent acquisition.
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Featured image from yugalabs.io, K-line chart from TradingView.com The author of this content is not affiliated or associated with any party mentioned in this article. This is not financial advice.