Bored Ape Creator Yuga Labs Acquires CryptoPunks and Meebits From Larva Labs

Bishal Kumar Chanda

After 24 hours of rumours and online speculations, Yuga Labs announced a blockbuster acquisition! The Bored Ape Yacht Club creator has acquired the OG CryptoPunks and Meebits from developer Larva Labs. The first item on their to-do list is to grant full commercial rights to CryptoPunks and Meebits holders. Both Yuga Labs and Larva Labs broke Twitter with their joint announcement on Friday evening. Hence, taking care of the Larva Labs projects' largest criticisms compared to Yuga Labs. 

All this while, BAYC owners were busy developing an amazing ecosystem. Whereas, CryptoPunks and Meebits owners were stuck without any of those opportunities. However, after the Yuga Labs acquisition, two of the top NFT projects are heading towards a new development phase. In addition, Yuga Labs have also assured BAYC members that the Bored Ape Yacht Club will always be the company's top priority. Ultimately, the goal is to build an entire ecosystem, not just one project. 

As one of the earliest NFT projects, it has also been one of the most influential NFTs projects to date. Launched back in 2017, CryptoPunks is a collection of 10,000 NFTs that users could claim for free. Fast Forward to 2020, the prices of the pixelated collectibles began to spike, with the rarest going for millions of dollars and the cheapest ones at nearly $200,000. In 2021, the parent company Larva Labs released a follow-up project called Meebits comprising usable characters for metaverses. Within hours of launch, the generative avatar collection generated tens of millions of dollars in primary sales. 

At this point, the Larva Labs founders have almost completely divested from the two projects. With Yuga Labs acquiring 423 CryptoPunks and 1,711 Meebits, the founders are only left with a few of each along with the Autoglyphs collection. In one of their blog posts, Larva Labs founders clarified that this is not an acquisition of Larva Labs. Since 2021, Yuga Labs have taken an aggressive path towards building a community, and it will be exciting to see what future beholds for these newly acquired collections. Additionally, we might expect a new project soon from Larva Labs. 

Yuga Labs will now cook up new terms and conditions for both collections and push them towards a more Web3-like environment. Creators and third-party developers can now approach CryptoPunks and Meebits owners to partner with their Web3 projects. Besides that, Yuga Labs has planned to take things slow for the two projects. Before making any decisions, they intend to listen to the community and collect more ideas. CryptoPunks and Meebits communities are very different from BAYC. Therefore, this approach makes a lot of sense for the owners and the community at large.

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