The Infinite Node Foundation (NODE), which is dedicated to digital art, announced on May 13 that they have obtained the intellectual property rights for theCryptoPunksnon-fungible token (NFT) series from Yuga Labs.
The purchase of CryptoPunks along with an extra $25 million endowment positions NODE as “the most financially fortified nonprofit exclusively focused on digital art in the U.S.,” according to the foundation.
said
in an X post.
The details of the agreement were not made public.
The nonprofit mentioned that they have formed an advisory council to supervise the CryptoPunks series. This group includes Matt Hall and John Watkinson — the creators of the NFT project — as well as a member from Yuga Labs and several additional individuals.
“Our responsibility is to create a connected framework that enables digital artwork such as CryptoPunks to flourish within both digital platforms and art history contexts,” stated NODE
said
.
Related:
The Doodles NFT token experiences a halt following an airdrop.
Most valuable NFT collection
CryptoPunks are “pixel art characters created through an algorithm” that “transformed the art world by operating beyond its confines and ignited a cultural transformation that keeps altering our digital landscape,” as stated by NODE.
This stands as the priciest NFT collection, boasting a total market cap of approximately $1.2 billion spread across its 10,000 NFTs as of May 13, based on reports.
data
from CoinGecko.
In 2017, theCryptoPunks serieswas unveiled byLarva Labs, anNFT design firmco-founded byHall andWatkinson.
Following this trend, NFT sales have surged past $3 billion, as reported by NODE. Every time an NFT is sold, royalty payments go to the owners of the NFT’s intellectual property rights.
In 2022, the most profitableCryptoPunk non-fungible token was sold for approximately $24 million.
according
To theCryptoPunks’ website. The collection was acquired in 2022 by Yuga Labs, renowned primarily for creating the Bored Ape Yacht Club NFT series — which ranks as the third-largest NFT collection based on market cap, perCoinGecko.
Before this, Yuga also bought Meebits, an additional NFT series from Larva Labs.
selling it in February
.
In March, Yuga Labs announced that the U.S. Securities and Exchange Commission (SEC)
concluded their inquiry into the business
describing it as “a massive victory for NFTs.”
Magazine:
Meebits and CryptoPunks are akin to Hot Wheels for grown-ups: New MeeCo owner Sergito
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