Creator of Bored Ape Collection Buys Rights to CryptoPunks Collection

The NFTs market underwent the first merger and acquisition operation in its history last Friday (11). The initiative came from Yuga Labs, creator of the Bored Ape Yatch Club (BAYC) collection, which acquired the rights to the Crypto Punks collection. In addition to CryptoPunks, Yuga Labs has also acquired the rights to the Meebits collection. That is, the company now owns the rights to three of the largest collections of NFTs on the market. As a result, the floor price of BAYC has gained 25% in less than a day. According to the website NFT Price Floor, the cheapest Bored Ape is valued at 95 Ether (ETH). In reais, the floor price is R$ 1.2 million.

Merger and Acquisition of NFTs

According to Yuga Labs, the rights to CryptoPunks and Meebits were acquired by purchasing the IPs from the collections. In short, the company acquired the intellectual property rights for both collections.

“Today we are excited to announce that Yuga has acquired the Cryptopunks and Mebits NFT IP, collections from Larva Labs. This means that we now own the trademarks, copyright on the artwork and other IP rights for both collections.”

The transaction resulted in the addition of 423 CryptoPunks and 1711 Meebits to Yuga Labs’ portfolio. Owners of collections will have the same commercial rights as owners of BAYC and other collections. What this would mean is that developers would be able to incorporate cryptopunks and meebits into their Web3-based projects. However, Yuga stated that the “exclusive club” model adopted at BAYC will not be expanded to the new collections. That is, the characteristics of community and exclusivity that catapulted the monkeys’ success will be unique to them.

“We see BAYC as the center of the universe we are building at Yuga, while CryptoPunks is a historical collection. We will work to bring additional utility to the new collections, but we are in no hurry. Let’s listen to the community before deciding what’s next,” said Yuga Labs.

The move was seen as a big hit by Yuga Labs, as the purchase takes away two of the main assets of one of its competitors, Larva Labs. As a result, demand for BAYC skyrocketed, with 14 sales recorded in less than 90 minutes.

News at BAYC

BAYC also unveiled a new initiative, the result of a partnership with gaming company Animoca Brands. Many users speculated about what the partnership would be, the details of which were not disclosed by BAYC. However, users received a link with information about the partnership. And when they opened it, they were surprised with a request for identity verification (KYC). Next, BAYC talked more about the partnership.

This has been building with Animoca Brands over the last seven months. They will launch the first phase, and there is more to come. PS We don’t like KYC, but we think you’ll want to be a part of it,” BAYC said.

According to information on Twitter, various information will be required from the user. These include name, ID, date of birth, address, proof of address, email and Ethereum (ETH) address. That is, the same information requested to open a bank account or on a cryptocurrency exchange. The reaction to the KYC news left users angry. Many criticized the decision saying that it goes against the decentralization of the market. Also read: Founder of Terra bets BRL 5 million on LUNA price appreciation by 2023 Also read: Bitmain launches the Antminer S19 XP Hyd, the most powerful Bitcoin miner in history Also read: More than 655 million Shiba Inu are ready to be burned