Ethereum

CryptoPunks Ethereum NFT Sales Rise 1,200% After Bored Monkey Makers Acquire Intellectual Property

CryptoPunks Ethereum NFT Sales Rise 1,200% After Bored Monkey Makers Acquire Intellectual Property

In short

  • The popular Ethereum NFT CryptoPunks collection has seen a significant increase in sales over the past day.
  • Larva Labs has announced that it has sold the intellectual property of CryptoPunks and Meebits to Yuga Labs, creators of the Bored Ape Yacht Club.

Larva Labs shocked the NFT world yesterday afternoon when he announced that he sell the intellectual property of the popular CryptoPunks project to Yuga Labscreators of the Bored Ape Yacht Club. And after the news broke, CryptoPunks started to sell like hotcakes.

According to data from CryptoSlamsales on the secondary market Ethereum NFT collection totaled $18.8 million in the past 24 hours, marking a 1,219% increase from the previous 24-hour period.

New buyers can expect additional value for the CryptoPunks project now that it will be under the command of Yuga Labs, which has transformed the Bored Ape Yacht Club into a sales juggernaut and celebrity favorite in less than a year.

Yuga Labs has announced that it will license intellectual property rights for individual CryptoPunks images to their respective owners, just as it has done for its own Bored Ape collections. This detail had been a point of contention for some CryptoPunks owners in the pastas Larva Labs previously gave unclear guidance on holders’ ability to monetize their NFT images.

In addition to the increase in sales volume, the floor price – or the cheapest NFT available in the project listed on a market – for CryptoPunks has increased by 11% during the periodat a current price of over 75 ETH (around $195,000).

Larva Labs also sold its Meebits Project NFT IP to Yuga Labs as part of the deal. Sales of Meebits in the past 24 hours also surged, to $18.5 million per CryptoSlam data, representing a 529% increase from the prior period. The floor price of Meebits increased by 32% during the period, reaching almost 5.6 ETH ($14,500).

Meanwhile, the so-called CryptoPunks Wrapped Collection V1— a series of community-created Ethereum NFTs based on the original flawed and discontinued smart contract from CryptoPunks — has seen sales increase by 6,695% in the past 24 hours. Larval laboratories disavowed the projectbut it still generated over $1.6 million in secondary sales in the past day.

The Bored Ape Yacht Club itself is also benefiting from the increased momentum, with $7.3 million in NFT sales in the past day, up 307% from the previous 24-hour period, per CryptoSlam . The floor price also jumped 12% and currently stands at 82 ETH ($212,000).

Additionally, the most recent Mutant Monkey Yacht Club recorded sales of $4.5 million in the past 24 hours, representing an increase of nearly 79% day-over-day. The Mutant Apes floor is now up 9% at 18.5 ETH (near $48,000).

In total, CryptoPunks has generated over $2.1 billion in lifetime secondary trading volume to date, with new Meebits amounting to approximately $425 million (after washing sales are excluded). The Bored Ape Yacht Club generated over $1.4 billion in secondary sales, with the Mutant Ape Yacht Club at $987 million.

https://decrypt.co/94928/cryptopunks-nft-sales-surge-1200-after-bored-ape-creators-acquire-ip

The best of Decrypt straight to your inbox.

Get the best stories curated daily, weekly highlights and deep dives straight to your inbox.