Yuga Labs, the creator of the Bored Ape Yacht Club, has transferred the intellectual property rights of the CryptoPunks NFT collection to the Infinite Node Foundation (NODE), a nonprofit organization dedicated to preserving internet-native culture. The terms of the deal, announced on May 13, remain undisclosed.
NODE, now considered the most well-capitalized nonprofit focused solely on digital art in the United States, has received an additional $25 million endowment to support its mission. The foundation plans to showcase the entire 10,000-piece CryptoPunks collection at a permanent exhibition space in Palo Alto and participate in broader art exhibits.
The Verge
The CryptoPunks collection, launched in 2017 by Larva Labs, consists of algorithmically generated pixel art characters and is regarded as one of the most valuable NFT collections, with a total market capitalization of nearly $1.2 billion as of May 13. Since its inception, the collection has generated over $3 billion in sales.
Yuga Labs acquired CryptoPunks in 2022 and has since worked to elevate and protect the collection’s legacy. The transfer to NODE reflects a strategic move to ensure the long-term preservation and accessibility of CryptoPunks as a significant cultural artifact in the digital art world.
An advisory board has been assembled to oversee the collection, including the original creators Matt Hall and John Watkinson, as well as a representative from Yuga Labs. Yuga Labs retains ownership of several CryptoPunks NFTs and continues to hold IP rights, but there are no plans to integrate them into its metaverse project, Otherside.
This development underscores the shifting perception of NFTs, moving from financial assets to cultural and artistic significance, and highlights the importance of preserving digital art for future generations.
