Managing an NFT project is a serious job, and it’s only normal that some companies are better at it than the others.
👾 Larva Labs were among the pioneers in the NFT space, giving out the Cryptopunks collection as early as 2017. The Cryptopunks have since become a symbol of early crypto adopters and an important status sign. So important in fact, that an average punk is worth around $200k.
🦧 Yuga Labs is a company behind Bored Apes Yacht Club, the most successful NFT project of all times, which, despite its young age (launched in April’21) outshone even the Cryptopunks. BAYC NFTs are sold on average at $260k, and the reason for it is an excellent management: BAYC owners get numerous crypto and real-life perks, which multiply as BAYC project develops.
Moreover, BAYC owners get IP rights on their NFTs, which not only corresponds to the very raison d’être of the NFTs – provide a true ownership of an asset – but also allow the community members launch their own projects featuring the Apes, thus increasing their notoriety.
Larva Labs did nothing of the kind, and has been harshly criticized by the users.
💰 This Friday the two stories came to a logical conclusion: Yuga Labs announced the acquisition of the IP rights to the Cryptopunks and Meebits collections from Larva Labs.
The first thing Yuga Labs did was to grant IP rights to the Cryptopunk owners.
Collectible NFTs are much more than over-priced jpegs: they reflect the living and breathing communities, with all their creative and commercial potential. Yuga Labs have become experts in managing them, and Larva Labs selling them the rights to the legendary Cryptopunks collection is just another tribute to this very special skill.