- The creator of the renowned NFT project, Yuga Labs has now acquired rights to the two most well known non-fungible tokens collection in the market.
- The two most popular NFT collections it has acquired the rights to are – meebits and CryptoPunks.
- This signifies that they now own the rights to the brands, copyright to their arts to both of these collections.
The creator of the renowned non-fungible tokens project Bored Ape Yacht Club (BAYC), Yuga Labs has now acquired the rights to two NFT collections on the market that are extremely popular and well known on Friday. Those two collections are Meebits and CryptoPunks NFT collections, belonging to Larva Labs.
They stated that this basically signifies that they now have ownership over the brands, copyright in the arts, and some other rights for both the collections, including 423 CyberPunks as well as 1711 Meebits. Their primary goal is to provide commercial rights to all the NFT holders.
Also Read: BAYC NFT Donates $1M In Ethereum To Ukraine
This explains that the holders of Meebit and CryptoPunks will be given the same rights as that of the Yuga Labs holders. As of now, there’s ongoing work with the legal teams to craft new terms & conditions for Meebits’ and CryptoPunks’ holders.
However, this doesn’t necessarily mean that Meebits and CryptoPunks will be given the “club” model as that of the BAYC. Yuga has explained that BAYC will be their main project. They referred to CryptoPunks as a “historic” collection. This was because CryptoPunks was the first NFT collection to drive massive attention. Despite all of this, Yuga Labs will look further to add more utility to Meebits and CryptoPunks collection.
Matt Hall and John Watkinson, the founders of Larva Labs and creators of the Meebits and CryptoPunks collection will continue to be at Larva Labs.