Yuga Labs announced on Tuesday that it has launched NFT-collection Cryptopunks from its portfolio and sold its IP address to the Infinite Node Foundation (NODE), a non-profit organization dedicated to preserving digital art.
This purchase provides long term storage Cryptopunks and is launching an ambitious program of collaborations with museums to place them in leading art institutions around the world, the company said in a statement.
Cryptopunks were one of the first series NFT, created by Larva Labs in 2017. It features 10,000 cartoon images that are often used as avatars on social media. In 2022, the most expensive NFT CryptoPunk sold for almost $24 million. It is currently the most valuable collection NFT with a market cap of nearly $1,2 billion as of May 13, according to CoinGecko.
The collection was acquired in 2022 by Yuga Labs, a company known for another NFT- Bored Ape Yacht Club collection, the third largest in terms of market capitalization.
As part of the deal, the terms of which were not disclosed, NODE is also creating an advisory board that includes Larva Labs co-founders Matt Hall and John Watkinson, Yuga Labs founder Wylie Aronow, and Art Blocks creator Eric Calderon.
Cryptopunks have created a cultural movement that unites code, community, and commerce. Our mission is to create a network architecture that will enable digital art like Cryptopunks, to thrive in both digital and historical contexts,” said Infinite Node Foundation Chairman Mickey Mulkey..
Yuga Labs has begun distancing itself from the brand Cryptopunks after a backlash over its spin-off project Super Punk World, a collection of 500 3D digital sculptures that blur the lines between race and gender. Critics called the project too «advanced» and blurring the boundaries of the Punk brand.
