The creators of the second most valuable NFT collection bought the intellectual property of the most valuable NFT collection.
Even an industry built on the concept of decentralization may not be able to resist the siren song of consolidation.
According to a press release, Yuga Labs made the acquisition of Larva Labs. The company bought the rights to over 400 cryptk nfts as well as 1,711 eobits.
Over the years, the creators of CryptoPunks have struggled to protect their intellectual property.
Larva Labs is happy to be done with it.
Their post commenting on the acquisition reads, "Our specialty has always been the creation of things early in the life of a technology."
Considering the size of both collections, it is a significant sale. Almost five years ago, crypts became synonymous with NFTs.
BAYC is young and launched only a year ago, but has already accumulated a lot of value and hype, with several celebrities making widely publicized purchases.
Yuga Labs CEO Nicole Muniz said in a statement that they created within the NFT space with a deep admiration for the work of Matt and John.
The real question is where all that value will be in five years.
Larva Labs sold the NFT to the Bored Ape creators.
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