In a groundbreaking move within the digital art world, the Infinite Node Foundation (NODE), a nonprofit organization, has recently acquired the intellectual property of the iconic CryptoPunks non-fungible token (NFT) collection from Yuga Labs. This acquisition was announced by NODE on May 13, solidifying the foundation's status as the most well-capitalized nonprofit dedicated solely to digital art in the United States.

The acquisition of the CryptoPunks collection was accompanied by a significant $25 million endowment, which further enhances NODE's resources and capabilities in promoting and preserving digital art. While the specific terms of the deal remain undisclosed, the foundation has revealed that it has established an advisory board to oversee the management of the CryptoPunks collection. This board includes key figures such as Matt Hall and John Watkinson, the original artists behind the NFT collection, as well as a representative from Yuga Labs, among others.

NODE has expressed its vision to create a networked architecture that will support the thriving presence of digital art, particularly iconic pieces like CryptoPunks, within both digital and art-historical contexts. The foundation highlighted the revolutionary impact of CryptoPunks, describing the collection as "algorithmically generated pixel art characters" that have reshaped the digital art landscape and sparked a cultural shift.

With a total market capitalization of nearly $1.2 billion across its 10,000 NFTs as of May 13, CryptoPunks stands as the most valuable NFT collection in the market. Launched in 2017 by Larva Labs, the NFT designer co-founded by Hall and Watkinson, the CryptoPunks collection has generated over $3 billion in sales to date, providing royalties to the holders of the NFTs' intellectual property.

Notably, in 2022, a single CryptoPunk NFT was sold for nearly $24 million, underscoring the immense value and demand for these digital assets. Yuga Labs, known for its design of the popular Bored Ape Yacht Club NFT collection, acquired the CryptoPunks collection in 2022, following the purchase of Meebits, another Larva NFT collection, which was subsequently sold in February. Yuga Labs recently announced that the US Securities and Exchange Commission (SEC) had concluded an investigation into the company, signaling a positive development for the NFT industry.

In conclusion, the acquisition of the CryptoPunks collection by the Infinite Node Foundation marks a significant milestone in

Source: https://cointelegraph.com/news/yuga-labs-sells-crypto-punks-ip-infinite-node-foundation?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound