Michaela
Yuga Labs, best known for creating the Bored Ape Yacht Club (BAYC) NFT collection, has sold the intellectual property (IP) rights to the CryptoPunks NFT collection to the Infinite Node Foundation (NODE), a non-profit organization dedicated to supporting digital art.
NODE announced the acquisition in a May 13 X post, revealing that, along with the IP rights, it also received a $25 million endowment — an amount the organization claims exceeds the total digital art funding of all major U.S. cultural institutions to date.
“This transition isn’t about ownership, but liberation. Freed from corporate friction and limitations, the Punk ethos can now thrive through a decentralized, community-driven future,” Node wrote.
CryptoPunks, created in 2017 by Larva Labs co-founders Matt Hall and John Watkinson, are a collection of 10,000 algorithmically generated pixel art characters.
NODE describes the collection as having “changed the art world by existing outside of it,” sparking a cultural shift that continues to influence the digital landscape.
Furthermore, NODE revealed the formation of a dedicated “Punks advisory board,” bringing together key figures from the collection’s legacy. The board will be led by Hall and Watkinson, joined by influential contributors Wylie Aronow of Yuga Labs and Erick Calderon of Art Blocks. The foundation has also appointed Natalie Stone as a consultant to assist the NODE team throughout the transition.
The initiative will launch with a landmark exhibition showcasing the entire CryptoPunks collection, set to coincide with the opening of NODE’s new permanent headquarters and gallery space in Palo Alto. The facility will also run a full Ethereum node, reinforcing the long-term preservation of the digital artworks displayed within.
“Under our stewardship, CryptoPunks will remain as the artists intended, while continuing to stand as the defining collection of this century’s defining art movement,” NODE wrote.
According to the CryptoPunks website, the collection’s highest-selling NFT fetched nearly $24 million in 2022. That same year, Yuga Labs acquired the entire CryptoPunks collection.
In March, the U.S. Securities and Exchange Commission (SEC) concluded its inquiry into Yuga Labs, formally ending a review into whether the company’s BAYC NFTs and ApeCoin were in breach of federal securities regulations.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
