The floor price of CryptoPunks NFTs surged nearly 15% in just three hours on January 14.
The price movement was driven by speculation that Yuga Labs, which owns the collection, might be selling CryptoPunks’ intellectual property (IP) rights.
These rumors were apparently started by Wale.moca, a researcher at NFT firm Azuki. They shared in an X post that according to “several sources close to the matter,” the buyer had purchased both the IP and over 400 CryptoPunk NFTs from Larva Labs.
However, they did not reveal the alleged purchaser’s identity, only specifying that it wasn’t a Web2 brand or an existing NFT company like Pudgy Penguins, Azuki, or Doodles. The post further noted that the potential new owners intend to keep the IP unchanged.
CoinGecko data shows that once the news broke, CryptoPunks floor price jumped from 34 ETH to a peak of 40.39 ETH within three hours. Trading volume also spiked, with 26 transactions taking place in the last 24 hours, marking a significant uptick in an otherwise slow NFT market.
The collection has long been recognized for its historical value and cultural significance within the NFT space. In March 2022, Yuga Labs acquired the project’s intellectual property from Larva Labs, further strengthening its position in the market. As such, the potential sale of the patent would mark a major development in the industry.
However, Yuga Labs co-founder Greg Solano has dispelled rumors of any impending sale. In response to an X user asking for confirmation, he simply stated, “nothing.”
He later followed up with a more detailed comment, clarifying that while many individuals had approached his company in recent months, there were no immediate plans to take any action.
Solano emphasized that the firm would only consider a partnership if it were confident it would offer long-term, substantial value. He also expressed that NFTs are central to his professional and personal life, and he would not pursue any deal driven purely by financial gain, particularly if it would risk damaging the collection’s legacy.
The 34-year-old concluded by highlighting that owning CryptoPunks requires an “iron stomach” and a long-term commitment to safeguarding its intellectual property.
In February 2024, the executive returned as CEO of the company succeeding Daniel Alegre. At that time, he outlined plans to revitalize the Bored Ape Yacht Club (BAYC) among other reorganization initiatives.
Two months later, under his leadership, the company decided to transfer gaming IP rights to Faraway, with the goal of “unshackling” the team. In the same month, he initiated layoffs to realign the firm with its “creative-first” philosophy.
The post CryptoPunks Floor Price Jumps 15% Amid Speculation of Yuga Labs IP Sale appeared first on CryptoPotato.
The price movement was driven by speculation that Yuga Labs, which owns the collection, might be selling CryptoPunks’ intellectual property (IP) rights.
The False Statements
These rumors were apparently started by Wale.moca, a researcher at NFT firm Azuki. They shared in an X post that according to “several sources close to the matter,” the buyer had purchased both the IP and over 400 CryptoPunk NFTs from Larva Labs.
However, they did not reveal the alleged purchaser’s identity, only specifying that it wasn’t a Web2 brand or an existing NFT company like Pudgy Penguins, Azuki, or Doodles. The post further noted that the potential new owners intend to keep the IP unchanged.
CoinGecko data shows that once the news broke, CryptoPunks floor price jumped from 34 ETH to a peak of 40.39 ETH within three hours. Trading volume also spiked, with 26 transactions taking place in the last 24 hours, marking a significant uptick in an otherwise slow NFT market.
The collection has long been recognized for its historical value and cultural significance within the NFT space. In March 2022, Yuga Labs acquired the project’s intellectual property from Larva Labs, further strengthening its position in the market. As such, the potential sale of the patent would mark a major development in the industry.
Solano Denies Sale Rumours
However, Yuga Labs co-founder Greg Solano has dispelled rumors of any impending sale. In response to an X user asking for confirmation, he simply stated, “nothing.”
He later followed up with a more detailed comment, clarifying that while many individuals had approached his company in recent months, there were no immediate plans to take any action.
Solano emphasized that the firm would only consider a partnership if it were confident it would offer long-term, substantial value. He also expressed that NFTs are central to his professional and personal life, and he would not pursue any deal driven purely by financial gain, particularly if it would risk damaging the collection’s legacy.
The 34-year-old concluded by highlighting that owning CryptoPunks requires an “iron stomach” and a long-term commitment to safeguarding its intellectual property.
In February 2024, the executive returned as CEO of the company succeeding Daniel Alegre. At that time, he outlined plans to revitalize the Bored Ape Yacht Club (BAYC) among other reorganization initiatives.
Two months later, under his leadership, the company decided to transfer gaming IP rights to Faraway, with the goal of “unshackling” the team. In the same month, he initiated layoffs to realign the firm with its “creative-first” philosophy.
The post CryptoPunks Floor Price Jumps 15% Amid Speculation of Yuga Labs IP Sale appeared first on CryptoPotato.
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