Miami, FL – Yuga Labs, the prominent Web3 company behind the Bored Ape Yacht Club, has announced the sale of the intellectual property rights for its iconic CryptoPunks NFT collection to the newly formed Infinite Node Foundation. The move, confirmed via a tweet from "yuga.eth 🛡", signifies a strategic shift for the NFT giant and a new chapter for one of the most historically significant digital art collections.
The Infinite Node Foundation, established with $25 million in funding, plans to create a 12,000 square-foot permanent exhibition space in Palo Alto, California, dedicated to showcasing the CryptoPunks. This initiative aims to preserve and promote the collection's legacy within the broader art and technology landscape. The foundation's advisory board includes key figures from the crypto art world, such as Yuga Labs co-founder Wylie Aronow and Larva Labs co-founders Matt Hall and John Watkinson.
Yuga Labs originally acquired CryptoPunks and Meebits from Larva Labs in March 2022, consolidating some of the most valuable NFT intellectual property under one roof. This acquisition was a landmark event, positioning Yuga Labs as a dominant force in the burgeoning NFT market. The company had stated plans to grant full commercial rights to individual CryptoPunks holders, a long-desired feature by the community.
The recent divestment aligns with Yuga Labs' ongoing strategy of streamlining its intellectual property portfolio. While the company has been a pioneer in NFT collectibles, it has also undergone recent restructuring, including layoffs and a renewed focus on its Otherside metaverse project. This sale allows Yuga Labs to concentrate its resources on core development while ensuring the continued prominence and accessibility of the CryptoPunks collection through the foundation.
The Infinite Node Foundation's acquisition and its commitment to a physical exhibition space underscore a growing trend toward bridging digital assets with traditional art institutions. This development is expected to further legitimize and expand the reach of generative art and NFTs to a wider audience, moving beyond purely digital ownership to tangible cultural impact.