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CryptoPunks Rally on IP Acquisition Speculation

The flagship NFT profile picture collection is up 10% on the rumor, but Yuga’s CEO has denied the claims.
By: Squiffs • January 15, 2025
CryptoPunks Rally on IP Acquisition Speculation

CryptoPunks, the leading profile picture (PFP) NFT collection, is starting to pick up steam as rumors swirl surrounding a potential acquisition of the IP rights from its current owner, Yuga Labs.

Speculation ramped up further on Jan. 14th when a researcher for Azuki, known as Wale on social media posted that they have heard from ”several sources close to the matter” that “Yuga Labs might be in the process of selling the CryptoPunks IP,” to a buyer who plans to leave the IP untouched.”

Since Wale’s post, the floor price for CryptoPunks is up by over 10% to 40.5 ETH, or $134,000, from 36.5 ETH, or $120,000.

The rumors were quickly propelled as the tweet received a winking emoji reply from Seedphrase, the owner of the only 7-trait CryptoPunk, who has been previously vocal about his desire to form a coalition and purchase the Punks IP.

However, Yuga Labs CEO Greg Solano squashed the rumors later in the evening after the PunksOTC, the largest CryptoPunks trading desk said on X, “free 1 eth if someone fully explains what's going on with punks IP,” to which Solano, who goes by Garga, responded “nothing.”

Yuga Labs Sale

The CryptoPunks IP was sold by its creators, Larva Labs to Yuga Labs, the creators of the Bored Ape Yacht Club in March 2022.

The floor price of CryptoPunks is down over 60% since the sale, and while the fall in price is due to the overall drawdown within the NFT market, many users have voiced concerns about buying a CryptoPunk while its IP is owned by Yuga.

These buyers fear that the legacy of CryptoPunks could end up tainted, and negatively affected if Yuga Labs has any drastic missteps in the execution of other endeavors such as Bored Ape Yacht Club, or their Otherside gaming metaverse.

Despite the large drawdown from their all-time highs, CryptoPunks still trade for over 40 ETH, or $133,000 per NFT, and can be found in digital art museums across the globe, such as the MoCA in Los Angeles and the ICA in Miami.

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