Key Takeaways
- Sales volume of Larva Labs projects, CryptoPunks and Meebits, have soared in the past days.
- Last week, Bored Ape Yacht Club (BAYC) creators Yuga Labs acquired the IP rights from Larva Labs.
- The holders of NFTs from these projects will have full commercial rights following the acquisition.
YEREVAN (CoinChapter.com) – Prices and sales volume of the popular NFT projects CryptoPunks and Meebits have surged over the past few days. The spike in collector interest comes after Yuga Labs acquired the IP rights of the projects from Larva Labs. The new owners are the creators of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
Following the acquisition, Yuga Labs announced they would give full commercial rights of the project to NFT holders. So naturally, this sent collectors into a buying spree, causing them to add tokens from CryptoPunks and Meebits to their wallets.
Larva Labs announced the news about their sale of IP rights on Twitter.
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Sharing their admiration for the creators of CryptoPunks, Yuga Labs, on their part, also confirmed the news.
“Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners,”
Yuga Labs announced.
CryptoPunks and Meebits NFT value soares
Following the announcement on Saturday, the sales volume of CryptoPunks rose about 1,300% in the first 24 hours.
Data by DappRadar shows that Punks are back to the 3rd spot on the list of top NFT collections with an all-time sales volume of $2.67 billion.
According to CryptoSlam, into just the second week of March, NFTs from the project have already changed hands to the tune of 14,511.1101 ETH. In fiat currency terms, that amounts to over $38 million.
The floor price of CryptoPunks also surged over 10% to cross the 75 ETH mark. However, at the time of writing, the floor has fallen back to 69.69 ETH, according to NFT Price Floor.
Meebits, the other project Luga Labs acquired from Larva Labs, leads the list with a whopping $7.57 billion in total sales volume. During March so far, the project has sold NFTs worth 11,551.8146 ETH or nearly $30 million.
The floor price of Meebits also spiked over 30% to reach nearly 5.7 ETH ($14,800) before dropping to 4.62 ETH ($12,000) at the time of writing.
With the Bored Ape Yacht Club (BACY) becoming a celebrity favorite, collectors hope Yuga Labs will take CryptoPunks and Meebits to similar heights. However, what will come next from the partnership is early to guess.
