BAYC Floor Price Skyrockets 25% as Yuga Labs Buys CryptoPunks and Meebits Collections

The Bored Ape Yacht Club NFT collection saw its floor price surge by about 25% in less than a day. The move comes following major developments announced by the company behind it.

• Yuga Labs – the company that took the responsibility for creating the Bored Ape Yacht Club NFT collections – revealed they’ve acquired the CryptoPunks and Meebits collections.
• In essence, Yuga Labs acquired the intellectual property rights to both series.

Today we’re excited to announce that Yuga has acquired the IP of the CryptoPunks and Meebits NFT collections from Larva Labs. This means that we now own the brands, copyright in the art, and other IP rights for both colletions, along with 423 CryptoPunks and 1711 Meebits.

• The team also explained that the first step will be to soon grant “CryptoPunks and Meebits holders the same commercial rights that BAYC and MAYC owners enjoy.”
• What this would mean is that developers would be able to incorporate CryptoPunks and Meebits into their web3-based projects.
• However, Yuga also revealed that:

What we don’t plan to do is shoehorn these NFT collections into the ‘club’ model we’ve developed for BAYC.

• Not long after, BAYC sales surged. As noted by a prominent NFT whale, there were 14 sales in 90 minutes, which saw the floor for apes skyrocket by 25% and is currently above 90 ETH.

Make that 14 sales in the last 90 minutes. Only one sale on LooksRare though 😩 Why do people hate free money pic.twitter.com/rldT0NZFlV

— dingaling (@dingalingts) March 13, 2022