Bored Ape Yacht Club NFT prices rise after parent Yuga Labs CryptoPunks buy Meebits

The floor price of Bored Ape Yacht Club (BAYC) has risen by more than 25 per cent in the last 24 hours. The development came immediately after BAYC’s parent, Yuga Labs, acquired two other popular NFT collections: CryptoPunks and Meebits, originally created by Larva Labs. The intellectual property rights to 423 CryptoPunks NFT and Meebits NFT piece 1,711 are now in the hands of Yuga Labs. NFTs or non-fungible tokens are digital collections that support blocks, inspired by literally anything: books, movies, artwork, and game characters, among others.

Pieces from the BAYC NFT collection, which includes a variety of cartoon monkeys, are currently priced at 95.88 or $ 248,801 (approximately $ 2 million) for Ether, according to CoinGecko.

In an official statement, Yuga Labs acknowledged that the creators of the Meebits and CryptoPunks project influenced the creation of BAYC parts.

“Their work led to NFT, Ethereum blockchain and the whole crypto space, and influenced how we built BAYC. We are honored to promote the CryptoPunks and Meebits brands as part of the broader ecosystem we are building for the future,” said Yuga Labs.

The parties to the agreement did not disclose the amount of capital that sealed the purchase.

“This agreement came about in a very organic way from the conversations between our partner Guy Oseary and the founders of Larva Labs. One call brought another and here we are at this historic moment,” Yuga Labs said.

Matt Hall and John Watkinson, founders of Larva Labs, will not join Yuga Labs in any way behind this agreement.

Both Meebits and CryptoPunks are among the best-selling NFT collections in the OpenSea and LooksRare markets.

Meebits are unique 3D voxel characters created by a custom creative algorithm. The floor price of these pieces is ETH 4.7 or $ 12,112 (approximately Rs. 10 lakh), according to NFTPriceFloor. The project was launched in 2021.

CryptoPunk, on the other hand, is 10,000 characters long and not exactly the same. The project was launched in June 2017. At the time of writing its floor price is 69.95 ETH or $ 180,226 (approximately Rs. 1.35 million).

The NFT’s sales volume reportedly exceeded $ 25 trillion (about $ 1.84.7 billion) in 2021.

As NFT ownership is becoming a trend among cryptocurrency owners and celebrities, platforms like the New York Stock Exchange have been asked to act as an NFT market in the future.

Last month, the world’s first NFT vending machine was introduced in New York, allowing non-cryptocurrency holders to purchase digital collections through debit and credit cards.

Cryptocurrency is a non-regulated digital currency, not a legal tender and subject to market risks. The information provided in this article is not intended to be financial advice, commercial advice or any kind of advice or recommendation offered or accepted by NDTV. NDTV shall not be liable for any losses arising from investments based on any recommendations, forecasts or other information contained in this article.

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