Rumors of CryptoPunks IP sale push floor price to 41 ETH
The floor price rose from 36.6 ETH to 41 ETH
CryptoPunks NFT floor price surges 13% amid intellectual property sale rumors
Key Takeaways
- On January 15, digital art enthusiasts witnessed a 13% increase in the floor price of the renowned NFT collection, CryptoPunks.
- The price surge was triggered by rumors about the sale of intellectual property rights for CryptoPunks by prominent NFT developer Yuga Labs.
- In recent times, there has been increasing convergence between the mass production industry and NFTs, potentially paving the way for new use cases of popular digital art assets.
Rumors with credibility
The spike in CryptoPunks prices was fueled by a tweet from Wale.moca, a pseudonymous researcher from the Azuki ecosystem, stating that Yuga Labs is in the process of selling intellectual property rights for part of the CryptoPunks collection.
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Yuga Labs, known for its Bored Ape Yacht Club collection, allegedly acquired the intellectual property rights for over 400 CryptoPunks NFTs from Larva Labs in March 2022. The CryptoPunks collection comprises 10,000 unique tokens.
Within hours, the floor price of CryptoPunks NFTs rose from 36.6 ETH to 41 ETH (over $130,000).
Price dynamics of the floor price of CryptoPunks NFT over the last month. Source: NFT Price Floor
Wale.moca did not disclose the buyer’s identity but stated that the information came from several sources close to the deal. According to him, the buyer is neither a Web2 brand nor an existing NFT company like Pudgy Penguins, Azuki, or Doodles.
While the exact motivations of the potential buyer remain unclear, last year saw Pudgy Penguins successfully launching plush toys in retail stores, NFTs, and a cryptocurrency that entered the top 100 by market capitalization. The token, ranked 57th, boasts a market cap of $1.95 billion, a daily trading volume of $290 million, and a price of $0.03.
The growing interest from industrial giants was further confirmed by Sony, which recently launched its Soneium network. Sony immediately began filtering projects it deemed infringing on its rights, with potential implications for other companies in the future.
While some in the meme coin ecosystem view such actions as hostile and encroaching on their freedom, others in the NFT and meme creation community may see opportunities to collaborate with traditional industry leaders and capitalize on such partnerships.
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