KryptoPunks Transfer Intellectual Property to Nonprofit Node Foundation, Yuga Labs Return to Origin

The NFT project CryptoPunks officially welcomed new affiliations. Infinite Node Foundation announced that the intellectual property (IP) of CryptoPunks has been taken over from Yuga Labs and will be committed to the long-term protection, community building and artistic expansion of the project.

The cultural symbol transition, Yuga Labs exits, Larva Labs founder of the Return Advisory Panel

CryptoPunks was originally launched by Larva Labs in 2017 and acquired by Yuga Labs in 2022. This time Yuga Labs handed over the IP to NODE Foundation without disclosing the specific transaction amount. Yuga Labs states that the aim is to find a "permanent home" for CryptoPunks and to keep it going on a non-profit basis.

Yuga Labs co-founder Wylie Aronow said, "When we first took over Punks, not just to have it, but to protect its cultural status. NODE Foundation is the best catcher of this mission. " ... "

According to the information received, Matt Hall and John Watkinson, founders of Larva Labs, will return as NODE advisers, and Aronow, co-founder of Yuga, and Erick Calderon, founder of Art Blocks, will join the Advisory Council to promote the long-term strategic and artistic development of CryptoPunks.

Foundation ' s three core directions: protection, community, outreach

NODE indicated that it would ensure that the digital cultural heritage of CryptoPunks was inherited over time, starting with "museum-level preservation, open presentation, academic research support". The first project will be the first full-line exhibition of the CrystalPunks series in Palo Alto, California.

NODE Chair Mickey Malka says, "CryptoPunks combines code, community and business, and has created a new chapter in digital art. We want to create a stronger academic and artistic support system for this work through a permanent fund. " ... "

CryptoPunks' floor price has also recently been boosted by a favourable increase of 19 per cent, 74 per cent in United States dollars, to approximately $123,086. According to Punks.wtf, the cumulative trade volume of CrystalPunks has exceeded $3 billion. Initially distributed free of charge, the series was a source of inspiration for subsequent NFT projects, such as Bored Ape Yacht Club (BYC).

The decentrized design and visual language of CryptoPunks has always been seen as a paradigm for Web3 art expression. Now taken over by the NODE Foundation, it is hoped that the next phase of the new narrative on "The Durable Digital Art" and "Decentreized Collection" will begin.