The CryptoPunks nft floor price increased by almost 15% in just three hours on January 14.
The price movement was fueled by speculation that Yuga Labs, owner of the collection, could be selling the intellectual property (IP) rights to CryptoPunks.
False statements
These rumors were apparently started by Wale.moca, a researcher at nft firm Azuki. They shared in an <a target="_blank" href="https://x.com/waleswoosh/status/1879224522324562055″ target=”_blank” rel=”noopener” data-wpel-link=”external”>mail that, according to “several sources close to the matter,” the buyer had purchased both the intellectual property and more than 400 CryptoPunk nfts from Larva Labs.
However, they did not reveal the identity of the alleged buyer, only specifying that it was not a Web2 brand or an existing nft company like Pudgy Penguins, Azuki or Doodles. The publication further noted that the potential new owners intend to keep the intellectual property unchanged.
CoinGecko <a target="_blank" href="https://www.coingecko.com/en/nft/cryptopunks” target=”_blank” rel=”noopener” data-wpel-link=”external”>data shows that once the news broke, CryptoPunks' minimum price jumped from 34 eth to a high of 40.39 eth within three hours. Trading volume also skyrocketed, with 26 transactions made in the last 24 hours, marking a significant rebound in an otherwise sluggish nft market.
The collection has long been recognized for its historical value and cultural significance within the nft space. In March 2022, Yuga Labs acquired the intellectual property of the project from Larva Labs, further strengthening its position in the market. As such, the potential sale of the patent would mark a significant development in the industry.
Solano denies sale rumors
However, Yuga Labs co-founder Greg Solano has dispelled rumors of an imminent sale. In response to an x user who asked for confirmation, he simply said “nothing.”
He later followed up with a more detailed analysis. <a target="_blank" href="https://x.com/CryptoGarga/status/1879364643509916050″ target=”_blank” rel=”noopener” data-wpel-link=”external”>commentclarifying that while many people had approached his company in recent months, there were no immediate plans to take any action.
Solano emphasized that the company would only consider a partnership if it was confident it would deliver substantial long-term value. He also expressed that nfts are central to his professional and personal life, and that he would not pursue any deal driven solely by financial gain, especially if it could damage the legacy of the collection.
The 34-year-old concluded by highlighting that owning CryptoPunks requires an “iron stomach” and a long-term commitment to safeguarding its intellectual property.
In February 2024, the executive returned as CEO of the company, replacing Daniel Alegre. At the time, he outlined plans to revitalize the Bored Ape Yacht Club (BAYC), among other reorganization initiatives.
Two months later, under his leadership, the company decided to transfer the game's intellectual property rights to Faraway, with the goal of “freeing” the team. In the same month, he <a target="_blank" href="https://x.com/CryptoGarga/status/1783890653744677245″ target=”_blank” rel=”noopener” data-wpel-link=”external”>initiated layoffs to realign the company with its “creative first” philosophy.
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