The CryptoPunks community is in turmoil over rumors that Yuga Labs may be considering selling the intellectual property (IP) rights of the CryptoPunks non-fungible token (NFT) collection.
The rumor, which stemmed from a Jan. 14 post on X by Azuki researcher Wale.moca, has stirred a backlash among fans and industry voices.
According to Wale.moca, “several sources close to the matter” suggested that Yuga Labs could be “in the process” of selling the CryptoPunks IP. Yuga Labs acquired the IP rights to 423 CryptoPunks NFTs from Larva Labs in March 2022.
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Yuga’s response
Greg Solano, Yuga Labs’ co-founder, addressed the rumors on X. He said:
“A lot of people have approached us, esp[ecially] in the last few months […] Doesn’t mean we are doing anything”
Solano clarified that while he didn’t rule out the possibility of a deal, any agreement would need to guarantee a long-term positive impact on CryptoPunks.
“My biz and life are NFTs,” Solano wrote. “Not going to take a deal for money if I feel like it hurts the legacy of this asset […] some punks might think yuga bad… whoever owns punks must have an iron stomach […] and be willing to basically lock the IP up and throw away the key.”
Several community members have expressed dissatisfaction with Yuga Labs’ management of the CryptoPunks IP since its acquisition in 2022.
NFT collector Adam Smoot said the CryptoPunks IP has been passed between owners with differing promises.
Source: Adam Smoot
StarPlatinum, another community member, posted on X that since YugaLabs acquired it, “CryptoPunks IP seems to have lost direction, relying only on its status as a grail NFT.”
On the contrary, Dheeraj Shah, an NFT collector and trader, told Cointelegraph, “When Yuga bought CryptoPunks, people actually liked that they mostly left it alone. Just gave IP rights to holders and stepped back. Pretty different from how they handled Bored Apes, which, let’s be honest, hasn’t gone…
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