My view on the punks IP:

1) The IP is almost impossible to monetize. So I don't see how anyone would pay much for it. Even $20mn feels like a hefty sum for something that will be unlikely to generate much return.

2) Talking about Yuga's acquisition of the IP at a higher price, without acknowledging that they also got around 420 punks (at a time when the floor was above $200k), is missing a lot of the transaction.

3) Yuga got lambasted by the crypto community almost anytime they did antyhing more than a book or a brunch with the punks IP, neither of which were profitable for them. Just reenforcing the idea that it's not IP that's easy to monetize.

4) They kept 414 of their punks. So the bulk of the value for them is in watching the punks price rise. They had to pick someone they thought would be good for prices overall.

5) Anyone who's raised money or done deals knows one rule very clearly: people saying they would buy something and people actually writing checks are extremely different matters. Who knows what real offers were out there, especially given the low value of the IP.

6) Given the criticism they received as a corporate owning something people wanted held by a non-profit or community, this buyer makes the most sense.