Author: Zen, PANews
The NFT pioneer CryptoPunks has changed hands again after being sold to the developers of Bored Ape (BAYC), Yuga Labs.
On the evening of May 13, the iconic work of NFT and crypto art, CryptoPunks, officially changed hands—acquired by a foundation named Infinite Node (abbreviated as 'NODE') from Yuga Labs. Although the terms of the deal have not been disclosed, according to media reports (NFT Now) quoting several informed sources, NODE paid approximately $20 million for this acquisition. As a result of this news, the floor price of CryptoPunks rose from 42 ETH to 47.5 ETH.
CryptoPunks and the New 'Home' NODE
"The 'ancestor of NFTs' CryptoPunks was launched by Larva Labs in 2017 and is widely regarded as a catalyst for the modern digital art movement. Larva Labs is a creative technology company founded by Matt Hall and John Watkinson. Thanks to the significant meaning and far-reaching impact of CryptoPunks, which has accumulated over $3.07 billion in transaction volume, these two creators have also risen to the ranks of the best-selling living artists.
In March 2022, Larva Labs transferred the intellectual property rights of CryptoPunks and another work, Meebits, to Yuga Labs. Three years later, CryptoPunks changed hands again, settling in the new home NODE.
Yuga co-founder Wylie Aronow (also known as 'Gordon Goner') commented: 'We have always been committed to enhancing and protecting their cultural heritage, but we always understood that Punks need a permanent home for their legacy. Seeing this vision realized with the help of the Node Foundation feels like returning to the original starting point. They are the most capable of protecting the cultural heritage of Punks.'
The NODE Foundation, founded by Ribbit Capital founders Micky Malka and Becky Kleiner, is a non-profit organization dedicated to the preservation, research, and exhibition of digital art. Its goal is to elevate the status of internet-native artworks and integrate them into broader cultural and academic discussions.
In April this year, the NODE Foundation announced that it had received $25 million in funding from Malka and Kleiner to advance its vision for the future of digital art. The organization describes itself as a 'sustainable fund driven by mission' and stated that this acquisition 'opens up a new model for protecting internet-native culture.'
Paving the Way for Mainstream Art
Even though the sales volume of CryptoPunks exceeds that of all living contemporary artists, it has never made it onto traditional art rankings or entered mainstream discourse systems. NODE believes that addressing this cultural gap first requires redefining the way digital art is experienced.
"Our goal is to establish a networked structure that allows digital art like CryptoPunks to thrive in the digital realm while being integrated into the grand narrative of art history." NODE stated that it will continue and promote the Punk spirit and achieve this through three pillars:
Preservation: Relying on advanced blockchain infrastructure to ensure the technical integrity and long-term availability of CryptoPunks;
Community: Building an active ecosystem that connects digital innovators and art enthusiasts;
Expansion: Creating new scenarios that allow CryptoPunks to serve as examples of technological innovation and as subjects for research and exhibition of artistic achievements
NODE plans to build a permanent exhibition hall in Palo Alto to showcase all 10,000 CryptoPunks. The exhibition hall will also operate an Ethereum full node to enhance the accessibility and sustainability of the collected works. Micky Malka stated: "Through museum-level preservation methods and a sustainable donation fund, we aim to establish future-oriented protections for this milestone work, making it easier for scholars, curators, and collectors to interact with it."
To achieve the above goals, NODE has assembled an advisory board consisting of well-known figures from the CryptoPunks community and crypto art, including Matt Hall, John Watkinson, Wylie Aronow, and Art Blocks founder Erick Calderon (also known as 'Snowfro'), and will hire Natalie Stone as an advisor for the NODE team to manage the project during the transition period.
Guardian of Cultural Fundamentalism
After the acquisition announcement, the community generally interpreted it as good news. Accordingly, the floor price of CryptoPunks rose from 42 ETH to 47.5 ETH.
Undoubtedly good news for Punks, CryptoPunks holder @VonMises14 expressed high praise for this acquisition, stating, "This means that the punks IP has found its 'final destination,' where it can grow and thrive without any form of monetization or corruption.
Due to the near 'contamination' experiences of individual blue-chip NFT 'Self-Destructing Great Wall' and CryptoPunks, the Punks community is particularly concerned about brand value and cultural purity.
A year ago, Yuga Labs launched the Super Punk World NFT series based on CryptoPunks, which faced strong opposition and criticism from the community, with many believing that the excessive 'woke culture' exhibited by Super Punk World seriously deviated from the core essence of the original Punks, and many directly stated that Yuga Labs was ruining Punks. In response to the strong opposition, Yuga Labs co-founder Greg Solano immediately stated, "We will no longer touch CryptoPunks, we will only decentralize it and keep it on the blockchain," and mentioned plans to support museums and institutions in purchasing it to promote the original work to the public.
However, protecting the cultural value of CryptoPunks as artworks may also require controlling their uses, reproductions, or monetization methods. As lawyer @jabranthelawyer, who focuses on the Web3 field, pointed out: "If NODE follows traditional 'cultural preservation strategies', it is not hard to imagine new restrictions: Will the freedom of punk commercialization be reduced? Will the control over derivative projects become stricter? Will there be restrictions in the name of 'cultural integrity'?"
Yuga Labs had immediately granted IP usage rights and commercialization permissions to NFT holders after acquiring CryptoPunks, allowing them to freely create, display, and monetize at personal and commercial levels. However, whether NODE will retain these commercial rights after this acquisition remains unknown.
That said, this may not be the main concern of the punk community; for them, perhaps not causing trouble is the best choice.
(The above content is excerpted and reproduced with permission from partner PANews, original link)
"CryptoPunks Changes Hands Again: Ribbit Capital as the Backer, Will It Bring New Development Opportunities?" This article was first published on (BlockBeats).
