Yuga Labs is known as the creator of the NFTs Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). he BAYC’s original collection included 10,000 Apes and was released in April 2021.

MAYC, on the other hand, is a collection that includes 20,000 mutant apes. As part of the MAYC project, the Yuga Labs team arbitrarily released 10,000 mutant sera to all Bored Ape holders in August 2021. When the Bored Apes were exposed to these sera, they turned into a unique NFT Mutant Ape.

The serums also came in three different versions based on their transformative strength, which created more diversity with the MAYCs. Additionally, BAYC holders were allowed to trade their serums for a fee so that each user could create the MAYCs they desired.

Why are BAYCs so important?

The BAYC’s success wasn’t just the creative thinking behind it. The project launched with two distinct features that immediately caught the attention of the engagement: fixed price of 0.08 ETH and trading rights license. The fixed price prevented a wave of FOMO and led to a quick sale.

Licensing of commercial rights gave Bored Ape holders complete ownership of their Bored Ape, allowing them to monetize their apes as they saw fit. As a result, the musical groups Bored Ape and India Pale Ale (IPA) emerged.

Yuga Labs grows the cake

On Friday, March 11, Yuga Labs announced that it has acquired the CryptoPunks and Meebits NFT collections created by Larva Labs.

By acquiring the CryptoPunks and Meebits IPs, Yuga Labs now owns the trademarks, copyrights in the art, all intellectual property rights for both collections, as well as 423 CryptoPunks and 1711 Meebits.

According to the announcement, this purchase came about organically during the talks and was mutually agreed upon. The Yuga Labs team expressed their admiration for Larva Labs stating:

“His work advanced NFTs, the Ethereum blockchain, and the entire crypto space, and influenced how we built BAYC. We are honored to lead the CryptoPunks and Meebits brands into the future as part of the larger ecosystem we are building.”

Larva Labs founders Matt Hall and John Watkinson said they trusted Yuga Labs with the future of CryptoPunks and Meebits saying:

“Yuga Labs are the innovators of the modern profile picture project and the best in the world at operating these projects. They are the ideal managers of the CryptoPunks and Meebits. In their hands, we are confident that they will continue to be vital and prosperous projects in the emerging decentralized network.”

What will happen now?

Along with the acquisition announcement, Yuga Labs also stated that they will grant holders of CryptoPunks and Meebits all commercial rights. The team shared their sentiments via Twitter and said it was great to see BAYC holders’ creative use of commercial rights, and they couldn’t wait to see CryptoPunk and Meebit holders as well.

After issuing the commercial rights, the team said it would wait and listen to the community to determine its next action.

That said, they also reminded that these new additions are not intended to create competition by stating:

“We want to make the cake grow, not fight over portions.”

The Yuga Labs team further added that they are deeply committed to the community formed around BAYC and that they intended to keep it as the center of their universe.

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This post Bored Ape Yacht Club creators acquire rights from CryptoPunks and Meebits

was published first on https://cryptoslate.com/the-creators-of-bored-ape-yacht-club-acquires-the-rights-to-cryptopunks-and-meebits/


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