CryptoPunks Find New Home

Yuga Labs, the powerhouse behind popular collections like Bored Ape Yacht Club, has transferred the intellectual property (IP) of the iconic CryptoPunks NFT collection to the Infinite Node Foundation. The move marks a new chapter for one of the most influential projects in the history of digital art, placing its stewardship in the hands of a non-profit organization dedicated to its long-term preservation.

While the exact financial terms of the deal were not officially disclosed, sources close to the situation told NFT Now that the acquisition price was in the range of $20 million. Node, founded by Ribbit Capital founder Micky Malka and Becky Kleiner, is a non-profit endowment with a focus on safeguarding digital art for future generations. The foundation previously announced a $25 million grant in April to support its mission.

Node's vision for CryptoPunks extends beyond simple ownership. The foundation aims to embed the 10,000-character collection into the global art-historical canon by working closely with leading museums and art institutions, according to a blog post on Node's website. Plans are already underway for a major curated exhibition of the entire CryptoPunks collection, coinciding with the opening of NODE's permanent exhibition space in Palo Alto. Demonstrating its commitment to long-term accessibility and decentralized infrastructure, the facility will also run a live Ethereum node.

The move is seen by many as a significant moment, particularly with the appointment of an advisory board comprising key figures from CryptoPunks' history. This board includes Larva Labs founders Matt Hall and John Watkinson, who originally created the project in 2017, Yuga Labs co-founder Wylie Aronow (aka Gordon Goner), and Art Blocks founder Erick Calderon (aka Snowfro). Aronow, in a statement, described the handover as a "full-circle moment," expressing confidence that NODE is "best positioned to protect the Punks legacy."

Micky Malka, founder of Node, emphasized the cultural impact of CryptoPunks, stating, "CryptoPunks sparked a cultural movement that blended code, community, and commerce. By pairing museum-grade conservation with an evergreen endowment, we intend to future-proof this landmark work and make it easier than ever for scholars, curators, and collectors to engage with it."

This transfer of IP comes just two months after the SEC officially closed its investigation into Yuga Labs , following a probe that began in October 2022 to determine if certain NFTs, including those under Yuga's umbrella, could be classified as securities.

The community seems to view the transfer to a dedicated preservation foundation as a positive step for the long-term value and cultural significance of the collection, with the floor price of CryptoPunks rising to nearly 48 ETH (approximately $124,766) from around 42 ETH prior to the announcement.