The NFT space has hit another milestone; it’s now at the point where Yuga Labs is acquiring the rights to competing NFT projects.
Yuga Labs: Bigger than you think
When we talk about the most famous and recognizable NFT projects, one that always comes to mind is the Bored Apes Yacht Club. BAYC as its colloquially known is somewhat of a poster child for the NFT world, it has gained massive popularity over time, and as time goes by it seems like this project is only getting more popular and expensive.
CryptoPunks is another popular NFT project, and CryptoPunks NFTs have commanded some of the most impressive prices in NFT history. Meebits is another popular NFT project that has an impressive following but isn’t as popular as Bored Ape Yacht Club NFTs or CrypoPunks NFTs. As of 11 March 2022, the combined value of BAYC and CryptoPunks was at least $3.6 billion.
Larva Labs is the company behind the CryptoPunks and Meebits NFT projects, it is successful in its own right, and on 11 March it finalized a deal to transfer the rights of the Meebits and CryptoPunks NFT projects to Yuga Labs.
Over the last few months, there have been rumors and whispers in the NFT space about Yuga Labs seeking funding to help finalize acquisitions, and now we witness the first high-profile NFT collections acquired by this company. Additionally, specifics about the Yuga Labs – Larva Labs deal has not been disclosed as at the time of writing this piece.