Yuga Labs Founder Denies Rumors of CryptoPunks Copyright Sale, NFT Price Soars 15%

Greg Solano, co-founder of Yuga Labs, has publicly denied rumors suggesting that the company is planning to sell the copyright of its iconic CryptoPunks collection.

The speculation, which originated from NFT researcher Wale Moca, had sparked considerable debate within the Web3 community.

CryptoPunks Co-Founder Thwarts IP Sale Rumors

Wale Moca shared the rumor on X, formerly Twitter, stating that several sources had informed him of the impending sale of CryptoPunks intellectual property (IP ).

“I’m now confident enough to share it with y’all after hearing it from several sources close to the matter: Yuga Labs might be in the process of selling the CryptoPunks IP,” Wale Moca wrote.

In response, Greg Solano swiftly took to X to address the rumors. “Nothing,” he posted in reply to Moca’s claim after an NFT trader asked for an explanation on the matter.

“A lot of people have approached us, especially in the last few months. Does not mean we are doing anything. We would only ever do a deal if we felt very confident it would be long-term extremely +EV for Punks. My biz and life are NFTs. Not going to take a deal for money if I feel like it hurts the legacy of this asset,” Solano elaborated further.

The CryptoPunks collection, widely recognized for its historical significance and as a symbol of NFT culture, has always fascinated the digital art community. In March 2022, Yuga Labs acquired the CryptoPunks intellectual property (IP) from Larva Labs, cementing its place as a leader in the NFT space.

Despite Solano’s denial, the rumor alone was enough to drive a surge in CryptoPunks’ market activity. The collection’s floor price soared by over 15%, climbing from 34 ETH to a monthly high of 40.39 ETH. Trading activity also spiked, with 28 transactions recorded in the past 24 hours—a significant uptick in an otherwise sluggish NFT market.

CryptoPunks Price. Source: CoinGecko CryptoPunks Heft In the NFT Space

Speculation about potential buyers added fuel to the fire. Moca suggested two possible scenarios: either a buyer might aim to keep the collection intact to preserve its cultural and historical value, or a group of collectors could join forces to co-own the IP.

“Who is the buyer? All I know is that it’s not a major Web2 brand, nor is it another big existing NFT company (Pudgy Penguins/Azuki/Doodles). From what I’ve heard, the potential new owners plan to leave the IP untouched,” Wale Moca added.

One notable name floated as a possible buyer is @seedphrase, a prominent NFT collector known for CryptoPunk #8348, which was used as collateral for a record-breaking $2.75 million USDC loan. @seedphrase’s cryptic tweet, “CryptoPunks ,” only heightened speculation.

Notwithstanding, CryptoPunks remains the undisputed leader in the NFT market, boasting a total estimated value of $1.3 billion. Its closest competitors, like Azuki and Pudgy Penguins, trail far behind, with a base price of 23.7 ETH for the latter.

NFT Collection Rankings By Sales Volume. Source: CryptoSlam

However, the 2024 bull market has not been particularly favorable for NFTs, as attention has shifted to other blockchain sectors. Additionally, NFT activity has increasingly migrated to Solana, leaving Ethereum’s collectibles more valuable but less liquid.

Still, the rumors and subsequent price surges reflect CryptoPunks’ enduring significance in the NFT ecosystem. As the first major generative art project, it continues to command respect and attention, both as a financial asset and a cultural icon. Solano emphasized the need for careful stewardship.

“Whoever owns Punks must have an iron stomach and be willing to basically lock the IP up and throw away the key,” he said.

Against this backdrop, and in a bid to preserve its legacy, Yuga Labs is preparing to release a book dedicated to CryptoPunks. The book, set to launch in New York on January 30, 2025, aims to document the collection’s impact and solidify its place in art history.

For now, the CryptoPunks community can rest assured that Yuga Labs has no immediate plans to relinquish control. However, as Solano’s remarks suggest, any future decisions will prioritize the long-term value and legacy of this pioneering NFT collection.

The post Yuga Labs Founder Denies Rumors of CryptoPunks Copyright Sale, NFT Price Soars 15% appeared first on BeInCrypto.