CryptoPunks, Meebits floor prices pump on news of acquisition by BAYC Makers
James Spillane Last updated: In one of the largest business deals in the NFT industry, Bored Ape creators Yuga Labs announced today they have acquired the CryptoPunks and Meebits NFT collections from Larva Labs, a move seen by NFT investors and collectors as bullish as floor prices of both increased today.
Sharing the news on Twitter, @Yugalabs stated all Meebits and CryptoPunks NFT owners would be given full commercial rights to their non-fungible tokens, just as was given to Bored Ape Yacht Club and Mutant Ape Yacht Club holders. Business Wire and Yahoo Finance also reported the news.
Yuga Labs Announcement
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
Bored Ape NFTs are the most valuable NFT collection by floor cap according to NFT floor price aggregators, a similar metric to marketcap as applied to cryptocurrency assets – taking the floor price and multiplying it by the total supply (capped number of NFTs in the collection).
CryptoPunks are ranked #2 and Meebits #6 – in terms of sales volume, Punks have at times occupied the number one spot.
Larva Labs Announcement
The Larva Labs Twitter account @larvalabs also made the announcement on Twitter, and linked a blog post stating that five years after their creation of CryptoPunks NFTs, Larva Labs would continue operating and creating new types of NFTs, but Yuga Labs had the experience to grow those two booming NFT projects further.
‘Our speciality has always been the creation of things early in the life of a technology. Our personalities and skill sets aren’t well suited to community management, public relations, and the day-to-day management that these kinds of projects require and deserve.
‘Yuga Labs are the best people in the world at operating and growing these projects and communities around them. As we discussed ways we could collaborate, it became clear to us that what would be best for the CryptoPunks and Meebits was for Yuga to take over operations and guide them in this new, much larger world.
‘We still own the Autoglyphs project as well as a group of our favorite Punks and Meebs. As for what’s next for us, we never talk about that until it’s ready, but in general we’re excited to get back to what we do best, which is working on weird new stuff.’
NFT Floor Price Rise
Source – NFTpricefloor.com
A spike in buying volume can be seen on online NFT floor price websites in response to the news of the acquisition. The CryptoPunks floor price rose sharply to over 75 ETH (approximately $ 195,000).
The Meebits floor price pumped to 6 ETH (over $ 15,000), an increase of 100% in a few days – some insiders may have caught wind of the acquisition announcement in advance.
Delaware, US based Yuga Labs has reportedly been valued as a $ 5 billion company and investor confidence in Punks and Meebits appears to have now increased with the BAYC creators at the helm.
The Bored Apes floor price also rose somewhat, back to 80 ETH, and the MAYC (Mutant Ape Yacht Club) floor price also increased to over 18 ETH. That NFT collection is ranked #4.
The Cryptopunks Meebits acquisition news could see BAYC make its way back to a 100 ETH floor price, which they pumped above in late January 2022, reaching an all-time high floor price of 118 ETH on February 1st. The merger is one of the largest NFT deals of its kind, and may help the wider NFT markets also continue their bull run.
Cryptoassets are a highly volatile unregulated investment product.
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