CryptoPunks, one of the original and most prestigious NFT collections on the Ethereum blockchain, now sits under the stewardship of the Infinite Node Foundation. This approval for this transaction between CryptoPunks and the Infinite Node Foundation was announced through a tweet on X.com. This change is important as it gives Yuga Labs the opportunity to re-align on what their original goals were when they first acquired the CryptoPunks IP.
CryptoPunks, featuring 10,000 unique digital portraits of Punk characters, is one of the most historic NFT collections on the Ethereum blockchain. Today, it has a market capitalization of $1.2 billion. As we reported earlier this year, when Yuga Labs, who had previously acquired the CryptoPunks IP, was rumored to be looking to sell the copyright. Yuga Labs' founder refuted these claims. Yuga purchased the CryptoPunks IP with the goal of keeping it crypto-native.
"When Yuga acquired the CryptoPunks IP… we did so not only because we believed in the project, but because we wanted to make sure it landed in crypto-native hands. We chose Node because we believe they’re best positioned to protect and preserve the long-term value of the Punks legacy. I trust the leadership at Node," - Wylie Aronow
The Infinite Node Foundation will protect and promote the CryptoPunks legacy. Elimination of custody burden This transfer of custody allows Yuga Labs to focus on their core business.
In addition to boosting overall interest in CryptoPunks, the ownership transfer could lead to an increase of overall network activity on the Ethereum blockchain. The Infinite Node Foundation has since stepped in to take over. With their leadership, the future of CryptoPunks certainly does seem hopeful, guaranteeing continued evolution and care of this seminal NFT collection.
