Infinite Node Foundation, a nonprofit focused on Digital Art, said it acquired the intellectual property of Yuga Labs’ Cryptopunkks Nonfungible Token (NFT) collection in its May 13th announcement.
With the acquisition of Cryptopunks and an additional $25 million contribution, Nod has established himself as “the most appropriately capitalized nonprofit in the United States dedicated to digital art alone,” the foundation says in X-Post.
The terms of the transaction have not been disclosed.
The nonprofit said it had assembled an advisory committee to oversee the Cryptopunks collection. It consists of the artists behind the NFT collection, Matt Hall and John Watkinson, and representatives of Yugalab, among other things.
“Our role is to build a network architecture that will allow digital art, like crypto plants, to flourish in both digital canons and art history,” Nod said.
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Most Valued NFT Collection
Cryptopunks is “algorithically generated pixel art characters,” which “has changed by the existence of the art world outside, causing cultural changes that continue to reconstruct the digital world,” according to Node.
According to Coingecko data, it is the most valuable NFT collection with a total market capitalization of nearly $1.2 billion over 10,000 NFTs as of May 13th.
The Cryptopunks collection was launched in 2017 by Larva Labs, an NFT designer co-founded by Hall and Watkinson.
Since then, NTS has recorded sales of over $3 billion. Each NFT sale creates a loyalty for NFTS IP holders.
According to the Cryptopunks website, the best-selling Cryptopunk NFT of 2022 is on sale for nearly $24 million. According to Coingecko, the collection was purchased by Yuga Labs in 2022.
Yuga simultaneously purchased another collection of larvae, Meebits, before selling in February.
In March, Yuga Labs said the US Securities and Exchange Commission (SEC) had concluded its investigation into a company that is described as “a big victory for the NFTS.”
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