CryptoPunks ETH NFT Sales Surges After BAYC IP Acquisition

The CryptoPunks ETH NFT sales surge by 1200% after Bored Apes Yacht Club acquired their IP address as we reported in the previous cryptocurrency news.

The Etheruem profile picture collection saw soaring sales after LArva Labs announced the sale to Yuga Labs. The CryptoPunks ETH NFT announced that they sold the IP for CryptoPunks and Meebits to Yuga Labs or the creators of the Bored Ape Yacht club. Larva Labs announced that it will sell the IP for the popular project to Yuga Labs and after the news broke, the sales surged.

According to the data from CryptoSlam, the secondary market sales on the Ethereum NFT collection hit $18.8 million over the past day and marked a 1.219% increase in the past day. The new buyers could be expecting even more value for the project now that it will be under Yuga Labs that turned the Bored Ape Yacht CLub into a sales superstar and a favorite among celebrities in less than a year.

Yuga Labs announced that it will grant the IP rights for individual CrytpoPunks images of the holders and similar like it has for the Bored Ape collections. The detail was a point of contention for some of the CryptoPunks owners as Larva Labs gave unclear guidance about the ability to monetize NFT images for the users. In addition to surging sales volumes, the floor price for crypto punks increased 11% during the span to a price of over 75 ETH.

Larva Labs also sold its Meebits NFT project IP as a part of the deal and the sales over the past 24 hours also increased, marking a 529% increase over the previous span. The meebits floor price is up by 32% over the same timeframe to nearly 5.6 ETH. In the meantime, the V1 CryptPunks Wrapped collection based on the abandoned original CryptoPunks smart contract saw a 6.695% increase in sales, and Larva Labs disavowed the proejct but it still generated over $1.6 million in secondary sales over the past day.

The bored ape Yacht Club is benefiting from the increase in momentum with $7.3 million in NFT sales in the past day and up from 307% in the previous 24 hours. The floor price jumped 12% as well and now ists at 82 ETH.
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The newer mutant ape yacht club saw $4.5 million in sales over the past day and marked a 79% day-over-day increase. CryptoPunks yielded more than $2.1 billion in secondary trading volume to date with Meebits sitting at $425 million.