The Infinite Node Foundation (Node), a nonprofit dedicated to digital art, captured the intellectual property of the collection of cryptopunks that was not a suitable token (NFT) collection from Yuga Labs, Node said in an announcement of May 13.
Getting cryptopunks, along with an additional $ 25 million endowment, establishes the node as “the most efficient nonprofit capital focused only on digital art in the United States,” the foundation Says In an x post.
The terms of the deal are not disclosed.
The nonprofit said it gathered an advisory board to handle the cryptopunks collection. It consists of Matt Hall and John Watkinson – the artists behind the NFT collection – and a representative of the Yuga Labs, among others.
“Our role is the development of a network architecture that allows digital art such as cryptopunks that have evolved within both digital and art-historical canons,” node Says.
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Most important NFT collection
Cryptopunks are “algorithmically formed by Pixel Art characters” that “transformed the art world through existing out of it and sparks a cultural culture that continues to re -form our digital world,” Node said.
This is the most important NFT collection, with a total market capitalization of nearly $ 1.2 billion in full 10,000 Nfts until May 13, according to Data from coingecko.
The Cryptopunks collection was launched in 2017 by Larva Labs, an NFT designer founded by Hall and Watkinson.
Since then, NFT has been clocking $ 3 billion in sales, Node said. Each NFT sale creates royalties for NFTS IP holders.
In 2022, the highest Grossing Cryptopunk NFT sells nearly $ 24 million, According to On the Cryptopunks’ website. The collection was purchased in 2022 by the Yuga Labs, known for designing the Bored Ape Yacht Club NFT Collection-the third-major NFT collection through market capitalization, according to coingecko.
Yuga once bought the meebits, another larva nft collection, before Sale it in February.
In March, the Yuga Labs said the US Securities and Exchange Commission (SEC) Closed an investigation into the company In what it described as “a big win for NFT.”
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