The Infinite Node Foundation (NODE) has announced the acquisition of the intellectual property rights to the CryptoPunks NFT collection from Yuga Labs. This event marks a significant step for digital art.
Acquisition of CryptoPunks by Infinite Node
The Infinite Node Foundation (NODE) has officially announced the acquisition of the rights to the CryptoPunks collection from Yuga Labs. In a statement on their official X account, the foundation revealed that this acquisition comes with a $25 million endowment, making NODE the most well-funded nonprofit in the U.S. focused on digital art.
Financial Support and Goals of the Foundation
NODE emphasized that acquiring the IP rights to CryptoPunks marks a new chapter for one of the most iconic NFT collections. The foundation plans to assemble an advisory board featuring the original creators of CryptoPunks, a Yuga Labs representative, and other stakeholders in digital art.
History of CryptoPunks and Its Significance
Launched in 2017 by Larva Labs, CryptoPunks are regarded as a catalyst for the modern digital art movement and have a market capitalization nearing $1.2 billion. In 2022, one NFT sold for nearly $24 million, marking the highest sale in the collection's history.
The acquisition of CryptoPunks' rights by the Infinite Node Foundation represents an important step in preserving and promoting the collection as a significant element of digital art, potentially fostering its further development and popularization.
