Key Points:
- Infinite Node Foundation acquires CryptoPunks IP from Yuga Labs.
- CryptoPunks floor price surged 74% after the announcement.
- NODE to debut full CryptoPunks exhibition in Palo Alto, showcasing all 10,000 NFTs.
CryptoPunks, one of the most iconic NFT collections, has entered a new era. Yuga Labs, the creator of Bored Ape Yacht Club, has transferred the CryptoPunks intellectual property to the Infinite Node Foundation, a nonprofit focused on preserving digital art.
Recently, NODE announced a $25 million endowment. As a result, it now stands as the most well-capitalized nonprofit dedicated to digital art. Its mission is to preserve, educate, and expand internet-native culture, beginning with CryptoPunks.
Larva Labs originally created CryptoPunks in 2017. The collection rose to fame for its pixelated characters and for helping kickstart the NFT movement. In 2022, Yuga Labs acquired the IP and significantly boosted its mainstream presence. Now, as Yuga refocuses on Bored Apes and Otherside, NODE officially becomes CryptoPunks’ new home.
The foundation aims to promote preservation, community, and thoughtful growth. Moreover, an advisory board of NFT and art leaders—including CryptoPunks creators Matt Hall and John Watkinson, Art Blocks’ Erick Calderon, and Yuga co-founder Wylie Aronow.
Looking ahead, NODE plans to host its first exhibition in Palo Alto, where it will showcase all 10,000 CryptoPunks. Although the deal terms remain undisclosed, sources estimate NODE paid around $20 million for the IP, according to NFT Now. Furthermore, Decrypt reports that since the announcement, the CryptoPunks floor price has surged 74%, reaching over $123,000. Additionally, trading volume also jumped 182.6%, driven by renewed interest and Ethereum’s rally.
A report published last August by NFTevening said that the market for NFTs has been in such a dramatic downturn since 2023 that 95 percent of them are considered “dead,” with the average NFT owner experiencing a 44.5 percent loss on their investment. Consequently, the move is being viewed as a pivotal moment for digital art conservation and NFT legacy-building.
