Infinite Node Foundation (Node), a non -profit organization centered on digital art, has acquired the intellectual property of the non -fungible token collection (NFT) Cryptopunks of Yuga Labs, Node said in a May 13 ad.
The acquisition of Cryptop Rons, plus its additional endowment of $ 25 million, establishes the node as “the best profit organization better capitalized exclusively to digital art in the United States,” said the Foundation in an X Post.
The terms of the agreement were not revealed.
The non -profit organization said that an advisory board has gathered to supervise the Cryptopunks collection. It includes Matt Hall and John Watkinson, the artists behind the NFT collection, and a representative of Yuga Labs, among others.
“Our role is to build a network architecture that allows digital art as Crytopunks to prosper in digital and historical canons of art,” Node said.
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Most valuable NFT collection
Cryptopunks are “pixel art characters generated by algoritmicular” that “changed the art world when existed outside it and caused a cultural change that continues to remodel our digital world,” according to Node.
It is the most valuable NFT collection, with a total market capitalization of almost $ 1.2 billion in its 10,000 NFT as of May 13, according to Coingcko data.
The Cryptopunks collection was released in 2017 by Larva Labs, a NFT designer co -founded by Hall and Watkinson.
Since then, NFTs have registered more than $ 3 billion in sales, according to the node. Each sale NFT creates royalties for NFT IP holders.
In 2022, the Cryptopunk NFT of greater collection was sold for almost $ 24 million, according to the Cryptopunks website. The collection was bought in 2022 by Yuga Labs, better known for designing the Bore Ape Yacht Club NFT collection: the third largest NFT collection for market capitalization, Coingcko Chordination.
Yuga simultaneously bought Meebits, another Larva NFT collection, before selling it in February.
In March, Yuga Labs said the United States Stock Exchange and Securities Commission (SEC) closed an investigation into the company in what it described as “a great victory for NFT.”
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