CryptoPunks and Meebits Price Floors Pump on BAYC Acquisition Announcement

In one of the largest business deals in the NFT industry, Bored Ape creators Yuga Labs today announced that they have acquired the CryptoPunks and Meebits NFT Collections from Larva Labs, a move considered by NFT investors and collectors as bullish as the price floors of both rose today.

Share the news on Twitter, @Yugalabs stated that all owners of Meebits and CryptoPunks NFT would receive full commercial rights to their non-fungible tokens, as would holders of Bored Ape Yacht Club and Mutant Ape Yacht Club. Business Wire and Yahoo Finance also reported the news.

Announcement of Yuga Laboratories

Bored Ape NFTs are the most valuable NFT collection per cap according to NFT floor price aggregators, a metric similar to market capitalization applied to cryptocurrency assets – taking the floor price and multiplying it by the total supply (capped number of NFTs in collection) .

CryptoPunks are ranked #2 and Meebits #6 – in terms of sales volume, Punks have at times held the top spot.

Announcement Larva Labs

The Larva Labs Twitter account @larvalabs also made the announcement on Twitter, and linked a blog post stating that five years after their creation of the CryptoPunks NFTs, Larva Labs would continue to operate and create new types of NFTs, but Yuga Labs had the experience to further develop these two burgeoning NFT projects.

“Our specialty has always been creating things early in the life of a technology. Our personalities and skills are not well suited to the community management, public relations, and day-to-day management that these types of projects require and deserve.

“Yuga Labs are the best people in the world to operate and grow these projects and the communities around them. As we discussed ways to collaborate, it became clear to us that what would be best for CryptoPunks and Meebits was for Yuga to take over operations and guide them through this much larger new world.

‘We still own the Autoglyphs project as well as a bunch of our favorite Punks and Meebs. As for what’s next for us, we never talk about it until it’s ready, but generally we’re happy to get back to what we do best, which is working on strange new things.

NFT floor price rise

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An increase in buying volume can be seen on online NFT floor price websites in response to the announcement of the acquisition. The floor price of CryptoPunks rose sharply to over 75 ETH (around $195,000).

The floor price of Meebits reached 6 ETH (over $15,000), a 100% increase in a few days – some insiders may have caught wind of the announcement of the acquisition in advance.

Yuga Labs, based in Delaware, USA, is reportedly valued as a $5 billion company and investor confidence in Punks and Meebits now appears to have increased with the creators of BAYC at the helm.

The floor price of Bored Apes also increased somewhat, returning to 80 ETH, and the floor price of MAYC (Mutant Ape Yacht Club) also increased to over 18 ETH. This NFT collection is ranked #4.

Cryptopunks Meebits acquisition news could see BAYC return to a floor price of 100 ETH, which they surpassed at the end of January 2022, reaching an all-time low of 118 ETH on February 1. The merger is one of the largest NFT deals of its kind and could help broader NFT markets continue their bull run.

For all the latest NFT news on drops and other developments, visit our NFT calendar page and our best NFTs to buy, both updated for this month, including more affordable options priced below 1 ETH .

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