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NFT Sales Soar 1,200% After Larva Labs Announces CryptoPunks IP Sale

Larva Labs shocked the NFT world yesterday afternoon when it announced it would sell the popular CryptoPunks project IP to Yuga Labs, the creator of Bored Ape Yacht Club. After the news broke, CryptoPunks “selling like hot cakes”.

According to data from CryptoSlam, the secondary market sales of this NFT Ethereum collection totaled $18.8 million in the past 24 hours, marking a 1,219% increase.

New buyers may be expecting the value of CryptoPunks to increase as the project is led by Yuga Labs. This company has helped increase Bored Ape Yacht Club sales and become popular with many celebrities in less than a year.

Yuga Labs announced that it will IP rights for individual CryptoPunks images to their respective holders, just like it does for its Bored Ape collections. That detail has been a point of contention for some previous CryptoPunks owners, as Larva Labs gives unclear guidance on the monetization of NFT images for holders.

In addition to the skyrocketing sale volume, the floor price (cheapest NFT available in a market-listed project) for CryptoPunks increased 11% during this time, to a current price of more than 75 ETH (about $195,000). .

Larva Labs also sold the NFT Meebits project IP to Yuga Labs in this deal. Meebits sales in the last 24 hours spiked 529% over the previous period, to $18.5 million according to data from CryptoSlam. The Meebits exchange price increased 32% during this time period, to almost 5.6 ETH ($14,500).

Meanwhile, the V1 CryptoPunks Wrapped collection, a series of community-generated Ethereum NFTs based on the CryptoPunks smart contract that was initially scrapped due to a bug has seen sales increase by 6,695% in 24 hours. Larva Labs has since dropped the project, but it still generated over $1.6 million in secondary revenue in the past day.

Bored Ape Yacht Club itself also benefited from the upside, posting $7.3 million in NFT revenue on the day — a 307% increase from about 24 hours earlier according to CryptoSlam. The floor price also increased 12% and is currently at 82 ETH ($212,000).

Additionally, the newer Mutant Ape Yacht Club hit $4.5 million in revenue in 24 hours, marking a nearly 79% increase on the day. The floor price of Mutant Apes is now up 9% to 18.5 ETH (nearly $48,000).

Overall, CryptoPunks has brought in over $2.1 billion in secondary trading volume during its run to date, with newer Meebits coming in at around $425 million (excluding wash sales). Bored Ape Yacht Club generated over $1.4 billion in secondary revenue and Mutant Ape Yacht Club generated $987 million.