“TODAY WE PASS THE TORCH”: Yuga Labs Sells CryptoPunks IP To Art Non-Profit The Infinite Node Foundation

From Owner to largest Community Member!

Things were anything but boring for Yuga Labs this morning after the company announced that it had sold the CryptoPunks brand to a non-profit committed to the preservation and expansion of contemporary digital art dubbed The Infinite Node Foundation, and that familiar faces from around the swamp like Gordon Goner and Snowfro are tagging along to help guide the first-ever NFT collection into its next chapter!

The timeline was talking about CryptoPunks on Tuesday after Yuga Labs made the surprising announcement that it had sold the CryptoPunks IP  and five CryptoPunks for a reported $20 million, according to NFT Now’s Matt Medved.

“We are excited to announce CryptoPunks have found a permanent home at The Infinite Node Foundation.  @nodefnd is a non-profit committed to the preservation and expansion of contemporary digital art. @larvalabsfounders & artists Matt Hall & John Watkinson are returning to join in a guiding role for the future of Punks - alongside advisory board members @GordonGoner and  @ArtOnBlockchain.”

 

Under The Infinite Node Foundation’s stewardship, CryptoPunks and the Web3 world can expect preservation, community, and expansion, beginning with the launch of a permanent exhibit in California featuring all 10,000 of the iconic 24x24 pixel art images!

“With over $377 million in secondary sales this year alone, CryptoPunks outsold all living contemporary artists, yet they were left off traditional art world rankings and mainstream discourse," The NODE Foundation wrote. "This is a cultural disconnect that NODE actively seeks to resolve, and we will do so by first redefining how digital art is experienced. This vision begins with a major exhibition of the full 10K collection, to debut alongside the opening of NODE's permanent hub and exhibition space in Palo Alto. Here, NODE will host a full Ethereum node to contribute towards the accessibility and permanence of the artworks housed within.”

 

Following NODE’s announcement, Yuga Labs CEO Garga took to the timeline to “pass the torch,” remind everyone that Yuga still holds “415ish Punks,” and say that he and the team can't wait to see what’s next for the OG NFT collection.

“CryptoPunks are pure on-chain art,” he wrote. “We bought the IP to protect that purity, at a time when we felt the future was uncertain for Punks. Since then we’ve amplified the legacy. We've placed Punks in major museums, hung them next to Warhols, published a definitive monograph, shipped a new wrapper, and gave commercial rights to NFT holders. Today we pass the torch to a new forever home @nodefnd , a non-profit funded by Micky Malka, who we've gotten to know well, and guided by an advisory council consisting of CryptoPunks founders  @matthall2000 &  @pents90 , Snowfro  @ArtOnBlockchain , and my partner @gordongoner. As for Yuga, we're donating 5 Punks to NODE but otherwise we’re still the biggest holder of CryptoPunks NFTs. Punks will always be a crown-jewel of digital art in our space, and we're excited to be along for the ride.”

 

 

Take a look at the five CryptoPunks that Yuga Labs donated to NODE as part of the deal below:

The Bored Ape Gazette is working to bring you additional details about The Infinite Node Foundation and today’s acquisition. Stay tuned for updates!