Yuga Labs Acquired CryptoPunks And Meebits; Here's What The BAYC Parent Company Plans To Do First:

Yuga Labs announced what their first order of business is after acquiring CryptoPunks and Meebits.

“Today we’re excited to announce that Yuga has acquired the IP of the CryptoPunks and Meebits NFT collections from Larva Labs, the company wrote in a press release. “This means that we now own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits.”

As the Bored Ape Gazette previously reported, Yuga Labs, the parent company of the Bored Ape Yacht Club, acquired CryptoPunks and Meebits from LarvaLabs in a deal that rocked the NFT space.

Following the deal, Yuga Labs explained what its' first order of business is post acquisition.

“As a first step, we will soon be granting CryptoPunks and Meebits holders the same rights that BAYC and MAYC owners enjoy,” Yuga Labs said in a press release. “We’re working with our legal teams to draft the new terms and conditions for both collections and expect to share these with the community soon. By handing over these rights, we’re further aligning CryptoPunks and Meebits with the web3 ethos, and we expect a wide-range of third party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects. We’ll be building the overall brand right alongside them.”

This announcement comes just hours after rumors about the acquisition began circulating around the NFT space.

“This deal came about in a very organic way from conversations between our partner Guy Oseary and the Larva Labs founders," Yuga Labs said. “One call led to another and here we are at this historic moment. This acquisition does not mean that Matt and John (LarvaLabs founders) are joining Yuga. They’re going to continue running Larva Labs and will keep doing what they do best: creating awesome projects that help shape the future of web3. “

This is a developing story, stay tuned for continued coverage.