NFT giant Yuga Labs – the founder of Yuga and controlling owner of Yuga – recently purchased the intellectual property (IP) of CryptoPunks, the first well-known Ethereum-based NFT collection. Both CryptoPunks and the Infinite Node Foundation publicly acknowledged the transaction on X.com. This announcement is arguably the biggest news yet for the NFT space. Yuga’s acquisition is the first step in putting the project back in crypto-native hands and for the company to refocus on its core mission.

As one of the biggest NFT collections on the Ethereum blockchain, CryptoPunks has gained widespread popularity in recent years. Yet it has a whopping $1.2 billion market cap. Naturally, the collection’s floor price is a testament to its extraordinary value and desirability among collectors. Yuga Labs' decision to acquire the CryptoPunks IP underscores its belief in the project's potential and its commitment to the NFT ecosystem.

Yuga’s recent acquisition of CryptoPunks’ IP will give the company the space and energy to double down on their core mission. This is a huge acquisition that gives Yuga the resources, manpower, and chance to innovate even more within the NFT space. Aronow acknowledged that after the CryptoPunks deal, Yuga will have room to breathe and reorient itself back to its original mission after snagging a key purchase.

Yuga’s strategic denial of rumors earlier this year that it was selling the CryptoPunks IP underscores the importance of this kind of acquisition. With CryptoPunks now under Yuga's umbrella, the hype surrounding the collection may increase Ethereum's network activity. CryptoPunks is currently the largest NFT collection.

This activism was made possible by the Infinite Node Foundation, an important player behind brokering the deal that led to Yuga Labs acquiring CryptoPunks. The foundation’s role is incredibly important to the NFT community. Its involvement highlights the deeply collaborative and shared interest in growing innovative and entrepreneurial projects.