Yuga Labs, the company behind one of the biggest and most valuable NFT collections in the industry, the Bored Ape Yacht Club, today announced that it has bought the rights to the intellectual property of the CryptoPunks and Meebits collections from Larva Labs.

And step one for Yuga Labs is to grant full commercial license to CryptoPunks and Meebits holders, according to a statement from the company: “With this acquisition Yuga Labs will own the CryptoPunks and Meebit brands and logos, and as they’ve done with their own BAYC collection, Yuga Labs will transfer IP, commercial, and exclusive licensing rights to individual NFT holders.”

Yuga Labs, which launched the BAYC collection in April of last year, had previously granted all Bored Ape NFT owners full license to use the images they own for whatever commercial ends they choose. Entrepreneurs, brands, and celebrities quickly capitalized on the BAYC phenomenon and launched various Bored Ape-branded enterprises, including an Arizona Iced Tea ad campaign and a Gorillaz-inspired “metaverse band” from Universal Music Group.

Larva Labs, creators of the CryptoPunks collection, had been reluctant to grant this same kind of commercial license to its NFT holders, which had become a source of controversy among CryptoPunks…

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