CryptoPunks moves to new ownership as Node Foundation acquires IP from Yuga Labs

The Infinite Node Foundation disclosed on Tuesday that it has acquired intellectual property (IP) rights for the non-fungible token (NFT) CryptoPunks collection from Yuga Labs. Through the deal, NODE seeks to provide long-term stewardship of the CryptoPunks collection and give it mainstream recognition.

Yuga Labs transfers ownership of CryptoPunks NFTs to NODE Foundation

Yuga Labs has handed over ownership of the CryptoPunks NFT collection IP rights to the non-profit Infinite Node Foundation.

Node says it aims to secure the art collection's legacy and culture as part of the Node Foundation's business model.

"This transaction places one of the most influential artworks of the 21st century inside an evergreen, mission-driven endowment and signals a new model for safeguarding internet-native culture," Node Foundation stated in a press release.

CryptoPunks is a collection of 10,000 unique digital art characters created on the Ethereum blockchain in 2017 by Matt Hall and John Watkinson of Larva Labs. The project is the first NFT collection to debut on a blockchain network.

Yuga Labs acquired the CryptoPunks' IP in May 2022, gaining full ownership rights of the collection.

"When Yuga acquired CryptoPunks' IP, it wasn't just about ownership — it was about honoring a cultural icon we believed in," said Wylie Aronow, co-founder of Yuga Labs.

Node Foundation plans to expand CryptoPunks' community and engagement beyond the digital landscape to provide the collection with mainstream recognition. 

"Our role is to build a networked architecture that allows digital art like CryptoPunks to thrive within both digital and art-historical canons," the Node Foundation added.

To achieve its objective, NODE has set up an advisory board to oversee the project, including creators Matt and John, alongside Wylie Aronow and Erick Calderon, founder of Art Blocks.

"The Punks were created to be truly decentralized, and have become a defining example of digital permanence and online network effects," said Matt Hall and John Watkinson of Larva Labs.

The board will collaborate with NODE to exhibit the complete 10,000-piece CryptoPunks collection, debuting alongside the launch of NODE's permanent space in Palo Alto, California. The venue will include a live Ethereum node to enhance on-chain access and preservation.