Yuga Labs, the creators of the Bored Ape Yacht non-fungible tokens (NFTs), has acquired the IP of Larva Labs’ CryptoPunks and Meebits NFT collections.

The unexpected news took the NFT space by storm over the weekend. Larva Labs is a leading NFT creator in the rising digital art world, with its foremost crypto project, CryptoPunk sitting at the top of the NFT avatar projects.

The IP acquisition means that Yuga Labs now “own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits,” according to a statement.

However, the founders of Larva Labs, Matt Hall, and John Watkinson, still maintain ownership of their company and promise to keep producing new projects.

In the last 24 hours, bitcoin has been up by 0.2%, with a current price of $38,897.50 as of the time of writing this. Within 24 hours, bitcoin experienced a $37,709.43 low and $39,225.38 high. The trading volume of bitcoin in the last 24 hours is $18,877,236,313. The current market capitalization of bitcoin is $737,522,481,514. Currently, $18.98M bitcoins are in circulation.

Stats and Image from Coin Gecko

Yuga Labs announced that one of the major changes it will be introducing to the CryptoPunk and Meebits communities is to give the NFT holders the same commercial right BAYC and MAYC owners enjoy.

This commercial right allows NFT owners to use their NFTs for product marketing and packaging or original merchandise.

Yuga Labs added that it will be a thoughtful steward of CryptoPunks and Meebits collections without adopting the ‘club’ model they have developed for BAYC.