Yuga Labs purchased the intellectual property rights to the CryptoPunks and Meebits collections from Larva Labs in March 2022, immediately releasing the commercial rights of the assets to holders.
Maegaard owns 20 CryptoPunks, including the lucrative seven-trait punk that is portrayed as Seedphrase.
On the Yuga acquisition, Maegaard revealed that “looking at some of the interviews with the Yuga founders, I genuinely believe it came from a good place”, before adding:
“Knowing what I wanted to do with Seedphrase and the seven-trait punk, I didn't have that clarity beforehand, but once Yuga did acquire the punks I was able to then have full artistic control over where I wanted to take this project.”
Created by Larva Labs in 2017, CryptoPunks were the original 10,000 PFP project on Ethereum. Their pixelated, artistic symbolisms have garnered them substantial cultural resteem and recognition within the traditional art community.
Bored Ape Yacht Club (BAYC) on the other hand is more associated with contemporary culture and aimed at a mass market audience.
Founded in 2021 by Yuga Labs, BAYC has arguably become the most successful example of an NFT project granting intellectual property rights to holders, allowing them to monetize their NFTs in commercial endeavors.
From the point of mint, the founders relinquished all IP rights from the collection exclusively to holders, in turn, fostering a flourishing commercial derivatives market we see today from Ape-themed fast-food restaurants, to fictional novels, and metaverse music bands.
“I love that this is how Punks are being perceived. That was always my notion from the beginning. We don't need to be putting Punks on canned water or fast food or anything like that”, said Maegaard.
“I think it's great that people have the freedom to do that with their Punks as well. That is in a way its own artistic expression, but I just like the idea of like Punks being first recognised as a historical collection. Let them just be art.”