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CryptoPunks Floor Price Jumps 15% Amid Speculation of Yuga Labs IP Sale
The price of CryptoPunks NFTs has seen a significant surge, with the floor price increasing by nearly 15% in just three hours. This sudden and unprecedented rise is attributed to speculation surrounding the potential sale of Yuga Labs’ intellectual property (IP) rights.
The surge began after Wale.moca, a researcher at Azuki, posted on X that several sources close to the matter had revealed that an undisclosed buyer has acquired both the IP rights and over 400 CryptoPunk NFTs from Larva Labs. Interestingly, this alleged buyer does not come from the Web2 space nor is it another prominent NFT company like Pudgy Penguins or Doodles.
According to CoinGecko data, the price of CryptoPunks jumped from approximately 34 ETH to a peak of 40.39 ETH within just three hours. Trading volume also saw an unprecedented spike with 26 transactions taking place in the last 24 hours, marking a significant increase from the otherwise slow NFT market.
The collection’s historical value and cultural significance have long been recognized within the NFT space. In March 2022, Yuga Labs acquired the project’s intellectual property from Larva Labs, solidifying its position in the industry. A sale of this magnitude would undoubtedly be a groundbreaking development in the sector.
However, Yuga Labs co-founder Greg Solano has swiftly denied any impending sale, stating “nothing” when asked for confirmation. He went on to clarify that while several entities have approached his company recently, no immediate action is being taken, and the company’s commitment to safeguarding the intellectual property remains unwavering.
Solano emphasized that owning CryptoPunks requires a strong stomach and a long-term dedication to preserving its legacy.
Source: cryptopotato.com
