Infinite Node Foundation Acquires CryptoPunks NFT Collection

According to Cointelegraph, the Infinite Node Foundation (NODE), a nonprofit organization dedicated to digital art, has acquired the intellectual property of the CryptoPunks non-fungible token (NFT) collection from Yuga Labs. This acquisition, announced on May 13, positions NODE as a leading nonprofit in the digital art sector in the United States, bolstered by an additional $25 million endowment. The foundation has not disclosed the terms of the deal. NODE has established an advisory board to manage the CryptoPunks collection, including the original artists Matt Hall and John Watkinson, and a representative from Yuga Labs. The foundation aims to create a networked architecture that supports the growth of digital art like CryptoPunks within both digital and art-historical contexts. CryptoPunks, known for their algorithmically generated pixel art characters, have significantly impacted the art world by existing outside traditional frameworks and sparking a cultural shift in the digital realm. The CryptoPunks collection, launched in 2017 by Larva Labs, has become the most valuable NFT collection, with a market capitalization of nearly $1.2 billion across its 10,000 NFTs as of May 13, according to CoinGecko. Since its inception, the collection has generated over $3 billion in sales, with each transaction providing royalties to the holders of the NFTs' intellectual property. In 2022, the highest-grossing CryptoPunk NFT sold for nearly $24 million. Yuga Labs, known for the Bored Ape Yacht Club NFT collection, acquired CryptoPunks in 2022, along with Meebits, another Larva Labs NFT collection, which it sold in February. In March, Yuga Labs announced that the U.S. Securities and Exchange Commission (SEC) had closed an investigation into the company, which it described as a significant victory for NFTs. This development underscores the evolving landscape of digital art and the growing recognition of NFTs as a legitimate and influential art form.