Infinite Node Foundation Acquires CryptoPunks IP, Adds $25 Million to the Mix

The nonprofit group did not share the full details of the deal but said the purchase came with a $25 million fund.

To manage the collection, NODE has set up a board of advisors. This group includes Matt Hall and John Watkinson, the original creators of CryptoPunks, as well as a representative from Yuga Labs, the company that previously owned the collection.

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

While the public may not notice immediate changes to how CryptoPunks are managed, NODE suggested that future updates could include educational projects or exhibitions.

CryptoPunks are known for their simple, pixelated portraits, created using algorithms. They were launched in 2017 by Larva Labs, the company founded by Hall and Watkinson. NODE described them as having "changed the art world by existing outside of it".

As of May 13, the total value of the collection was close to $1.2 billion. Over the years, CryptoPunks have seen more than $3 billion in total sales. Each time one is sold, the holders of the intellectual property receive royalties.

Recently, Dead Bruv, a Solana SOL $176.17 -based NFT project, announced plans to raise funds by selling 100,000 new NFTs from its Meatbags series. What will the funds be used for? Read the full story.