The Infinite Node Foundation, a newly established arts nonprofit focused on digital art conservation, announced its acquisition of the full intellectual property rights for CryptoPunks, one of the most iconic NFT collections, from Yuga Labs.
Key Details of the Acquisition
👉 CryptoPunks, created in 2017 by Matt Hall and John Watkinson of Larva Labs, is a pioneering NFT series featuring pixelated characters. It gained mass popularity and helped ignite the 2021 NFT boom.
- Transaction Value: While undisclosed, reports suggest ~$20 million was paid.
- Buyer: The Infinite Node Foundation, co-founded by VC Meyer "Micky" Malka and Becky Kleiner, aims to preserve digital art through an endowment-funded model.
- Advisory Board: Includes Web3 luminaries like Yuga Labs co-founder Wylie Aronow, Art Blocks founder Erick Calderon, and CryptoPunks’ original creators.
The Decline and Reinvention of NFTs
After Yuga Labs acquired CryptoPunks in 2022, the NFT market collapsed, with 95% of NFTs now deemed "dead" and average losses at 44.5%.
Why This Matters
- Cultural Legacy: CryptoPunks symbolize the intersection of art, blockchain, and decentralization.
- Institutional Adoption: Museums like ICA Miami, LACMA, and Centre Pompidou already hold Punks in their collections.
Statements from Key Players
Micky Malka: "CryptoPunks blended code, community, and commerce. Our mission is to ensure their permanence for future generations."
Hall & Watkinson: "Infinite Node aligns with our vision of decentralization—a fitting home for the Punks."
FAQ Section
Q1: What is Infinite Node Foundation’s goal?
A: To conserve digital art via funding and scholarly engagement, ensuring accessibility.
Q2: How much did CryptoPunks sell for?
A: Estimated $20 million, though unconfirmed by the parties.
Q3: Why are NFTs declining?
A: Market saturation, speculative losses, and reduced hype post-2021 peak.
Q4: Which museums own CryptoPunks?
A: ICA Miami, LACMA, and Centre Pompidou, among others.
👉 Explore NFT trends for deeper insights into digital art’s future.
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