CryptoPunks NFT floor price spikes 13% on rumors of IP sale

The floor price of the CryptoPunks non-fungible token collectibles increased 13% in three hours on rumors that its owner, Yuga Labs, might be “in the process” of selling CryptoPunks intellectual property rights.

The rumor came from “Wale.moca,” a researcher at NFT firm Azuki who cited “several sources close to the matter” in a Jan. 14 X post.

He didn’t disclose who the buyer could be. However, he said it isn’t a Web2 brand, nor is it an existing NFT company such as Pudgy Penguins, Azuki or Doodles.

Cointelegraph reached out to Yuga Labs but didn’t receive an immediate response.

The CryptoPunks floor price increased from 36.6 Ether (ETH) to 41 ETH — worth over $130,000 — in three hours after Wale.moca’s X post, NFT Floor Price data shows.

Selling the intellectual property rights would represent a significant shift in the NFT industry, as Yuga’s CryptoPunks are the most valuable NFTs on the market.

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The CryptoPunks NFTs boast a market cap of 414,700 ETH ($1.3 billion) — almost twice the size of second-place Pudgy Penguins NFTs at 213,080 ETH, according to NFT Price Floor.

Yuga bought IP rights to 423 CryptoPunks NFTs from fellow NFT firm Larva Labs for an undisclosed amount in March 2022.

The CryptoPunks NFT floor price was around 65 ETH at that time — a near-37% fall from the current floor price.

However, ETH has increased over 24% since then, when it was trading at around $2,590, CoinGecko data shows.

Yuga is also the owner of Bored Ape Yacht Clubs, the third most valuable collectible in the NFT market.

Yuga’s co-founder, Greg Solano, stepped back in as CEO to replace Daniel Alegre last February. He made a “tough” call to make a series of layoffs two months later, citing a new for the company to return to its “creative-first spirit.”

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