Doing Things Differently: Introducing the Infinite Node Foundation
Ethereum NFT Intellectual Property Linked to CryptoPunks Transfers to a Non-Profit Organization, Courtesy of Yuga Labs.
Hop on board as the Infinite Node Foundation, a freshly minted nonprofit outfit, takes the reins of the highly influential Ethereum NFT collection, CryptoPunks, from its previous proprietor and Bored Ape Yacht Club engineer, Yuga Labs.
The Non-Fungible-Token (NFT) enthusiasts at Node Foundation announced last Tuesday that they have secured the intellectual property rights for their staggering $25 million grant intending to revolutionize digital art.
Yuga Labs, now focusing on its "apeish roots," has handed over the 10,000-strong CryptoPunks collection initially created by Larva Labs in 2017. CryptoPunks General Manager, Natalie Stone, will be making the leap from Yuga Labs to the Infinite Node Foundation to offer her wise counsel.
Financial details of the transaction remain confidential. Micky Malka, Chair of the Node Foundation, expressed his delight at preserving a landmark work, saying, "CryptoPunks sparked a cultural movement that blended code, community, and commerce. We intend to future-proof this iconic piece for the world to engage more effectively."
The Nonprofit's pillars considerably revolve around three aspects: preservation, community, and growth, with the main objective being to perpetuate the collection's legacy and facilitating new ways for exploring this pixelated pixelated profile picture collection.
CryptoPunks exchanged hands for the first time in 2022 when Yuga Labs acquired the IP alongside the Meebits companion collection. However, they sold off the Meebits IP to a fresh startup earlier this year.
Yuga Labs CEO and co-founder, Wylie Aronow, expressed his excitement about handing over the collection to its new home with the Infinite Node Foundation. "When Yuga snagged CryptoPunks' IP, it was all about honoring a cultural icon we revered," he noted. "The NODE Foundation, with its conservational focus, is the perfect fit to look after the Punks legacy."
Aronow, alongside Art Blocks founder, Erick Calderon, and original CryptoPunks architects, Matt Hall and John Watkinson from Larva Labs, will join an advisory board guiding the Infinite Node Foundation towards achieving its objectives.
Hall and Watkinson celebrated the impressive decentralized nature of the Punks and believed that the Infinite Node Foundation was a fitting long-term home for the Punks, commenting, "The NODE Foundation was built to explain and advocate for these ideas as a groundbreaking art medium. They will make a superlative home for the Punks."
In collaboration with Hall and Watkinson, the Foundation plans to launch a massive display of the entire CryptoPunks collection at their exhibition space in Palo Alto, California.
The CryptoPunks' minimal value, representing the lowest-listed asset on the market, has experienced a powerful surge in the past week, climbing from the initial 79 ETH to an impressive $123,086, reflecting a whopping 74% gain amidst a steep 45% climb in Ethereum's value.
Born as the vanguard of NFTs and influential in inspiring a myriad of collections that followed, CryptoPunks trading volume has surpassed an astounding $3 billion since its launch in 2017, according to data from Punks.wtf. The NFTs were originally distributed for free.
Edited by Andrew Hayward**
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- The Infinite Node Foundation, a new nonprofit, has acquired the Ethereum NFT collection CryptoPunks from Yuga Labs, with CryptoPunks General Manager, Natalie Stone, joining the Foundation to offer her advice.
- The Foundation aims to revolutionize digital art with a $25 million grant, preserving the legacy of CryptoPunks and facilitating new ways to explore the pixelated profile picture collection.
- The financial details of the transaction between the Infinite Node Foundation and Yuga Labs remain confidential.
- Yuga Labs, previously the proprietor of CryptoPunks, is now focusing on its "apeish roots" and has handed over the collection to its new home.
- Aronow, Calderon, Hall, and Watkinson from Yuga Labs, Art Blocks, and Larva Labs will join an advisory board to guide the Infinite Node Foundation.
- The Infinite Node Foundation plans to launch a massive display of the entire CryptoPunks collection at their exhibition space in Palo Alto, California, and will advocate for the collection as a groundbreaking art medium in the decentralized crypto industry, which includes digital currencies like Bitcoin and Ether, Defi, ICOs, and NFTs used in entertainment.
