$APE COIN and Why Yuga Labs Acquired CryptoPunks

In April 2024, Yuga Labs launched Bored Ape Yacht Club, a 10k NFT profile picture (PFP) collection inspired by CryptoPunk apes, for 0.08 ETH per mint.

Since then, BAYC’s meteoric rise has allowed “the student to become the master,” as last week Yuga Labs announced its stunning acquisition of the intellectual property (IP) of Larva Labs’s iconic CryptoPunks and Meebits collections.

Less than one day later, Yuga Labs formally unveiled ApeCoin.

Now as of today, Thursday, $APE is live for claiming by Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAYC) holders, and the new ERC-20 token has already become the ~100th largest crypto by market cap.

In other words, a lot has happened over the past 48 hours!

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Resources:

Biggest NFT M&A Deal?

Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj

— Yuga Labs (@yugalabs) March 11, 2022

Great Summary From William Peaster
https://metaversal.banklesshq.com/p/bored-apes-cryptopunks-the-big-ideas
$APE Coin
https://twitter.com/apecoin/status/1504201556165644298
Aleix Ohanian ApeCoin DAO
https://twitter.com/alexisohanian/status/1504206474108579847
FTX is Quick With It

Upcoming listing on FTX: $APE spot and perpetual futures!@apecoin
Listing details: https://t.co/3zGsvrAmxu pic.twitter.com/jyLmoGuJVw

— FTX (@FTX_Official) March 16, 2022

NFTX milked: “FlashMint”
https://twitter.com/wilburforce_/status/1504437189979119622?s=20&t=eI6CWSD9LcHcX8lnz52qkQ
Pay or Go Away

i am done building identities & brands which corporations can buy and sell without paying me,

and for me to be expected to go along with the ride because my identity is attached to them

from now on, will only feature art by independent artists and CC0 pfps on this account

— DCinvestor (@iamDCinvestor) March 13, 2022

clarifying my thoughts on CC0:

CC0 doesn't mean it's a "better" NFT. there is lots of CC0 garbage

it's also possible some corporate-administered NFTs outperform for many reasons

i simply prefer to participate in communities where they can't sell my participation to others

— DCinvestor (@iamDCinvestor) March 13, 2022

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures

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