Why NFTs Need a Scalable Storage Solution

A non-fungible token (NFT) is a physical or digital asset recorded on the blockchain.

In 2022, an estimated four percent of Americans (9.3 million people) said they own NFTs– a 100% increase from 2021 shows that NFT ownership is rising.

As ownership continues to increase, so will the demand for scalable storage solutions. Many of the current storage solutions lack scalability, which limits how many NFTs people can own- particularly if they have larger collections.

In this article, we’ll cover four different storage solutions, which are the most scalable, and the benefits and challenges of each. 

Let’s get started. 

Software Wallets- MetaMask

MetaMask was launched in 2016 by Consensys, a blockchain software technology company based in New York City. It’s the most popular decentralized wallet in the world, with around 21 million monthly active users. 

Although the wallet was created for cryptocurrency, MetaMask is also popular for buying and storing NFTs. It lets users store and manage their private and public keys, connect to decentralized exchanges such as UniSwap and PancakeSwap, and buy and sell NFTs. 

MetaMask is relatively friendly for new investors and can be installed through the Google Store. MetaMask also has an in-depth FAQ Page for investors who want to learn more about the wallet, how to trade cryptocurrency, and how to store NFTs. 

MetaMask is consistently connected to a decentralized ledger and, in theory, shouldn’t have any issues regarding scalability on the backend. As long as the blockchain is scalable, operations between the wallet and the blockchain should be scalable too. 

The only area where MetaMask falls short is when it comes to security. MetaMask is constantly online and, as a result, can never be as secure as hardware wallets (which we’ll cover below.) Though MetaMask has never been hacked, its users have been prone to phishing scams, including one that cost a wallet holder $650,000 after believing they were giving their details to an Apple employee.

Other popular hardware wallets for NFTs include Math Wallet, Coinbase Wallet, and Trust Wallet, which Binance owns. However, for decentralized NFT storage, MetaMask remains the best option. 

Hardware Wallets

Hardware wallets are the most secure option for NFT storage as all digital assets are stored offline- making them impossible to hack. This makes hardware wallets a great option for collectors who want to store their NFTs for the long run. 

The most popular hardware wallets are Ledger and Trezor, which will cost anywhere from $80 to $300+ for the latest models. Once an NFT has been stored in the wallet and the wallet unplugged, nobody can transfer the data to or from the hardware wallet. When you buy a hardware wallet, you’ll also be provided with a secret phrase of 12 words and can set additional passwords if you want even more security. 

However, there are two downsides to hardware wallets. Firstly, if you lose your wallet, you lose your assets. For example, in 2013, James Howells threw away a wallet with 7500 Bitcoins (around $56 million.) He was refused access to the landfill where it was and, as a result, lost his millions. As of September 2022, Howells hasn’t managed to retrieve his wallet.

The other downside to Hardware Wallets is that they’re not scalable. They’re limited to the spec of the wallet you’ve purchased, which could impact NFT storage as NFT files begin to demand more storage space. 

Nonetheless, hardware wallets are the perfect option for collectors planning to make long-term NFT investments. 

InterPlanetary File System

InterPlanetary File System (IPFS) is a relatively new way to store NFTs. It’s an open-source project founded by Protocol Labs and was originally designed for storing and accessing websites, apps, files, and other data. 

With IPFS, users’ NFTs are stored off-chain through platforms like Pinata, significantly reducing the likelihood of their assets being stolen. It also uses content identifiers (CIDs), which are broken down aspects of your data linked directly to your NFT. Instead of your NFT data being stored through an HTTP link, your data is broken down across several storage solutions; this way, if one fails, a different solution backs up your data. 

IPFS solutions are also highly scalable. Additional nodes can always be added to deal with additional data, which means users will never have any problems with storage. 

The only downside is the technology is still somewhat in its early phase and technically wasn’t created for NFTs. This means that although it has a lot of potential, it hasn’t been in the market long enough to be tested.

BitKeep

BitKeep is Asia’s most popular NFT storage method, with over 6 million users, 70 mainnets, and 220,000 supported crypto assets. Much like MetaMask, you can download the BitKeep wallet through the Google Store and use it to store NFTs. 

However, unlike MetaMask, BitKeep has its own NFT store. The store has launched projects such as Kaju Legends and OutSad, and lets users buy other collections such as Bored Ape Yacht Club (BAYC.) 

BitKeep also has a comprehensive education center, where new collectors can learn how to trade NFTs, sell them, and use the BitKeep wallet. BitKeep is connected to a decentralized ledger and shouldn’t have any problems with scalability. It’s only limited by the scalability of the blockchain. 

Final Thoughts: Are Scalable Storage Solutions a Must Have?

As the NFT market grows in popularity, scalable storage solutions will become important for larger collections. However, for the average NFT investor, hardware wallets should be more than enough for a small NFT collection. 

These wallets are a great way for collectors to store their NFTs if they have no plans to sell them. Both software wallets and IPFS are also great ways for collectors to get involved in the industry and offer scalable storage options for larger collections. 

The best option for you will depend entirely on your preferences. 

How to Display NFT Art (In Real Life & Online)

NFTs are digital art pieces stored on the blockchain. They can be bought and sold online in NFT marketplaces such as OpenSea or minted directly from a project’s contract. 

Throughout 2021 the NFT market took off, with total sales reaching over $14 billion and art pieces such as The Merge selling for $91.8 million.

Many of these art pieces were showcased on social media profiles, with some art making it to decentralized metaverses such as Decentraland.

NFTs have now made it to the real world, showcased in museums such as the Picasso museum in Barcelona and in real-world homes through innovative digital frames.

This article will cover displaying your NFT art, including real-life and online display methods. 

How To Display NFTs in Real Life

Although NFTs are primarily an online technology, there are several ways you can showcase your digital art without needing the internet. Here are four of the most popular options. 

Digital Frames

Photo frames have always been used to showcase family photos and art. Now digital frames are changing the way we display NFTs. Innovative new frames are used to bring NFTs to life in your home.

For example, the Infinite Objects “Video Print” frame features video NFTs on loop in your home. They’re available as 5” and 7” displays and don’t require any apps or additional software to work. 

Another example is NetGear’s Meural Canvas, available as a 13.5” x 7.5” frame and a gallery-sized 19” x 29” canvas. Owners can download Netlink’s proprietary Meural app for iOS or Android, add their NFT images or videos to the frame, and showcase them around their homes.

Physical Prints with QR Codes

Collector Andrew Coathup first used this innovative NFT concept. It’s when a collector prints off the image of the NFT alongside a custom art label- similar to many of the art pieces in modern art museums. 

Labels include everything from the title of the NFT, the collection from when it was purchased, and a QR code that opens an information page about the NFT on OpenSea (or the platform the NFT was purchased from.) 

This solution is cheaper than digital frames and appeals to collectors who want to combine classical displays with modern art. 

Looking Glass Holograms

Looking Glass Holograms are an exciting new way to showcase 3D NFTs. These holograms are futuristic for displaying NFTs, letting users show holographic videos and 3D characters. Options include the Looking Glass Portrait, Looking Glass 4K Gen2, and Looking Glass 8K Gen2, with prices starting at $399. 

TV Display

This option is for collectors who want to combine their NFTs with their love for TV. With the Samsung QLED 4K Smart TV, you can showcase your NFTs when the TV is off. When the TV is on, it works like any other TV, but when switched off, it works as a digital frame for your NFTs.

The TV resembles a sizeable digital frame and works perfectly with the rest of your decor. It has an “Art Mode,” which uses motion sensors to showcase art when someone is in the room. It then turns off when nobody is around to save energy. 

How To Display NFTs Online

With NFTs primarily being online pieces of art, most display options are currently online. Here are three of the primary options for displaying your NFTs online. 

NFT Galleries

The most popular option for displaying NFT art is through online galleries. Galleries and marketplaces such as OpenSea and Lazy let NFT owners put their NFTs on display without charging them. These displays work similarly to an Instagram page and usually include social media features for owners to share their collections with a broader audience. 

The Metaverse

Despite being in its early phase, the Metaverse has quickly become a popular option for NFT collectors to showcase their collections. Virtual worlds such as Decentraland let users create huge digital art galleries displaying their own and other collectors’ NFTs. 

Another famous virtual world is Cryptovoxels. Built on the Ethereum blockchain, Cryptovoxels is a simpler version of Decentraland that loads faster and is more accessible to NFT collectors with less advanced computers. Despite being less popular than Decentraland, Cryptovoxels has become home to many NFT collections, with exhibits throughout the digital world.

Social Media

If you own a Twitter account, you can almost guarantee that you’ve seen an NFT used as a profile picture. Twitter is a popular social media platform to flex NFTs and is commonly used by collectors to network with people who own an NFT in the same collection. 

Social media has been used by celebrities such as Justin Bieber, Snoop Dogg, Paris Hilton, and Eminem, who have used NFTs as their profile pictures on both Twitter and Instagram. Meta has also announced that it will soon release a feature where users can showcase and sell their NFTs through Instagram, creating a new digital art marketplace. 

In addition to the classic social media platforms, new platforms are being designed to showcase NFTs. For example, Showtime has slowly become the first NFT-driven social network. Users can connect their crypto wallets to the site, and Showtime will automatically generate a profile featuring all the NFTs you hold. 

Closing Thoughts: Have NFTs Become The New Modern Art?

As NFTs continue to grow in popularity, we may start seeing them in homes worldwide. But do they have the power to replace modern art?

When showcasing your NFTs, you have several options for displaying them in your home. However, that doesn’t necessarily mean you will. NFTs remain somewhat niche, with only hardcore collectors showing them around the house. Most people still don’t know what an NFT is or how it works, so it may be a while before we see them replace modern art. 

Despite this, NFTs have become a popular part of creating your online avatar, and as use cases grow, the number of ways you can display NFT art both in real life and online will grow too. 

The Story of Cryptopunk #9998: Did It Really Sell for $532 Million?

CryptoPunk #9998 is part of the CryptoPunks NFT collection with wild white hair, green clown eyes, and black lipstick. Its features make it one of the rarest Cryptopunks available. 

The collection was originally launched in June 2017 by Larva Labs, and was free to collect for anyone interested with an ETH wallet. There are 10,000 Punks in total, each with its distinct characteristics, with no two being the same. 

Though initially free, the collection became one of the most popular in the NFT space, with an all-time trading volume of 515,220.24 ETH and half of the top 10 NFTs sold as Punks.  

CryptoPunk #9998 is one of many Punks to make headlines, though its story isn’t all it appeared to be. Initial headlines stated that the NFT sold for half a billion dollars, though the money from the trade ended up where it started. 

Here’s the story of CryptoPunk #9998. 

What Happened To CryptoPunk #9998?

We need to go back to the initial transaction to understand the story. CryptoPunk #9998 was initially transferred from a cryptocurrency wallet starting with 0xef76 to a wallet starting with 0x8e39. 

The transfer was made for 124,457 ETH, equal to around half a billion USD at the time, making it the most expensive artwork in all historical records. Before this, the most expensive CryptoPunk was CryptoPunk #7523, which sold for $11.8 million.

The transaction quickly made headlines; however, the Punk was soon sent from 0x8e39 to a wallet address starting with 0x9b5a- which headlines didn’t pick up on. 

When looking at the transactions, it was clear that the transaction was an example of wash trading- when an investor simultaneously sells and buys the same financial instruments to create misleading activity in the marketplace. The initial transaction was made with a loan sent to a smart contract and transferred to the seller. The seller then sent 124,457 ETH to the buyer, who repaid the loans. After the transaction, an NFT collector made an offer of 250,000 ETH for the NFT.

Despite the transaction being legit, they were made to create hype around the NFT market and further drive the price of CryptoPunks. CryptoPunk #9998 was technically never sold; a mix of transactions were just made between addresses. Larva Labs later made a statement about the transaction, stating that notifications would be removed for them in the future. 

As of September 2022, nobody can bid on the asset, which means CryptoPunk #9998 technically isn’t the most expensive NFT ever sold, nor the most expensive Punk, which is  CryptoPunk #5822, selling for $23.7 million.

How Is Wash Trading Used In The NFT Market?

Wash trading is when a trader buys and sells an NFT to create hype and false information about a particular project or market. Though this type of trading occurs in traditional markets, the NFT market is particularly prone to such techniques, with projects such as Shiba Inu being created on hype alone. 

Wash trading frequently creates fear of missing out (FOMO), which pressures new and inexperienced NFT collectors to buy from projects that are either a scam or have little to no potential to bring a return on their investment. In the NFT market, the definition includes the purchase of an NFT for external reasons (such as an influencer buying to hype up a project, only to sell when the value increases.) 

Although there are no exact figures, wash trading has hugely impacted the industry, creating a sense of skepticism for new investors prone to scams. However, this is also having a somewhat beneficial impact. 

With so many scams and fake information in the market, NFT projects are forced to be transparent with the owners. To maintain a good reputation, they need to clearly state their real transactions, provide utility for investors, and have a long-term roadmap to show investors what they’re getting for their money. If they fail to do so, their projects will fail in a more educated NFT market.

A report by blockchain analyst firm, Nansen, found that a similar practice is occurring with the release of new cryptocurrencies. The founders of many new projects hold a large percentage of their tokens while hyping the project. Once the project increases in value, they sell their stake and take their profits. This process is also known as a rug pull. As of September 2022, an estimated $25 billion has been lost to cryptocurrency, and NFT rug pulls and scams.

CryptoPunks Continue To Break Records

Despite the somewhat confusing sale of CryptoPunk #9998, CryptoPunks continue to break NFT records. The collection has a market cap of around $2 billion, with a floor price of 61.95 ETH ($108,487.46), making it the most valuable worldwide. 

As of September 2022, the most expensive CryptoPunk is CryptoPunk #5822, which sold for $23.7 million in February 2022 to Deepak Thapiyal. It’s one of nine alien Punks. 

Despite the market for NFTs slowing throughout 2022, CryptoPunks has remained the most popular collection, with owners having a somewhat celebrity status amongst NFT holders. 

Final Thoughts: Can Wash Trading Impact CryptoPunks?

The story of Cryptopunk #9998 was a clear example of how the NFT market can be manipulated by headlines and hype. Despite being frowned upon by Larva Labs, similar stories have been used by other NFT collections to falsely promote projects with little to no utility. 

Although this will impact the crypto market as a whole, newer projects will suffer as a result. Projects such as CryptoPunks already have the reputation to thrive and are less likely to be influenced by the skepticism caused by wash trading. 

Nonetheless, stories such as Cryptopunk #9998 are a great way to spread awareness of wash trading, using their leverage to educate new cryptocurrency and NFT investors and reduce the risk and impact of scams. 

George Floyd NFT Explained (Read Before Buying)

The “Floydies” NFTs have sparked a contentious debate over intellectual property within the NFT world after an NFT collection of George Floyd caricatures in diverse costumes and settings emerged. 

George Floyd was an African-American man who was wrongly murdered by a police officer in Minneapolis, Minnesota, in May 2020. The police officer behind the crime was sentenced to 22 and a half years in jail for killing the father of five by kneeling on his throat for more than nine minutes. 

The tragic event triggered the United States’ largest racial justice protests since the Civil Rights Movement, spearheaded by the“Black Lives Matter” (BLM) organization. Interestingly, BLM  went far beyond the nation, inspiring a global reckoning with racism across the globe. 

Nonetheless, the initial collection of Floydies NFTs was released by anon curators on OpenSea starting on December 7—a week after the police officer who killed Floyd plead not guilty. OpenSea took the collection of NFTs down following backlash from those concerned about equality and human rights

Some believe digital art is “overtly racist caricatures.” The project attracted labels such as “horrible,” and many campaigned for their reporting and removal from marketplaces like OpenSea. Others claimed to perceive the digital assets as a “commemoration” of the life of George Floyd. 

Please note that this article isn’t intended to be a commentary on the social issues surrounding George Floyd’s murder, but an exploration of the debacle surrounding the “Floydies.” 

The History of Floydies 

The original Floydies weren’t very financially successful on OpenSea before being pulled down, but were the target of much criticism on Twitter. The highest-priced NFT costs 0.05 ETH ($97.39). The lowest-priced cost 0.007 ETH ($13.72).

The curator of the first drop of Floydies used Twitter to announce the drop and link to the collection on OpenSea. The post gained over 3,000 likes and 4,100 retweets in just three weeks.

Many dubbed versions of Floydies NFTs followed. The highest bid for one of the non-fungible tokens was $12k. Others sold for significantly less. 

Despite OpenSea kicking off many versions of Floydies, anon curators continue dropping other versions—“George Floyd Defender of Ukraine”, “George Floyd on the Moon”, “George Floyd Explore the Sea”, “In Memory of George Floyd 108” and “George Floyd on the Moon Shining”. 

Following the popularity of Floydies, another marketplace, Scatter Art, continued selling NFTs of George Flloyd. Although, it recently erased the collection regarding copyright issues:

Unlike OpenSea, the project removal had nothing to do with racial scrutinization. 

Floydies Digital Art – Yay or Nay? 

Many NFT projects write descriptions regarding the reasons behind their project to entice buyers. The description on OpenSea for the original collection of Floydies NFTs stated: “Owning a Floydie is a great way to express yourself and your beliefs! Floydies are a unique and progressive way to celebrate the monumental life of George Floyd”.

Although the blockchain applies human rights activism in numerous ways, many find this hard to believe concerning Floydies. 

The main issue with these NFTs is that there’s no sign of the proceeds going towards good causes, like Floyd’s family, Black Lives Matter, and the George Floyd Memorial Foundation. Further, the creators were anon. 

There’s no excuse for the proceeds not being donated. One of the most significant benefits of NFTs is that curators can easily donate auction proceeds using marketplaces like OpenSea and Rarible. All curators need to do is set a payout address to their given organization’s cryptocurrency wallet address in advance. 

Thus, people have turned to Twitter to voice their outrage over the anon curators behind Floydies using the homicide for financial gain:

Another concern regarding Floydies is what the imagery manifests. Many different types of Floydies have circled the Web3 space. The digital assets showcase tasteless designs, such as Floyd dressed as a police officer, angel, astronaut, minion, standing in front of a trans flag, and much more. 

It’s important to note that buyers also needed an “N word” pass to access the first collection of Floydies NFTs after purchase.

Nevertheless, the repercussions haven’t prevented other crypto collectors from being drawn to the collection and showing off their purchases on the social media site: 

As you can see, Floydies NFTs and other George Floyd derived and inspired works of art draw much criticism. 

Using NFTs to Fight for Racial Equality

Following Floydies and the many dubbed versions, George Floyd’s brother, Terrance Floyd, created his own much more tasteful collection. 

There are 9,000  “SEENINJUSTICE” NFTs in collaboration with Confront Art on the Flow blockchain. The digital assets feature George Floyd sculptures alongside Breonna Taylor ones. 

Sadly, Taylor was also killed in America by the police in 2020. She was shot by one of the seven police officers who broke into her apartment in Kentucky to investigate a drug dealing operation. 

Unlike the above collections, these NFTs highlight the need to fight for justice whilst raising money for relevant charities—The Breonna Taylor Foundation, the John and Lillian Miles Lewis Foundation, and We Are Floyd Org.

Additionally, the NFT charity campaign also partners with the families of the late Rep. John Lewis, alongside participation from the TV host and Grammy Award-winning singer, Dionne Warwick: 

Final Thoughts

Many Floyd NFTs that degrade the African-American wrongly murdered by a policeman in the States are circling. The project scorns not only George Floyd and his beloved family but also progressivism, equality, and other politics behind the black culture. 

If you are interested in holding a mini George Floyd in your wallet, you can purchase a “SEENINJUSTICE” NFT, the collection launched by the Floyd family, donating to relevant charities.

The Floydies collection has since been removed from Opensea

Anyone disheartened by some of the characters of Floyd continuously swirling around the sphere can do their part by reporting the projects’ Twitter and Openseas accounts. Many of these projects are money grabs by anons seeking to exploit what was a nationally painful moment. 
If you want to show support without purchasing a “SEENINJUSTICE” NFT, you can pledge directly to the George Floyd Memorial Foundation. Donations support critical work to inform, unite, engage communities and fight for justice.

Guide to CryptoPunks: Are They “Digital Antiques”

CryptoPunks are collectible ERC-721 tokens hosted on the Ethereum Blockchain and stimulated the “profile picture” NFT movement. CryptoPunks was among the first NFT collections from Larva Labs and laid the groundwork for upcoming NFT projects.

What is a CryptoPunk?

A CryptoPunk is a 24*24 pixel, 8-bit, punky-looking NFT art image. CryptoPunks are algorithmically generated and are unique, unalterable, and have no chance of complete similarity to one another.

The project was officially introduced in June 2017; 10,000 CryptoPunks were created by Larva Labs, and 9,000 CryptoPunks were offered free to claim by early cryptocurrency users.

The remaining 1,000 CryptoPunks, termed DevPunks, are numbered between 1 and 1000. These are rare punks tend to be priced higher than the others. Most CryptoPunks sell between $350,000 and $500,000 while there are some that are being sold for millions.

CryptoPunks are available to be bought and sold on third-party marketplaces such as OpenSea, Rarible, etc. Some punks are also auctioned at these marketplaces. 

Why Buy CryptoPunks

The price of the CryptoPunk collection rose exponentially around Aug 2021. With a floor price starting around under $100 and skyrocketing to millions in April 2022. Many view CryptoPunks as “digital antiques” of sorts, the “storage of value” of which is currently being determined by markets throughout the course of history.

How to Recognize a Punk

Punks are divided into five general categories: 6039 male punks, 3840 female punks, 88 Zombie punks, 24 Apes, and 9 Aliens. The rare avatars are naturally more costly.

Further, these punks can have a combination of 87 attributes. You could buy a Beanie, Choker, Pilot Helmet, Tiara, Buck Teeth, Welding Goggles, Pig Tails, Rosy Cheeks, Cowboy hat punk, etc., depending on the type of hat, glasses, hair, race, or the skin color it has.

There are 4501 punks with any of the three attributes mentioned above, 3560 with two attributes, 1420 with four of these attributes, 333 with just one attribute, 166 with five attributes, 11 with six attributes, and eight punks with no attributes at all.

Does the Punk Background Mean Anything?

Yes, it does!

The punks on the blue background have no bids and are not for sale. Punks with a red background are available for purchase, while punks with purple background are auctionable and have an active bid on them. Punks in the green background are wrapped punks sold on different NFT marketplaces.

You can join the Discord chat for live announcements related to the sale and purchase of CryptoPunks, which also has a bot announcing all sales, offers, and bids in real-time.

Learn a Bit About the Statistics

The total lifetime sales volume for Cryptopunks as of March 2022 is $2 Billion, whereas $75.24 million were spent in February 2022. The lowest price of an available punk as of April 2022 is 68 ETH, or approximately US $236,636.60. The highest sale of CryptoPunk in Feb 2022 was that of an alien punk with a blue hat costing $23.7 million.

A person can buy more than one punk, too; the maximum number of punks owned by a single owner as of date is around 400.

How to Buy a Punk

You can check the profile page of each punk on the Larva Labs website to see details on their attributes. You can check the current market status of the punk to see who owns it, if it is on sale, and the owner’s expected price. If current bids are going on the punk, you can check it from the profile page.

The complete transaction history of the punk can be viewed on this page.

Once you decide on which punk to buy, you can follow the following steps to buy a punk:

  • Download a Web-3 wallet such as Metamask
  • Buy Ether from exchanges such as Coinbase
  • Install the wallet plugin on the Metamask website, and you will find options to bid, sell, and buy punks.

Remember, you should have wrapped versions to sell them on third-party marketplaces. For details on how to wrap your CryptoPunks, you can visit here. There are no fees charged on CryptoPunk transactions except for the gas fees charged on every transaction on the Ethereum Blockchain.

Do You Wish to Create your Own CryptoPunk?

The original collection of CryptoPunks is fixed and cannot be minted. 

However, some take to creating “clone” CryptoPunks through any marketplaces that allow creating your own NFTs. All you need is to have the required amount of Ethereum tokens in your wallet.

However, these “clone” punks are essentially worthless, and provably so since the ownership of the authentic punks can be verified on the blockchain.

About the Team

The project is the brainchild of John Watkinson and Matt Hall, co-founders of a creative technology company called Larva Labs. Larva Labs is also behind other popular Blockchain projects: Meebits, an NFT collection of 3D characters, and Autoglyphs, a generative art form.

Besides these, they are also involved in Web and Mobile technology. The only web project from Larva Labs was done with Google and was called Github Data Visualization using Flutter Web. Flutter is a development framework aimed to change the app development process. 

The mobile projects from the team include:

  • Road Trip, an endless driving game
  • Boo, an android app for face detection and animation
  • AppChat, a chatroom for the Android apps
  • FlowHome, an Android launcher that organizes social network notifications and system notifications creatively on the phone
  • BreathPacer, a breathing trainer app for iPhone with sound and animations
  • Androidify, personalizing the Android logo into self or friends’ avatars, etc. 

Final Thoughts: What’s the Latest on CryptoPunks?

US-based Yuga Labs acquired the intellectual property rights of CryptoPunks and Meebits in March 2022. They plan to give commercial rights to both communities. Until now, punk owners could only reproduce, transmit, distribute, and display their punk images. Now, they might be able to modify and sell third-party products with them.  

Yuga Labs is the creator of another popular NFT collection called Bored Apes Yacht Club (BAYC) and the associated collection Mutant Apes Yacht Club (MAYC), launched in 2021. These collections are unique in that they gave full IP rights to the owners. 

Yuga Labs immediately granted all CryptoPunks holders full commercial rights to their Punks.