Yuga Labs faces backlash over CryptoPunks IP sale rumors

In recent developments within the NFT sector, Yuga Labs has been confronted with backlash following rumors of a potential sale of the CryptoPunks intellectual property (IP).

The speculation began circulating on January 14 when Azuki researcher Wale.moca suggested that Yuga Labs might be considering selling the IP they acquired from Larva Labs in 2022.

This assertion has sparked a significant response from the community, with NFT collector Dheeraj Shah commenting that such a sale could allow CryptoPunks to reclaim its status as a historical artifact rather than just another utility project.

In response to the uproar, Yuga Labs co-founder and CEO Greg Solano stated that while they have received numerous inquiries, it does not imply that they are actively pursuing any deals.

"I would only ever do a deal if I felt very confident it would be long-term extremely +EV for Punks," he emphasised, indicating a commitment to preserving the legacy of CryptoPunks.

Additionally, the digital art platform MakersPlace announced its closure due to “ongoing market challenges,” marking the end of its six-year operation.

Users have until June 2025 to offload their assets, as new account creation has been disabled.

Meanwhile, the NFT collection Mad Lads experienced a surge in market capitalisation as Solana reached an all-time high of $293.31.

This spike attracted attention partly due to buzz surrounding a memecoin associated with former President Donald Trump.

In other news, Ronin Network has introduced a $10 million grant program aimed at supporting developers and game studios looking to expand within the Ronin Ecosystem.

This initiative seeks to enhance user onboarding and increase on-chain activities within decentralised applications and gaming sectors.