The CryptoPunks are one of the most iconic and influential collections in the history of non-fungible tokens (NFTs). They have found a new steward. The Infinite Node Foundation (NODE), a newly established nonprofit endowment, announced on Tuesday that it has acquired the intellectual property (IP) of the Ethereum-based NFT collection from Yuga Labs. Yuga Labs are creators of the Bored Ape Yacht Club (BAYC). This CryptoPunks IP transfer marks a significant moment for digital art preservation and the broader NFT ecosystem.
The Infinite Node Foundation Takes the Helm
NODE, made headlines in April with a $25 million grant . It was aimed at building the future of digital art. NODE will now oversee the 10,000-piece Punks collection. Originally created by Larva Labs in 2017, the CryptoPunks have become a cultural phenomenon. They blend code, community, and commerce to redefine the concept of digital ownership.
“CryptoPunks sparked a cultural movement that blended code, community, and commerce,” said Micky Malka, Chair of the Node Foundation, in a statement. “By pairing museum-grade conservation with an evergreen endowment, we intend to future-proof this landmark work and make it easier than ever for scholars, curators, and collectors to engage with it.”
The Foundation’s mission revolves around three core pillars: preservation, community, and expansion. It aims to safeguard the collection’s legacy while fostering new ways for the pixelated profile pictures to be “studied, exhibited, and understood”.
A Full-Circle Moment for CryptoPunks
The acquisition represents a full-circle moment for the CryptoPunks, whose journey began as a decentralized experiment. Initially launched by Matt Hall and John Watkinson of Larva Labs, the collection was given away for free in 2017. Over time, it became a leading NFT project, inspiring many collections, including BAYC.
When Yuga Labs acquired the CryptoPunks IP in 2022, it was alongside the Meebits companion collection. Yuga Labs sold Meebits off earlier this year. This move was seen as a commitment to honoring and elevating the legacy of these cultural icons.
“When Yuga acquired CryptoPunks’ IP, it wasn’t just about ownership—it was about honoring a cultural icon we believed in,” said Wylie Aronow, CEO and co-founder of Yuga Labs, in a statement. “We’ve worked to elevate and protect their legacy, but we always knew Punks needed a permanent home built for preservation. Seeing that vision come to life with the NODE Foundation feels like a full-circle moment.”
Aronow, along with Art Blocks founder Erick Calderon and original CryptoPunks creators Hall and Watkinson, will join an advisory board. They will guide NODE in achieving its goals.
A Permanent Home for Digital Permanence
The CryptoPunks embody decentralization and permanence, becoming a defining example of digital art’s potential. According to Hall and Watkinson, the NODE Foundation is uniquely positioned to carry forward this vision.
“The Punks were created to be truly decentralized, and have become a defining example of digital permanence and online network effects,” said Hall and Watkinson in a statement. “The NODE Foundation was created to explain and promote these ideas as a new art medium, and are the perfect long-term home for the Punks.”
One of the Foundation’s first initiatives will be hosting a major exhibition. This exhibition will display the entire CryptoPunks collection at its exhibition space in Palo Alto, California. The event aims to celebrate the collection’s cultural significance and introduce it to a broader audience.
Market Impact and Renewed Interest
The CryptoPunks market has seen renewed interest following the announcement. The price floor surged over 19% in the past week. In dollar terms, it jumped 74% to $123,086. This was partly driven by Ethereum’s 45% price increase.
Since its creation in 2017, the CryptoPunks trading volume has exceeded $3 billion, according to data from Punks.wtf. The collection’s enduring popularity underscores its status as a cornerstone of the NFT space.
Why This Matters for the Future of Digital Art
The CryptoPunks IP transfer to the Infinite Node Foundation reflects a trend toward institutionalizing digital art and NFTs. Placing the collection under a nonprofit ensures its accessibility for future generations. The move also preserves the cultural and artistic integrity of the CryptoPunks.
This development also highlights the evolving role of NFTs beyond speculative assets. As museums, institutions, and nonprofits increasingly recognize the value of digital art, projects like the CryptoPunks redefine themselves as cultural artifacts. These artifacts are worthy of preservation.
