OpenSea, an a16z investment, controls most of the volume in the NFT market, and Yuga Labs, reportedly also an A16Z investment, now controls some of the market’s most valuable IP. lil_smush on monopolies, for The Node newsletter.
– that is, traders selling themselves their own NFTs in an attempt to take advantage of the platform’s token rewards system – it’s safe to say that what you might callThis article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the fullAnd although that’s still very much the case, the NFT market has recently begun a kind of second-order centralization in the realm of content.
On Friday evening, Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, announced it had acquired the “brands, copyright in the art and other IP rights” for two NFT projects from the developer Larva Labs: CryptoPunks, the pixelated mug shots that helped elevate NFTs into the public consciousness last year, and Meebits, their 3D counterparts.On one level, the acquisition makes sense. Larva Labs has always been just two guys, John Watkinson and Matt Hall.
As time went on, this hands-off approach to the CryptoPunks' intellectual property began to annoy some CryptoPunk investors. Today, mostly thanks to the success of the Bored Ape Yacht Club business model, the expectation for major NFT collections is that they will function like online social clubs, hosting lavish invite-only concerts and in-person meetups, as well as spinoff NFT projects with the potential to spawn their own communities.
The implication was that CryptoPunks didn’t need that social apparatus. For the Bored Ape Yacht Club, the “community” element has always been a key part of the value proposition – you’re supposed to wear those
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