Yuga Labs, the company behind the Bored Ape Yacht Club collection, has bought the rights to the intellectual property of CryptoPunks and Meebits from Larva Labs.

The company didn't elaborate on the price of the deal but said in a blog post that it's working with legal teams to "draft the new terms and conditions for both collections, and expect to share these with the community soon." Yuga Labs continued:

By handing over these rights, we’re further aligning CryptoPunks and Meebits with the web3 ethos, and we expect a wide-range of third party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects.

The company added it doesn't plan to "shoehorn these NFT collections" into the club model like BAYC. Nonetheless, Yuga Labs plans to bring "additional utility to both the CryptoPunks and Meebits collections."

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As To The Moon earlier reported, that unline Yuga Labs, Larva Labs didn't attach IP rights to its NFTs. Instead, it was using the other form of protection called the NFT License, which means owners could use the NFTs but for "personal, non-commercial use."