CryptoPunks transfers to NODE Foundation, future development attracts follow

Recently, the iconic NFT project CryptoPunks has changed hands again, being taken over by a foundation called Infinite Node (abbreviated as NODE) from Yuga Labs. Although the specific details of the transaction have not been disclosed, it is reported that NODE paid approximately $20 million for this acquisition. Following this news, the floor price of CryptoPunks rose from 42 ETH to 47.5 ETH.

CryptoPunks was launched in 2017 and is regarded as a pioneer of the modern digital art movement. As a groundbreaking project in the NFT space, CryptoPunks has accumulated a transaction volume of over $3.07 billion, placing its founders among the best-selling contemporary artists. In March 2022, CryptoPunks was acquired by a well-known NFT project developer, and it has changed hands once again.

The NODE Foundation is a non-profit organization dedicated to the preservation, research, and exhibition of digital art, aiming to elevate the status of internet-native artworks and integrate them into broader cultural and academic discussions. In April of this year, NODE announced it has received $25 million in funding to advance its vision for the future of digital art.

NODE indicates that it will develop CryptoPunks through three main pillars: preservation, community building, and scene expansion. The specific plan includes establishing a permanent exhibition hall in Palo Alto to showcase all 10,000 CryptoPunks and running an Ethereum full node to enhance the accessibility and permanence of the works.

To achieve these goals, NODE has formed an advisory committee composed of the CryptoPunks community and well-known figures in the crypto art space. The community generally holds a positive attitude towards this acquisition, believing that it will benefit the long-term development and cultural value preservation of CryptoPunks.

However, some concerns have also been raised. Professionals have pointed out that if NODE adopts traditional cultural protection strategies, it may impose more restrictions on the commercialization and derivative projects of CryptoPunks. It is currently unclear whether NODE will retain the IP usage rights and commercialization licenses previously granted to NFT holders.

For the CryptoPunks community, maintaining the cultural purity of the project may be the most important thing. Regardless of how things develop in the future, CryptoPunks, as a pioneer project in the NFT space, will continue to be a focus of influence and cultural significance.