BAYC parent buys CryptoPunks, Meebits

Plus, South Korea's new president loves crypto

Inside.com Part of   Network March 11, 2022

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Bored Ape Yacht Club creator Yuga Labs has purchased the IP of CryptoPunks and Meebits from Larva Labs. Larva Labs has no royalties on Punk or Meebit sales; thus, the acquisition was squarely focused on the IP. More: Yuga Labs also acquired 400 CryptoPunks and 1,700 Meebits from Larva Labs as part of the deal. Yuga Labs was given a $5B valuation by a16z last year. The rumors caused the floor of Meebits to jump 40%. Meebits would be the cheapest way into the Bored Ape Yacht Club-CryptoPunk universe. Larva Labs will continue to operate independently and work on new projects. With control of three of the most valuable NFT collections on the market, expect Yuga Labs to leverage its IP to scale its revenue model.

Bored Ape Yacht Club also released somethingisbrewing.xyz. The new site is also putting crypto enthusiasts up in arms over its KYC requirement. More: To access the new site, users are required to provide a passport, national ID, or driver’s license, along with proof of residence. Users in China, Russia, Cuba, Iran, and 28 other blacklisted nations are prohibited. The drop is in collaboration with Animoca labs. Zoom Out: Yuga Labs requiring KYC is ironic after the company has spent months advocating for anonymity. Many BAYC holders are anonymous, meaning participation would require them to doxx themselves.

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The newly elected President of South Korea, Yoon Suk-yeol, made several pro-crypto remarks Thursday. Yoon won over South Korea's young, tech-savvy population with his pro-crypto outlook. He plans to: Deregulate the crypto industry; Make South Korea friendly to large crypto companies; Reduce crypto cap by a lot. More on South Korea: The Korean won is the third-most-popular currency for Bitcoin-to-fiat conversions. The country is ranked as the third-largest crypto trading market in the world. The South Korean crypto industry has been limited by tight regulations and exchange crackdowns.

Funding Friday Immutable ($200M) — Layer 2 for NFTs on Ethereum that promises zero gas fees, instant trades, and up to 9,000 TPS. The deal gave Immutable a $2.5B valuation. The deal was led by Temasek and included participation from Mirae Asset Global Investments, ParaFi Capital, Declaration Partners, Tencent, Animoca Brands, Alameda Research, Arrington XRP Capital, King River Capital, Fabric Ventures, Naspers, AirTree Ventures, and Liberty Global. WalletConnect ($11M) — The company's product helps promote wallet interoperability. The round was co-led by Union Square Ventures and 1kx. WalletConnect plans to use the capital to add a messaging layer to Web 3 wallets. Upstream ($12.5M) — The company offers a product akin to a "DAO in a box" that provides communities tools and resources to build out DAOs. Tiger Global, Ibex Investors, Vayner Fund, Panoramic Ventures, Alpaca VC, Human Ventures, Blumberg Capital, Fenbushi Capital, and The Medici Group all participated in the round. Espresso ($32M) — The company provides Web 3 firms with a single-shot scaling and privacy solution. Sequoia Capital, Greylock Partners, Electric Capital, Polychain Capital, Blockchain Capital, Slow Ventures, Alameda Research, Scalar Capital, Paxos, Coinbase Ventures, Gemini, Robot Ventures, ZKValidator, and Terra all participated in the round.

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Web 3 Tweet: Pet3r Pan on DAO Org architecture.

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Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering.   Connect with him on Twitter @trevorisonline Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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