🤝 Bored Ape Yacht Club Acquires CryptoPunks

March 11, 2022

|In Weekend Recap

|By Osprey Team

Yuga Labs, the creator of Bored Ape Yacht Club acquired CryptoPunks and Meebits from Larva Labs.

Yuga now owns the brands, copyright in the art, and other IP rights for both NFT collections plus 423 CryptoPunks and 1711 Meebits.

Terms of the deal were not disclosed.

Matt Hall and John Watkinson, co-founders of Larva Labs reflected on the journey sharing,

When we created the CryptoPunks almost 5 years ago as an experiment in digital art, we didn’t quite realize the level of association people would come to have with their punks.

Our speciality has always been the creation of things early in the life of a technology. So, as this category of “Profile Picture Projects” (PFP) grew into an industry in itself, we found ourselves less and less suited to the operation of these projects.

Yuga is the innovator of the model for the modern PFP project, and are the best people in the world at operating and growing these projects and communities around them.

Continue reading Larva Labs’ statement here and click here for words from Yuga Labs.

🟠 There Will Only Ever Be 21M Bitcoin

US Consumer Prices rose 7.9% in February. This is the third consecutive month with a reading 7% or higher.

You might recall that at the same time last year, inflation came in less than 2% for the first two months of 2021.

There was a minute there when inflation was pronounced all but dead, banished by tech-based efficiencies and the inherent strength of the US Dollar. We could print to our hearts delight.

Those were the days.

Here’s the chart:

We say all this as a humble reminder that there will only ever be 21M bitcoin.

Here’s WSJ with details.

🔙 Stripe Returns to Web3

After cutting Bitcoin support in 2018, Stripe has returned to Web3.

The company partnered with FTX to “power a better payment experience for buying crypto.”

Stripe will also offer tools and APIs to make it easier for users to buy and store crypto tokens, cash out, trade NFTs, and handle compliance workflows. Stripe will enable support for customers to purchase more than 135 cryptos with fiat in 180 countries.

TechCrunch commented on the return saying,

The company’s re-entry to the space is a major threat to existing crypto payments processors that lack the company’s expansive reach.

The crypto payment space is heating up. Stripe now joins Block (frmly Square), Paypal (Venmo), Solana Pay, Strike, and a plethora of others.

Here’s TechCrunch with a full write-up.

🏛 The SEC Continues To Reject Spot Bitcoin ETFs

Thursday, the US Securities and Exchange Commission rejected NYDIG and Global X’s applications to list spot Bitcoin ETFs.

The SEC extended its review, but concluded that the products did not meet “sufficient criteria.”

See the SEC’s official statement here.

🏦 FTX Provides Institutional Access

FTX launched FTX Access, a new unit to attract institutional clients.

FTX Access aims to be a one-stop shop for advisory, index products, trade execution, and analytics tools.

The division will also facilitate venture investments alongside FTX.

Former Coinbase executive Gustavo Miguel will lead the institutional efforts as he shared,

This is our first major institutional push. We believe the timing is right to really be focused on this part of the business.

Also this week, FTX also announced its expansion into Europe. Here’s Decrypt with details.

♻️ Bitcoin Emits Less

Bitcoin is frequently criticized for its energy emissions, however, when looking across multiple industries, Bitcoin emits less.

In 2021, Bitcoin emitted ~41 metric tons of CO2 — which was roughly 30% of the carbon emissions released by the Global Banking System.

Here’s the chart via Messari.io —

Read more about Bitcoin and its impact on the environment here. Note that the post is behind a paywall, but readers may gain access with a free 7-day trial.

🍋 Don’t Call It A Comeback

LimeWire, the once popular free peer-to-peer file sharing platform frequently used to download pirated music, is set to relaunch as a digital collectibles marketplace for art and entertainment with an emphasis on music.

The company commented,

Using LimeWire, you’ll be able to create, buy and trade NFTs with ease.

Here’s The Block with details and click here to join the waitlist.

When life gives you limes, mint NFTs.

💸 Impressed by Immutable X

On Monday, Immutable X, an Australian NFT startup, announced its Series C round.

The company secured $200M at a $2.5B valuation led by Singapore’s Temasek. Other investors include — Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings, and more.

Immutable plans to deploy the capital on a series of strategic acquisitions.

In February, the firm announced a partnership with GameStop to create the videogame retailer’s NFT marketplace and develop a $100M creator fund to support NFT gaming initiatives.