tl;dr

  • The nonprofit NODE Foundation has purchased the intellectual property rights to the CryptoPunks from Yuga Labs.
  • CryptoPunks are credited with initiating the NFT craze of 2021, alongside the Bored Ape Yacht Club and CryptoKitties.
  • The premises of the Foundation will serve as the primary physical space for exhibiting the CryptoPunks.

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In a move signalling a shift in the NFT scene, the NODE Foundation – a non-profit organization in Palo Alto, California – has purchased the intellectual property rights to CryptoPunks from Yuga Labs. The transaction was first announced in May. The iconic NFT collection, made up of 10,000 unique, algorithmically-generated pixel art characters, gained a massive reputation in web3 and in the art world for its next gen take on art and the concept of ownership.

CryptoPunks, made by Matt Hall and John Watkinson of Larva Labs in 2017, are credited with initiating the NFT craze of 2021, alongside the Bored Ape Yacht Club and CryptoKitties. Minted on the Ethereum blockchain, the collection created a template that has set the standard for modern digital art. In 2024, CryptoPunks were the subject of a book published by Phaidon.

With over $3B in sales since its inception and a total of $317 million in secondary sales as of 2025, CryptoPunks has outperformed all living contemporary artists while being excluded from the traditional art world rankings and the main currents of artistic discourse. Aiming to redress this disconnect, NODE Foundation has set the task of preserving the CryptoPunks for posterity. The foundation is creating a forum where digital innovators and art enthusiasts can connect and also pioneering new contexts where they can become the focus of art historical research.

This past summer cryptocurrency markets saw a sudden upsurge in prices, with Bitcoin reaching a record $124,500. Ethereum, likewise, witnessed an increase in value, charging towards the $4,900 mark. At the beginning of September there were signs pointing towards a bearish market, with cryptocurrency prices contracting, but with the overall share of altcoins on the markets climbing to 50%.

Forty-eight digital avatars from the CryptoPunks collection with randomized traits.
CryptoPunks, 2017. Image courtesy of Yuga Labs.

The volatility of the cryptocurrency markets has taken its toll on sales of NFTs. This year CryptoPunks had a total turnover of $559,550. Despite the decline of the overall value of the NFT market participation rose, with buyers increasing by 18.06% to 541,831 and sellers increasing by 17.05% to 385,179. This engagement is thought to signal heightened interest among investors who want to diversify their portfolios by including NFTs.

NODE Foundation is a new arts nonprofit established for the purpose of curating, preserving and fostering the digital arts. Founded by venture capitalist Meye “Micky” Malka and Becky Kleiner, the advisory board of the Foundation includes Hall and Watkinson, Yuga Labs co-founder Wylie Aronow, and Art Blocks founder Erick Calderon. The premises of the Foundation will serve as the primary physical space for exhibiting the CryptoPunks.

The collection was included in an exhibition on algorithmic art at Toledo Museum of Art. More information about CryptoPunks and the activities of NODE Foundation can be found on their site.

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