Yuga Labs hasn’t confirmed or denied rumors that it is selling the IP rights to CryptoPunks, the world’s most valuable NFT collection.

Yuga Labs hasn’t confirmed or denied rumors that it is selling the IP rights to CryptoPunks, the world’s most valuable NFT collection.

The floor price of the CryptoPunks non-fungible token collectibles increased 13% in three hours on rumors that its owner, Yuga Labs, might be “in the process” of selling CryptoPunks intellectual property rights.

The rumorcamefrom “Wale.moca,” a researcher at NFT firm Azuki who cited “several sources close to the matter” in a Jan. 14 X post.

He didn’t disclose who the buyer could be. However, he said it isn’t aWeb2 brand,nor is it an existing NFT company such as Pudgy Penguins, Azuki or Doodles.

Source:Wale.moca

Cointelegraph reached out to Yuga Labs but didn’t receive an immediate response.

The CryptoPunks floor price increased from 36.6 EtherETH $3,262.21to 41 ETH — worth over $130,000 — in three hours after Wale.moca’s X post, NFT Floor Price data shows.

Change in CryptoPunks NFT floor price over the last month. Source:NFT Price Floor

Selling the intellectual property rights would represent a significant shift in the NFT industry, as Yuga’s CryptoPunks are themost valuable NFTson the market.

TheCryptoPunks NFTsboast a market cap of 414,700 ETH ($1.3 billion) — almost twice the size of second-place Pudgy Penguins NFTs at 213,080 ETH, according to NFT Price Floor.

CryptoPunks listed on NFT marketplace OpenSea. Source:OpenSea

Yugabought IP rightsto 423 CryptoPunks NFTs from fellow NFT firm Larva Labs for an undisclosed amount in March 2022.

The CryptoPunksNFT floor pricewas around 65 ETH at that time — a near-37% fall from the current floor price.

However, ETH has increased over 24% since then, when it was trading at around $2,590, CoinGeckodatashows.

Yuga is also the owner of Bored Ape Yacht Clubs, the third most valuable collectible in the NFT market.

Yuga’s co-founder, Greg Solano,stepped back in as CEOto replace Daniel Alegre last February. He made a “tough” call to make aseries of layoffs two months later, citing a new for the company to return to its “creative-first spirit.”