Yuga Labs Dumps CryptoPunks on Nonprofit—Is This a ’Strategic Pivot’ or a Tax Play?

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2025-05-14 17:32:00

Yuga Labs sells CryptoPunks to new nonprofit in focus shift

NFT giant Yuga Labs just offloaded its CryptoPunks IP to a mysterious nonprofit—because nothing says ’decentralization’ like a Bermuda-registered foundation with a three-letter acronym.

The move comes as Yuga shifts focus to its ’Otherside’ metaverse gamble, leaving critics to wonder: Is this a genuine handover to the community, or just another crypto conglomerate cutting losses before the SEC comes knocking?

Bonus jab: The nonprofit’s funding structure is ’transparent,’ according to press materials—which in Web3 terms means ’trust us, we pinky-swore.’

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