Yuga Labs has recently transferred the intellectual property rights of the CryptoPunks NFT collection to the Infinite Node Foundation (NODE), resulting in a significant increase in CryptoPunks' base price. NODE intends to display the collection permanently as a representation of the history of digital art.

CryptoPunks, a substantial NFT collection on Ethereum's blockchain, is expected to experience a surge in network activity due to the excitement surrounding this development. Ethereum (ETH) has seen a resurgence following the anticipated Pectra upgrade, and this transaction could potentially contribute to its ongoing positive momentum.

Previously, Yuga Labs had faced community backlash for their creative decisions surrounding CryptoPunks following their acquisition of the collection in 2022. Despite earlier denials of selling the IP, both CryptoPunks and the Infinite Node Foundation have now confirmed the deal, with Yuga expressing confidence in NODE's ability to safeguard the legacy and value of the collection.

Following this deal, the floor price of CryptoPunks spiked by more than 8%, solidifying its status as the largest NFT collection with a market cap of $1.2 billion. The collection's daily sales have also seen a significant increase of 40%, according to CoinGecko data.

The impact of this sale extends beyond just Yuga Labs, CryptoPunks, and the Infinite Node Foundation. As a major NFT collection on the Ethereum network, renewed interest in CryptoPunks could potentially boost network activity, further bolstering ETH's positive trajectory following the Pectra upgrade. However, the full extent of this impact remains to be seen.