Yuga Labs studio has released the long-awaited intellectual property (IP) licensing agreement for owners of non-fungible tokens (NFTs) from the collections CryptoPunks and meebitsthis Monday (15).
owners of CryptoPunks and meebits have been waiting for this announcement since Yuga Labs bought the Larva Labs collections, in March.
The agreement grants full commercialization rights for the creation of projects and products based on the NFTs of a holder, aligning them with the intellectual property rights that holders of Bored Ape Yacht Club NFTs have, some of which have already used the IP right in projects.
Among them, Seth Green is launching a show based on a recently returned Ape, which was – in his words – “hijacked” in May. Andy Nguyen opened a Bored Ape-themed restaurant in Los Angeles, called Bored & Hungry.
Although the intellectual property of the collections belongs to Yuga Labs, the studio licenses it to NFT owners. Previously, Larva Labs handled IP from CryptoPunks and meebits differently, retaining the intellectual property rights to the collections – a decision that has come under fire and has led to at least one holder selling CryptoPunk itself in protest.
IP in other collections
In general, collection creators have had different approaches to dealing with intellectual property rights.
The popular Moonbirds collection moved earlier this month to a public domain model, adopting the Creative Commons CC0 copyright code. This allows anyone to commercially use and reproduce artwork from Moonbirds and its sister collection, Oddities.
The decision by the studio that created Moonbirds and Oddities drew criticism on social media, with owners arguing that they purchased NFTs from the project, believing they had the exclusive rights to the NFTs.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
