The licensing agreement grants holders of both NFT collections complete commercialization rights to create projects and products established on their NFTs. The Bored Ape Yacht Club members already have this license.
In addition, CryptoPunks and Meebits holders have the freedom to utilize their NFTs to develop projects such as TV shows, clothing, food trucks, and much more. This will be similar to what the Bored Ape Yacht Club community has been able to do.
You may find this useful, How do creators legally secure their IP when they create NFTs
For example, Seth Green is undertaking a show based on his recently-returned Ape, while Snoop Dogg recently revealed a Bored Ape-themed pastry shop dubbed Dr. Bombay’s Sweet Exploration.
Yuga Labs licenses the IP to NFT holders, despite it holds the rights. Larva Labs, the previous owners of the collection, managed IP licensing differently and owned the intellectual property rights to the collections, much to the despair of many NFT holders.
When it comes to IP rights, many creators have rolled out distinct methods to handle it. For instance, Moonbirds recently switched to a public domain usage model, adopting the Creative Commons CC0 copyright code.
This allows the commercial use and reproduction of art from both Moonbirds and its sister project Oddities. The decision ultimately backfired on social media as holders claimed that they had bought into the project with the idea that they had complete rights to their NFT.
Hungry for more information?
NFT Calendar from NFTHi
Join us on Telegram!
NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFTs