The long-awaited intellectual property (IP) licensing accord for Yuga’s CryptoPunks and Meebits NFT portfolios has finally been published.

In March, Yuga Labs bought two NFT collections from Larva Labs. Because while Yuga Labs has IP rights, it will now grant these rights to the NFT holders. Allowing them to create projects and items using their NFTs.

This is a big move for NFTs, as it opens up a new world of possibilities for NFT holders. Who can now create products and services based on their NFTs. It also shows that NFTs can be used for more than just speculation and trading.

With this move, we will likely see more NFT projects and products shortly, as holders can now commercialize their NFTs.

The intellectual property rights to the prior Meebits and CryptoPunk series were maintained by Larva Labs. And NFT holders could now profit from their creations. This had prompted a lot of criticism, with one owner selling his/her CryptoPunk in reaction.

Yuga Labs IP authorizing accord

The intellectual property licensing agreement released today by Yuga Labs allows NFT holders. To create commercial projects and products based on their holdings. Putting CryptoPunks and Meebits holders on the same level as Bored Ape Yacht Club (BAYC) NFT holders.

The Bored Ape Yacht Club’s owners had little trouble because. Yuga Labs has IP licensing agreements for its NFT collections, unlike Larva Laboratory. Some BAYC NFT investors, such as Andy Nguyen and Seth Green, have already used the IP in their work.

Ape, which was “kidnapped” in March and just returned, has inspired a TV series from Seth Green. Andy Nguyen, who is also a restaurant owner, floated a Bored Ape-themed eatery called “Bore & Hungry” in Los Angeles, California in June.

The new terms are as follows:

  • You can use NFTs for any personal, non-commercial purpose.
  • If you would like to use NFTs for a commercial purpose, you must first obtain written approval from CryptoPunks or Meebits.
  • If you would like to use NFTs in a way that would generate revenue (for example, by selling NFTs or using NFTs in ads), you must first obtain written approval from CryptoPunks or Meebits and split the revenue 50/50.
  • If you would like to use NFTs in a way that would require an upfront payment (for example, licensing NFTs to a third party), you must first obtain written approval from CryptoPunks or Meebits and split the payment 50/50.

NFT collection permissions issues

Across the board, NFT collection makers have taken diverse methods to handle intellectual property rights.

The NFT industry is still waiting for clarification on how the law will view NFTs and IP. The uncertainty has caused some NFT creators to take a more cautious approach to their work. While others have been more open to experimentation.

The use of a public domain usage model, which allows anybody to commercially utilize. And reproduce art from Moonbirds and Oddities collections has been in the news lately. For one of the world’s most famous NFT companies, Moonbirds.

Following the conclusion, Moonbirds and Oddities NFT investors expressed their dissatisfaction on social media. Claiming that they had believed they owned unique rights to the NFTs they had bought.

The Moonbirds team responded by saying that the NFTs are still “unique and ownable” even if they can be used commercially. And that the move was necessary to ensure the project’s sustainability.

Other NFT projects, such as Meebits and CryptoPunks, have also taken a more open approach to commercial use. With holders of those NFTs now able to sell prints and other merchandise based on the artworks.

What do you think of this move? Let us know in the comments below!

James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.