Yuga Labs has finally released the much-awaited intellectual property (IP) licensing agreement for CryptoPunk and Meebits NFT collections.
Yug Labs purchased two NFT collections from Larva Labs in March. The move allows NFT holders to use their NFTs to create projects and products, although Yuga Labs owns the IP rights, it will now license these rights to NFT holders.
Initially, the previous Meebits and CryptoPunk collection owners Larva Labs retained the intellectual property rights to the collections and the NFT holders could now use commercialize their NFTs. This had attracted a lot of criticism with one holder selling their CyptoPunk in protest.
Yug Labs IP Licensing Agreement
The Intellectual Property Licensing Agreement issued by Yuga Labs gives NFT holders full commercialization rights allowing them to create commercial projects and products based on their NFT holdings. This puts Mibits and Cryptopunks holders on the same level as Bored Ape Yacht Club (BAYC) NFT holders.
The Bored Ape Yacht Club’s holders did not have much of a problem since Yuga Labs naturally has IP licensing agreements for its NFT collections contrary to Larva Labs. As a matter of fact, some BAYC NFT holders like Seth Green and Andy Nguyen have already used the IP in projects.
Seth Greene recently launched a show based on the returned ape that according to his words was “kidnapped” in March. On the other hand, Andy Nguyen, a restaurateur, opened a bored ape-themed restaurant called “Bored and Hungry” in Los Angeles in June.
Issues around IP rights of NFT collections
NFT collection creators across the board have taken different approaches to how they hand IP rights.
Moonbirds, a popular NFT brand, for example, made headlines earlier this month when it switched to a public domain usage model, which allows anyone to commercially use and reproduce art from the Moonbirds and Odities collections. allows. Following the decision, holders of Moonbirds and Oditys NFTs complained on social media that they had invested in the project, believing they had exclusive rights over the NFTs they had purchased.