The Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection's creator, Yuga Labs, has formally surrendered the IP rights associated with the Cryptopunks and Meebits NFTs. Owners are free to utilize their NFTs for either professional or private reasons once the firm obtained the IP rights to the NFT collections in mid-March 2022.
Cryptopunks and Meebits Owners Receive Intellectual Property Licenses from Yuga Labs
On March 12, 2022, Bitcoin.com News published a story about Yuga Labs purchasing the non-fungible token (NFT) collections from Cryptopunks and Meebits. The Bored Ape Yacht Club (BAYC) NFT collection was created by the company Yuga Labs, and when the startup purchased Meebits and Cryptopunks, it pledged to relinquish the IP rights in a similar manner to how it did with BAYC NFTs. These days, the most expensive NFT collections on the market include Bored Apes, Cryptopunks, and Meebits.
The current floor value for BAYC is 69.42 ETH, that of Cryptopunks is around 65.5 ETH, and the current floor value for the cheapest Meebits is substantially lower at 3.3 ETH. Both commercial and private uses of Bored Apes have been made. For instance, Snoop Dogg and Eminem made a video for their tune "From the D 2 The LBC," which was nominated for a VMA, using their BAYC NFT avatars.
The Meebits and Cryptopunks NFT collections are similar in that their owners have the IP rights to utilize the NFTs for either personal or commercial purposes.
For instance, Meebits are already used in many virtual worlds, programs, and games. Tiffany & Co., a luxury jewelry and specialized shop, recently used cryptopunk NFTs to market jeweled pendants connected to the NFTs. Co-founders Gordon Goner and Gargamel said that Yuga Labs "delivered on a promise" to owners of Cryptopunks and Meebits when it relinquished the IP rights.
Your NFT has IP rights. Meebs and Punks, who are both incredibly inventive and creative, now have limitless opportunities to do so, the co-founders stated in a statement to Bitcoin.com News. The basic ideals of Yuga Labs—ownership, decentralization, and innovation—are genuinely celebrated by this kind of freedom, in our opinion, which is a crucial component of web 3.
Along with Yuga Labs, the official Cryptopunks Twitter account also tweeted about the release of IP rights. According to the @cryptopunksnfts Twitter account:
"Punks, the IP rights agreement for the CryptoPunks collection is now live and can be found at https://licenseterms.cryptopunks.app. This moment is something we’ve promised from day one and we’re looking forward to seeing what the community builds, using the terms as guidance."
The Yuga Labs License Covering BAYC, MAYC, and BAKC NFTs Contains Critical Contradictions, According to a Galaxy Digital Research Report
In the meantime, a recently released Galaxy Digital NFT research report titled "A Survey of NFT Licenses: Facts & Fictions" criticizes Yuga Labs' IP license assigned to BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFTs. This criticism follows the IP rights release on August 15.
According to the Galaxy analysis, "The license granted by Yuga to holders of BAYC, MAYC, and BAKC NFTs has major discrepancies which corroborate our finding that license agreements struggle with effectively transferring IP to NFT holders."
Although the new IP licenses for the Meebits and Cryptopunks NFT collections are more transparent, according to Galaxy Digital researchers Alex Thorn, Michael Marcantonio, and Gabe Parker.
The researchers from Galaxy Digital explain in a blog post published on Friday that while the BAYC license is murky and possibly deceptive, more recent licenses from Yuga Labs, such as the new Cryptopunks and Meebits licenses, are significantly more professional and explicit in the ownership and license terms. It is currently unknown whether Yuga Labs intends to grant owners of Apes and Punks the same commercial use rights given the differences between Yuga's BAYC license and its newer licenses.
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