Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) family of non-fungible tokens (NFTs), has officially released intellectual property (IP) related to Cryptopunks and Meebits NFTs. The company acquired the intellectual property for the NFT collection in mid-March 2022, and owners can use their NFTs for commercial or personal purposes.
Yuga Labs Licenses Intellectual Property to Cryptopunks and Meebits Owners
On March 12, 2022, Bitcoin.com News reported on the Cryptopunks and Meebits collection of non-fungible tokens (NFTs) acquired by Yuga Labs. Yuga Labs, the company behind blue-chip NFT collection Bored Ape Yacht Club (BAYC), promised to release intellectual property in the same way BAYC NFTs did when the startup acquired Meebits and Cryptopunks. Bored Apes, Cryptopunks, and Meebits are a collection of popular NFTs today, and they have some of the highest NFT floor prices.
BAYC’s reserve price today is 69.42 ETH, Cryptopunks’ reserve price is around 65.5 ETH, and today’s cheapest Meebits is much lower than the Cryptopunks and BAYC series’ reserve price of 3.3 ETH. People have used their boring apes for commercial and personal use. For example, Snoop Dogg and Eminem used their BAYC NFT avatars to create a video for the duo’s single “From the D 2 The LBC”, which was nominated for a VMA.
Likewise, for the Meebits and Cryptopunks NFT collections, the owner owns the intellectual property rights to use the NFT for commercial or personal use cases.
For example, Meebits are already used in many virtual worlds, applications and games. Cryptopunks NFTs were recently used by luxury jewelry and specialty retailer Tiffany & Co. to sell NFT-related jewelry pendants. When Yuga Labs released the intellectual property, co-founders Gordon Goner and Gargamel explained that the company “delivered on their promise to Cryptopunks and Meebits holders.”
“The intellectual property of your NFTs. This huge advance opens up endless possibilities for creativity and ingenuity, and Meebs and Punks are not lacking at all,” the co-founders said in a statement sent to Bitcoin.com News said in the statement. “We believe this type of freedom is a key part of web3 and truly celebrates Yuga Labs’ founding principles: ownership, decentralization and innovation.”
In addition to Yuga Labs, the official Cryptopunks Twitter page also tweets about IP copyright releases. Twitter account @cryptopunksnfts Say:
Punks, the Intellectual Property Agreement for the CryptoPunks series is now in effect and can be found at https://licenseterms.cryptopunks.app. This moment is something we’ve committed to since day one, and we look forward to seeing what the community builds, using these terms as a guide.
Galaxy Digital Research Reports Yuga Labs License Covering BAYC, MAYC and BAKC NFTs Contains Serious Inconsistencies
Meanwhile, following the release of IP rights on August 15, the newly released Galaxy Digital NFT research report “NFT Licensing Survey: Fact and Fiction” criticized Yuga Labs’ IP licensing assignment to BAYC, Mutant Ape Yacht Club (MAYC), And the Boring Ape Kennel Club (BAKC) NFT.
“Yuga’s licenses to BAYC, MAYC, and BAKC NFT holders contained serious inconsistencies, reinforcing our finding that licensing agreements struggle to properly transfer IP to NFT holders,” Galaxy reports.
Although Galaxy Digital researchers Alex Thorn, Michael Marcantonio, and Gabe Parker detail the new IP licensing for the Meebits and Cryptopunks NFT collections are clearer.
“While the BAYC license is ambiguous and potentially misleading, Yuga Labs’ new licenses, including the new Cryptopunks and Meebits licenses, are more specialized and clear in terms of ownership and licensing terms,” researchers at Galaxy Digital said on Friday. Details in the blog post. “At this point, it is unclear whether Yuga Labs intends to grant the same commercial use rights to holders of Apes and Punks, given the differences between Yuga’s BAYC license and its new license.”
What do you think of Yuga Labs releasing IP rights to the Cryptopunks and Meebits NFT collections? What do you think of Galaxy Digital’s report on BAYC’s intellectual property licensing? Let us know what you think about this topic in the comments section below.
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