Yuga Labs, the company behind top collections like the Bored Ape Yacht Club, started off 2021 with a bang, acquiring several other top NFT collections and announcing its own metaverse. With the acquisitions, which included such beloved collections as Meetbits, Yuga Labs solidified its status as one of the biggest forces in the industry.
Now, months after they were acquired, the IP rights to both the CryptoPunks and Meebits NFTs have been released. This news was confirmed on the official Twitter pages of both collections, to the excitement of their holders and NFT lovers alike.
What Does This Mean?
One of the most important reasons why people buy certain NFTs is to acquire their Intellectual property (IP) rights to them. What this means is that once an NFT holder has the IP rights to an NFT, they can use its image and likeness in both personal and commercial ways.
A good example of this would be those who have opened Bored Ape-themed restaurants and Seth Green’s upcoming TV show that stars his own Bored Ape. In fact, the use of NFT imagery in commercial ways has become so widespread that a marketplace has even been launched to connect NFT holders to those wanting to license their assets.
Needless to say, NFT holders of both collections have been very happy at the news of the IP rights being released, and so have their founders.
In a statement to Bitcoin News, the Yuga Labs co-founders, Gordon Goner and Gargamel, said that the release of IP rights was a crucial part of the development of a web3 future.
“IP rights for your NFT. This massive step forward unlocks endless possibilities for creativity and ingenuity, which Meebs and Punks aren’t lacking in the slightest. We believe that this type of freedom is a critical part of web3, and truly celebrates the founding principles of Yuga Labs: ownership, decentralization, and innovation,” they said.
Now that these rights have been put into the hands of the NFT holders, we can expect to see a lot more imagery from both collections. Just recently, CryptoPunks launched a collaboration with Tiffany & Co. that saw pendants being made in the image of one of the NFTs. Just like with the Bored Ape, CryptoPunks and Meebit-themed offerings will likely hit the market very soon. This move also reinforces the ownership model that is a big part of web3 as a whole.
Since the NFT boom, and especially with the very popular collections, there has been more discussion about digital ownership and what that entails. When it comes to IP rights, NFTs can be seen as even more of an investment.
After all, it’s one thing to have access to a piece of digital art but another to be able to monetize and use its likeness however you want. This move by Yuga Labs means that asset holders have more freedom for what they can do with their investment and sets a standard moving forward.