Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has officially released the intellectual property (IP) rights tied to the Cryptopunks and Meebits NFTs. The company acquired the IP rights to the NFT collections in mid-March 2022, and owners can use their NFTs for commercial or personal purposes.
Yuga Labs Releases Intellectual Property Licenses to Cryptopunks and Meebits Owners
On March 12, 2022, Bitcoin.com News reported on the Cryptopunks and Meebits non-fungible token (NFT) collections being acquired by Yuga Labs. The firm Yuga Labs is the company behind the blue-chip NFT collection Bored Ape Yacht Club (BAYC), and when the startup acquired Meebits and Cryptopunks, it promised to release the IP rights in the same way as it did with BAYC NFTs. Bored Apes, Cryptopunks, and Meebits are popular NFT collections today and they command some of the highest NFT floor values.
BAYC’s floor value today is 69.42 ETH, Cryptopunks’ floor is roughly 65.5 ETH, and the cheapest Meebits today is much lower than the Cryptopunks and BAYC collections with a 3.3 ETH floor value. People have used their Bored Apes for commercial and personal use. For instance, Snoop Dogg and Eminem leveraged their BAYC NFT avatars to make a video for the duo’s single called “From the D 2 The LBC,” which was nominated for a VMA.
Similarly, with the Meebits and Cryptopunks NFT collections, owners have the IP rights to use the NFTs for commercial or personal use cases.
Meebits for instance, are already utilized in a number of virtual worlds, applications, and games. Cryptopunks NFTs were recently used by the luxury jewelry and specialty retailer Tiffany & Co. to sell jeweled pendants tied to the NFTs. When Yuga Labs released the IP rights, the co-founders Gordon Goner and Gargamel explained that the company “delivered on a promise” they made to Cryptopunks and Meebits holders.
“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,” the co-founders said in a statement sent to Bitcoin.com News. “We believe that this type of freedom is a critical part of web3,…
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