Owners of Meebits and CryptoPunk Can Now Transact Using NFTS

• Yuga Labs released an IP licensing agreement for CryptoPunks and Meebits.
• NFT holders granted total commercialization rights.

Non-fungible token (NFT) owners from CryptoPunk and Meebits can now build business ventures and products using their NFTs. On Monday, Yuga Labs made available for download to owners of CryptoPunk and Meebits NFT the long-awaited intellectual property (IP) licensing agreement. 

Commercialization Rights 

CryptoPunk and Meebits had been waiting for the announcement ever since Yuga Labs first acquired the collections from Larva Labs in March. Given that some of the owners of Bored App Yacht Club have already used the IP in projects, the agreement offers complete commercialization rights to develop projects and goods based on the owner’s NFTs. 

Seth Green, an American actor, writer, playwright, and the director is debuting a show based primarily on his recently-returned Ape. And also Bored & Hungry, a restaurant in Los Angeles with a theme of bored apes, debuted in June. Although Yuga Labs is the IP’s owner, it is licensed to NFT holders. 

Larva Labs, the company that owns the collections, previously handled IP licensing differently and retained ownership of the collections’ intellectual property rights. This decision drew criticism and led at least one holder to sell their CryptoPunk in protest. In general, collection creators have handled IP rights in a variety of ways. 

When popular brand Moonbirds adopted the Creative Commons CC0 copyright code and converted it to a public domain usage model earlier this month.  This permits the commercial usage and duplication of artwork from both Oddities and Moonbirds. Holders of the NFT contended that they had invested in the initiative assuming they had exclusive rights to their NFT, which led to outrage on social media in response to the judgment.

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