Announcement As of March, the Yuga Labs studio, known for its collections of non-exchangeable tokens (NFTs), has officially granted the intellectual property rights to the owners of NFTs Cryptopunks and Meebits.
Yuga Labs is the company behind the famous Bored Ape Yacht Club (BAYC) collection that launched in April 2021 and has been a hit ever since. For the latter, it has also chosen to deliver the intellectual property rights to the owners of NFTs through granting an IP license.
Shortly after, the company wanted to renew its gesture. As a result, it acquired the Cryptopunks and Meebits brands from Larva Labs on March 12, 2022. This with the aim subsequently transfer all commercial rights to the holders of these NFTs. Recall that Meebits refers to a collection of pixelated 3D avatars developed on the Ethereum (ETH) blockchain by Matt Hall and John Watkinson of Larva Labs.
And barely six months after this announcement, that’s it. Yuga Labs kept its promise. The community should not wait any longer: it today restores intellectual property rights to the NFTs Cryptopunks and Meebits. The start-up officially publishes the IP license in their favor.
With these initiatives, Yuga Labs tries to ensure that improve brand image like develop its usefulness. However, the IP license is already subject to criticism.
Yuga Labs Officially Releases IP License
Intellectual property rights (IP) are the intangible or intangible rights granted to the individual in his intellectual creation. They usually give the creator an exclusive right to use their creation for a certain period of time.. In addition, it is a real tool in the fight against counterfeiting or plagiarism, because it allows the protection of a work.
By granting IP rights to the owners of NFTs Cryptopunks and Meebits, Yuga Labs allows them to use them as they see fit. In other words, they now have rights that allow them to distribute or use them for commercial purposes or personally.
For example, Snoop Dogg used a BAYC NFT avatar to create the music video “From the D 2 The LBC”, in collaboration with Eminem. This is just one of many possible examples.
“Intellectual property rights for your NFT. This huge step forward opens up endless possibilities for creativity and ingenuity, which Meebs and Punks don’t miss in the least. We believe that this kind of freedom is an essential part of web3 and is a tribute to the founding principles of Yuga Labs: ownership, decentralization and innovation. »
Statement from Yuga Labs Co-Founders Gordon Goner and Gargamel.
Yuga Labs’ IP license already criticized
While most users are happy that Yuga Labs has kept its promise, others are critical of the contents of the IP license. Galaxy Digital Research is indeed behind a report analyzing it.
According to them, the licenses pertaining to BAYC, MAYC and BAKC NFTs contain “significant legal contradictions.”
“The license provided by Yuga Labs to licensees of BAYC, MAYC and BAKC NFTs contains critical inconsistencies that reinforce our conclusion that license agreements struggle to properly transfer intellectual property to NFT licensees. »
Galaxy Digital Research report.
In addition, owners indicate on Twitter that Yuga Labs reserves the right to modify certain parts of the license.
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