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Yuga Labs publishes Cryptopunks and Meebits NFTs’ IP — Galaxy Digital Report Criticizes BAYC License

Yuga_Labs_publishes_Cryptopunks_and_Meebits_NFTs'_IP_—_Galaxy_Digital

Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) collection of non-fungible tokens (NFTs), has released the intellectual property (IP) rights for the Cryptopunks and Meebits NFTs. The corporation bought the intellectual property rights to the NFT collections about halfway through March 2022. This means that owners can use their NFTs for business or personal reasons.

Yuga Labs gives licenses to the owners of Cryptopunks and Meebits for their intellectual property.

Bitcoin.com News said that Yuga Labs bought the Cryptopunks and Meebits non-fungible token (NFT) collections on March 12, 2022. Yuga Labs made the popular NFT collection Bored Ape Yacht Club (BAYC), and when it bought Meebits and Cryptopunks, it promised to give up the IP rights just like it did with BAYC. Some of the highest NFT floor prices today are for Bored Apes, Cryptopunks, and Meebits, which are all popular NFT collections.

The floor value of BAYC is now 69.42 ETH, the floor value of Cryptopunks is around 65.5 ETH, and the floor value of Meebits is 3.3 ETH, which is much lower than those of BAYC and Cryptopunks. People have used their Bored Apes both for fun and for work. For example, Snoop Dogg and Eminem used their BAYC NFT avatars to make a music video for their song “From the D 2 The LBC.” This video was nominated for a VMA.

In the same way, the owners of the Meebits and Cryptopunks NFT collections have the rights to use the NFTs for business or personal reasons.

Meebits are used in many different apps, games, and virtual worlds. Tiffany & Co. has recently been selling necklaces that are connected to Cryptopunks NFTs. Gordon Goner and Gargamel, who started Yuga Labs together, said that the company “kept its word” to Cryptopunks and Meebits holders when it gave up its IP rights.

“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, and truly celebrates the founding principles of Yuga Labs: ownership, decentralization, and innovation.”

Along with Yuga Labs, the official Cryptopunks Twitter account also posted about intellectual property rights being freed. @cryptopunksnfts is a Twitter account that says,

” Punks, the IP rights agreement for the CryptoPunks collection is now live and can be found at https://licenseterms.cryptopunks.app. This moment is something we’ve promised from day one and we’re looking forward to seeing what the community builds, using the terms as guidance.”

A Galaxy Digital report says that the Yuga Labs license for BAYC, MAYC, and BAKC NFTs is not consistent in important ways.

In “A Survey of NFT Licenses: Facts and Fictions,” a Galaxy Digital NFT study paper, Yuga Labs’ IP license to BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFTs is criticized after the IP rights were released on August 15.

The Galaxy study says, “The license provided by Yuga to holders of BAYC, MAYC, and BAKC NFTs contains critical contradictions which reinforce our finding that license agreements struggle with properly transferring IP to NFT holders.”

But Alex Thorn, Michael Marcantonio, and Gabe Parker, researchers at Galaxy Digital, say that the new IP licenses for the Meebits and Cryptopunks NFT collections are clearer.

“While the BAYC license is unclear and potentially misleading, newer licenses from Yuga Labs including the new Cryptopunks and Meebits licenses are significantly more professional and explicit in the ownership and license terms,” Galaxy Digital researchers explain in a blog post published on Friday. “At this point, given the disparity between Yuga’s BAYC license and its newer licenses, it’s unclear whether Yuga Labs intends to confer identical commercial use rights to holders of Apes and Punks.”

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