all about cryptop referances
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has officially released intellectual property rights (IP) related to Cryptopunks and Meebit’s NFTs. The company acquired the IP rights to the NFT collections in mid-March 2022, and owners can use the NFTs for commercial or personal purposes.
On March 12, 2022, Bitcoin.com News reported on the Cryptopunks and Meebit 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 it did with BAYC NFTs. Bored Apes, Cryptopunks and Meebits are popular NFT pools today and they have some of the highest NFT floor values.
BAYC’s floor value today is 69.42 ETH, Cryptopunk’s floor is about 65.5 ETH, and the cheapest Meebits today are much lower than Cryptopunk’s and BAYC’s collections with a floor value of 3.3 ETH. People have used their Bored Apes for commercial and personal use. For example, Snoop Dogg and Eminem leveraged their BAYC NFT avatars to create a video for the duo’s single called “From the D 2 The LBC”, which was nominated for a VMA.
Similarly, with Meebit’s and Cryptopunk’s NFT collections, owners have the IP rights to use the NFTs for commercial or personal use cases.
For example, Meebits is already used in a number of virtual worlds, applications and games. Cryptopunk’s NFTs were recently used by luxury jewelry and specialty retailer Tiffany & Co. to sell jeweled pendants linked to the NFTs. When Yuga Labs released the IP rights, co-founders Gordon Goner and Gargamel explained that the company was “delivering on a promise” they made to Cryptopunks and Meebits holders.
“IP rights for your NFT. This massive advance unlocks endless possibilities for creativity and ingenuity, which Meebs and Punks do not lack in the slightest,” the co-founders said in a statement sent to Bitcoin.com News. “We believe this kind of freedom is a critical part of web3, and truly celebrates the founding principles of Yuga Labs: ownership, decentralization and innovation.”
In addition to Yuga Labs, the official Cryptopunks Twitter page tweeted about the release of IP rights. The Twitter account @cryptopunksnfts so:
Punks, the IP rights agreement for the CryptoPunks collection is now live and can be found at This moment is something we have promised from day one, and we look forward to seeing what the community builds, using the terms as a guide.
Meanwhile, following the release of IP rights on August 15, a recently published Galaxy Digital NFT research report called “A Survey of NFT Licenses: Facts & Fictions” criticizes Yuga Labs’ IP license granted to BAYC, Mutant Ape Yacht Club (MAYC) , and Bored Ape Kennel Club (BAKC) NFTs.
“The license granted by Yuga to holders of BAYC, MAYC and BAKC NFTs contains critical contradictions that reinforce our findings that license agreements struggle to transfer IP to NFT holders,” the Galaxy report said.
Although Galaxy Digital researchers Alex Thorn, Michael Marcantonio and Gabe Parker describe the new IP licenses for Meebit’s and Cryptopunk’s NFT collections as clearer.
“While the BAYC license is unclear and potentially misleading, recent licenses from Yuga Labs including the new Cryptopunks and Meebits licenses are significantly more professional and explicit in their ownership and license terms,” Galaxy Digital’s researchers explained in Friday’s blog post. “At this time, given the disparity between Yuga’s BAYC license and its newer licenses, it is unclear whether Yuga Labs intends to grant identical commercial usage rights to holders of Apes and Punks.”
What do you think about Yuga Labs releasing the IP rights to the Cryptopunks and Meebits NFT collections? What do you think of Galaxy Digital’s report regarding BAYC’s IP license? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Editorial image credit: mundissima / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
