While Yuga Labs has announced some big news for IP ownership this week. According to the team’s Twitter account on August 15th, it has officially handed IP usage rights to all holders of CryptoPunks NFTs.
In doing so, owners of any CryptoPunk NFTs will be able to exercise the same level of ownership and rights as has been seen with Bored Ape Yacht Club. Allowing this would let their owners unlock new avenues of revenue.
One such example is through merchandising, along with other already established methods of putting their NFTs to work. Once they’re sold, however, licensing and IP will switch to the new buyer.
Of course, there are a few snags that come with this news. While these rights are afforded to NFT owners, that is so long as they remain within the remit of Yuga Labs’ terms and conditions. If, however, these NFTs were used in criminal activities or projects that would diminish Yuga’s brand, that cover would cease.