Consummate purveyor of blue chip NFTs, Yuga Labs, has announced it will hand IP usage rights to CryptoPunks holders, essentially affording members of the community the same licensing rights as its flagship Bored Ape collection.
As of August 15, those in possession of a CryptoPunks NFT will gain the ability to use its likeness for a range of merchandising opportunities. Therefore, finally allowing them to unlock the inert earning potential of their prized assets. A welcome update that will essentially mean Tiffany & Co’s recent Punk pendants will no longer contravene usage rights.
While Yuga’s not directly involved in the collaboration between @dt_chain, @TiffanyAndCo & @alexarnault, it’s a great example of the types of things Punks holders will be able to do with the IP licensing agreement, which we intend to release on 8/15. See 🧵 for license details. https://t.co/clS7XyfmT7
— CryptoPunks (@cryptopunksnfts) July 31, 2022
Through the new update, CryptoPunks owners can use the image of their NFT for a wide range of merchandising opportunities. On the other hand, former owners can continue to use and profit from endeavors entered while in possession of the asset. They cannot however, engage in any new activity after they have sold the item.
The opportunity comes with several minor caveats. Therefore, any usage must remain within the boundaries of Yuga Labs’ terms and conditions, essentially preventing the use in projects that would diminish the value of the collection as a whole, such as criminal activities and hate speech. Furthermore, Yuga Labs also reserves the right to make changes to the contract due to the experimental nature of the industry.