What You Need To Know On CryptoPunks’ New IP Licensing Rights!

What you need to know on CryptoPunks’ new IP licensing rights! “More to come, and we’re eager to see more projects by Punks using their IP rights in the very near future,” the team says on their new licensing rights change.

The New IP Rights

Earlier this august, the CryptoPunks NFT collection announced their change in licensing rights where they will be handing all IP rights to their NFT holders. This change comes months after Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) collection, acquired both Meebits and CryptoPunks from its original creator, Larva Labs back in March.

The new IP licensing agreement will take place starting from the 15th of August. “Punks will receive BAYC-esque licensing rights,” the team continues, “This means the community will be able to tap the Punk(s) they own to create myriad kinds of content and derivatives.

Similar to BAYC, CryptoPunks holders will be able to use their own NFTs for a wide range of opportunities including creating and selling merchandise, using their Punk as the main mascot for a brand, and more!

Related: Old Navy & BAYC Collab For New Bored Ape T-Shirt Line

As per usual though, all usage of CryptoPunks’ IP must be used within Yuga Labs’ terms and conditions. This means CryptoPunks cannot be used for things involving criminal activities as well as hate speech. Yuga Labs will also have the right to make changes to the contract whenever they wish to, due to the experimental nature of the industry.

Previously With CryptoPunks

Earlier this August, CryptoPunks revealed their collaboration with the luxury jewelry brand Tiffany & Co, in which a limited amount of CryptoPunks holders can buy Tiffany & Co’s NFT in order to get a real-life pendant made of their CryptoPunks.

This partnership proved to be a massive success, with Tiffany & Co’s NFTs selling out instantly and CryptoPunks’ trading volume surging a lot within a day.

Related: CryptoPunks Trading Volume Surges 2,000% After Tiffany & Co Announcement

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