Yuga Labs Grants Cryptopunk & Meebit Holders Official IP Rights
On Monday, Yuga Labs, the company behind the Bored Ape Yacht Club ( @boredapeyachtclub ), released its long-awaited IP licensing agreement for the recently acquired CryptoPunk and Meebit NFT collections.
“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,” said Yuga in a tweet from the official punk Twitter account. They went on to say, “CryptoPunks hold historical significance in the world of NFTs, crypto, and Web3. Yuga’s main focus since acquiring the collection’s IP has been to honor this standing and do right by the community. We believe offering IP licenses to holders will open the door to endless creativity and possibilities for Punks, and count ourselves lucky to be along for the ride to come.”
The news comes nearly five months after Yuga announced the acquisition of the Cryptopunk & Meebit collections from Larva Labs. Many holders rejoiced when Yuga announced the investment, though a handful of members were worried that Yuga could change things for the worst.
We’ve seen punk holders utilize their IP even before it was made official, like artist Spottie Wifi ( @spottiewifi ), best known as the one and only CryptoPunk rapper. Spottie has collaborated with hip-hop moguls like Bun B ( @bunb ) and opened for legends like Snoop Dogg ( @snoopdogg ) & Eminem ( @eminem ) at this year’s Apefest.
According to the official license published by Yuga, “Upon acquiring your CryptoPunk NFT and, for so long as you hold your CryptoPunkNFT, Yuga Labs grants you an exclusive, universe-wide, royalty-free license, enabling you to make commercial and non-commercial uses of your CryptoPunk art in any and all media…”
Are you a punk holder? Do you plan to utilize your IP to build something with your Punk or Meebit? Let us know in the comments below. 👇🏽