That’s the case after Yuga Labs, the company behind the Bored Ape Yacht Club, released the intellectual property rights for the CryptoPunks and Meebits collections it bought earlier this year, according to a statement emailed Monday.
Meebs, the IP licenses agreement for the Meebits collection is now live at https://t.co/A5gssvPrrq. These terms will guide the community's creations, both in the metaverse and real life. More details in the 🧵 below
— Meebits (@MeebitsNFTs) August 15, 2022
The decision helps answer a question often asked by novice cryptocurrency observers: What gives an NFT value? CryptoPunks and Meebits users now have something tangible backing their tokens, potential revenue streams to squeeze out of their digital art that go well beyond just using their JPEGs as a profile picture – with legalese backing them up, too.
NFT holders could develop related projects such as “TV shows, food trucks, clothing, and more – just like the Bored Ape Yacht Club community has been able to do,” Yuga said. “Snoop Dogg and Eminem's BAYC music video was nominated for a [video music award], a video they were able to make because of rights like these.”