Yuga Labs released intellectual property (IP) rights of two of the leading non-fungible token (NFT) collections, CryptoPunks and Meebits for their NFT holders. This will allow them to use their digital collectibles wherever they want.
This big news unlocks opportunities for CryptoPunk and Meebits NFT holders to generate revenue out of their investment in digital collectibles. They can now use their NFTs for commercial or personal purposes.
The announcement came after the creator of the Bored Ape Yacht Club NFT collection, Yuga Labs acquired IP rights to CryptoPunks and Meebits earlier this year. However, the firm already hinted about the release of IP Rights at the time of acquisition.
On the official Twitter account, CryptoPunk stated that “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.”
However, Yuga Labs is still holding the right to make changes.
The exemption of IP rights to NFT holders will add more value to CryptoPunks and Meebits as it can become a part of the bigger picture like videos, games, movies, and others, rather than just sticking to someone’s profile picture.
While these NFT concepts are digging deep into web 3.0 space, more and more use cases have been found in the last few months.
One of the innovations in NFT use cases witnessed by NFT space was from Revuto, a Cardano-based crypto token. Recently, Revuto introduced a unique approach in the web 3.0 space via bringing subscriptions as NFTs for popular entertainment platforms, Netflix and Spotify.
Apart from this, NFTs have always been an attraction for celebrities across the world. In June, two famous rappers, Eminem and Snoop Dogg released a new collaborative single called “From the D 2 the LBC,” featuring BAYC..