Cameron Thompson is a news reporter at CoinDesk.
Owners of CryptoPunks and Meebits non-fungible tokens are now allowed to use their characters in commercial or personal projects.
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 e-mailed Monday.
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 pic – 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 VMA, a video they were able to make because of rights like these.”