Yuga Labs Released The New IP Rights Agreements for The CryptoPunks And Meebits Projects
Yuga Labs released the new IP rights agreements for the CryptoPunks and Meebits projects earlier today.
“Punks, the IP rights agreement for the CryptoPunks collection is now live and can be found at https://licenseterms.cryptopunks.app. 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.”
In the 13 part licensing agreement, Yuga Labs defined ownership in four parts.
1: “You Own Your CryptoPunk NFT." "When you own a digital wallet that holds a CryptoPunk NFT, as recorded by the CryptoPunks Smart Contract, you hold the exclusive right to hold, sell, transfer, and execute blockchain transactions involving that CryptoPunk NFT (“Your CryptoPunk NFT”). Except for the CryptoPunk NFTs we own, Yuga Labs has no right or ability to seize, freeze, or otherwise modify the ownership of any CryptoPunk NFT”
2: “We Own (but License to You) the IP in Your CryptoPunk Art." "Yuga Labs owns all rights, title, and interest in and to the CryptoPunk Art including any and all copyrights, trademarks, and other intellectual property rights therein (“IP”). However, we grant you the License (defined below) to use the CryptoPunk Art associated with Your CryptoPunk NFT (“Your CryptoPunk Art”) for as long as you hold Your CryptoPunk NFT.”
3: “You Own the IP in Your Derivative CryptoPunk Works." "As between you and Yuga Labs, you own all rights, title and interest in and to any “derivative work,” as defined by the United States Copyright Act, based upon Your CryptoPunk Art created during the License Term (defined below) (“Derivative CryptoPunk Work”); provided, however, that(i) we retain the copyright in the CryptoPunk Art underlying any Derivative CryptoPunk Work; (ii) your use of any Derivative CryptoPunk Work during and after the License Term is subject to these Terms; and (iii) your use of any Derivative CryptoPunk Work after the License Term may require a license from the current owner of the CryptoPunk NFT.
4:" Utility." "Owners may be offered utility, benefits, or entitlements (collectively “Utility”) from time to time, but these Terms do not confer any Utility except as granted by the license. Yuga makes no assurances of any utility. Any utility may be subject to other terms and conditions. Yuga Labs will not be responsible in any manner for any utility offered by any third party.”
As the Bored Ape Gazette previously reported, on March 11th, 2022, Yuga Labs acquired the CryptoPunks and Meebits collections from LarvaLabs and promised to give the holders their IP rights.
“It’s been amazing to watch the BAYC ecosystem use their rights to collaborate and build awesome shit we never could have dreamed up,” Yuga Labs tweeted after the company acquired LarvaLabs. “We can’t wait to see the Cryptopunks and Meebits communities do the same.”