![\"Yuga](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/08\/ff-768x432.jpg\")
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Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has officially released the intellectual property (IP) rights tied to the Cryptopunks and Meebits NFTs. The company acquired the IP rights to the NFT collections in mid-March 2022, and owners can use their NFTs for commercial or personal purposes.<\/strong><\/p>\n On March 12, 2022, Bitcoin.com News reported<\/a> on the Cryptopunks<\/a> and Meebits<\/a> non-fungible token (NFT) collections being acquired by Yuga Labs. The firm Yuga Labs is the company behind the blue-chip NFT collection Bored Ape Yacht Club (BAYC), and when the startup acquired Meebits and Cryptopunks, it promised to release the IP rights in the same way as it did with BAYC NFTs. Bored Apes, Cryptopunks, and Meebits are popular NFT collections today and they command some of the highest NFT floor values<\/a>.<\/p>\n BAYC\u2019s floor value today is 69.42 ETH<\/a>, Cryptopunks\u2019 floor is roughly 65.5 ETH<\/a>, and the cheapest Meebits today is much lower than the Cryptopunks and BAYC collections with a 3.3 ETH<\/a> floor value. People have used their Bored Apes for commercial and personal use. For instance, Snoop Dogg and Eminem leveraged<\/a> their BAYC NFT avatars to make a video for the duo\u2019s single called \u201cFrom the D 2 The LBC,\u201d which was nominated for a VMA.<\/p>\n Similarly, with the Meebits and Cryptopunks NFT collections, owners have the IP rights to use the NFTs for commercial or personal use cases.<\/p>\n Meebits for instance, are already utilized in a number of virtual worlds, applications, and games. Cryptopunks NFTs were recently used<\/a> by the luxury jewelry and specialty retailer Tiffany & Co. to sell jeweled pendants tied to the NFTs. When Yuga Labs released the IP rights, the co-founders Gordon Goner and Gargamel explained that the company \u201cdelivered on a promise\u201d they made to Cryptopunks and Meebits holders.<\/p>\n \u201cIP rights for your NFT. This massive step forward unlocks endless possibilities for creativity and ingenuity, which Meebs and Punks aren\u2019t lacking in the slightest,\u201d the co-founders said in a statement sent to Bitcoin.com News. \u201cWe believe that this type of freedom is a critical part of web3, and truly celebrates the founding principles of Yuga Labs: ownership, decentralization, and innovation.\u201d<\/p>\n In addition to Yuga Labs, the official Cryptopunks Twitter page tweeted about the IP rights release. The Twitter account @cryptopunksnfts said<\/a>:<\/p>\n Punks, the IP rights agreement for the CryptoPunks collection is now live and can be found at https:\/\/licenseterms.cryptopunks.app<\/a>. This moment is something we\u2019ve promised from day one and we\u2019re looking forward to seeing what the community builds, using the terms as guidance.<\/p>\n<\/blockquote>\nYuga Labs Releases Intellectual Property Licenses to Cryptopunks and Meebits Owners<\/h2>\n
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Galaxy Digital Research Report Says the Yuga Labs License Covering BAYC, MAYC, and BAKC NFTs Contains Critical Contradictions<\/h2>\n