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- Galaxy Digital Report examined some of the most popular NFT collections.
- The report includes assessments regarding Intellectual Property rights.
- The report includes Bored Ape Yacht Apes, Moonbirds and more.
False Claims By NFT Collections?
NFT is making its presence known to the world rapidly. Today, the crypto community has grown to over 300 Million. And there’s almost no chance that they are not acquainted with non-fungible tokens. These tokens have offered the ability to commercialize artworks, audio, images, merch, and more. But a recent survey has pointed out that some prime NFT collections misleading the buyers.
The report is called “A Survey of NFT Licenses: Facts and Fictions.” It examined the most popular digital collectibles present in the market. Especially regarding the claims they made to the holders. The report says that these collections do not contain any intellectual value for the owners. The study mainly targets a couple of big players in space, Moonbirds, and Bored Ape Yacht Club.
The research claims that a few NFT collectibles offer more permission concerning the IP in comparison to others. BAYC, as per the report, is the best example of a collection offering a broad license to holders to utilize Ethereum NFT pictures on their accords. It has led to Ape-themed fast food restaurants, music projects, marijuana packaging, apparel, etc.
Other projects do not allow much commercialization like Doodles. The reports say that there’s limited earning for users through derivative works, and these collectibles do not allow customization on the original artwork. VeeFriends, a project by Gary Vee, allows limited personal usage rights eliminating any user-made commercial products.
With respect to the collections like Bored Ape Yacht Club, the report says that users will get all the rights associated with the art. But here’s the twist, research suggests that Yuga Labs is the ultimate owner of the digital collectible and the owner is in fact the ultimate “owner.” of the asset.
Do Holders Actually Hold IP Rights?
Moonbirds, another NFT collection, claimed that the holders “Own The IP” as per the website. But the brains behind the project, Proof, said that they will put the collectible into the public domain. This fact confirms that the holders do not actually hold intellectual property rights.
For those who do not know, IP rights or intellectual property rights enable the holder to use the asset as per their own accord.