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Luca Netz, the chief executive officer of intellectual property firm and non-fungible token ($NFT) collection Pudgy Penguins, is set to launch a Web3 licensing marketplace named Overpass as early as late June.
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Fast facts
- Netz unveiled his plans for the platform in a recent interview with Web3-focused media firm nft now, claiming $NFT licensing will shift the industry from the “Ponzinomics” model and foster sustainable growth by focusing on tangible, real-world revenue.
- Overpass has been developed as a solution to the complex and often cumbersome licensing procedures currently in place, according to Netz. The platform aims to streamline licensing in the $NFT space by leveraging blockchain technology, allowing the process to be completed in “a couple of clicks.”
- In contrast to creating virtual assets and airdrops, which Netz claims are liabilities, the Overpass model represents a paradigm shift. The platform allows companies to license the IP directly from holders for use in their products and tools, providing holders with a scalable means of deriving monetary gain.
- “So the only way I can give monetary gain right now is through the floor price going up, which I also can’t control outside of me just executing and showing up every day,” Netz said. “The only other option is to create a real business and share that revenue… through licensing because [holders] own their digital asset.”
- Pudgy Penguins is an Ethereum-based $NFT collection of 8,888 unique digital assets. It is the 19th largest collection in all-time sales, with more than US$257 million traded, according to CryptoSlam data. Netz acquired the company for roughly US$2.5 million in April 2022.
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