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ARTICLE · 02 FEBRUARY 2023

Reflections On BAYC's Revolutionary NFT License

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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Yuga Labs was one of the first NFT projects to popularize issuing an IP license that grants commercial rights to NFT holders – first with Bored Ape Yacht Club, and then with CryptoPunks and Meebits.

United StatesIntellectual Property

Yuga Labs was one of the first NFT projects to popularize issuing an IP license that grants commercial rights to NFT holders - first with Bored Ape Yacht Club, and then with CryptoPunks and Meebits. Leveraging the rights granted to them by Yuga, BAYC holders have launched restaurants, digital comics, food trucks, video games, hot sauce brands, music labels, production companies, and more.

As a longtime copyright and IP lawyer who has worked closely with Yuga and other top NFT projects in the industry, I get a lot of questions and, unfortunately, see much confusion, about NFTs and their associated IP. Recently, reports surrounding a trademark infringement lawsuit brought by Yuga have raised questions about the ownership rights that are granted to BAYC holders. Some have gone so far as to suggest that Yuga's grant of the IP license to holders is invalid because, they argue, Yuga does not own the copyright in the BAYC artwork. They're mistaken.

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www.fkks.com

This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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