A new CryptoPunks license is finally live. Here’s why it matters

CryptoPunks, one of the most prominent legacy collections in the NFT space, Recently released A new IP rights agreement for its collection. The new IP rights deal will offer IP licenses to all Cryptopunk holders, a move that the Cryptopunks Twitter account hopes will “open the door to endless creativity and possibilities for punks.” A tweet From the Yuga Labs-proprietary NFT collection.

CryptoPunks can inspire a new generation

With several notable figures among the highest-profile cryptopunks in the entertainment industry, such as Jay-Z, Steve Aoki, and Heidi Klum, it’s only a matter of time until future projects barrage traditional media with cryptopunks characters.

And, incredibly, the priority for this has already been established: enter Yuga Labs’ other marquee IP: Bored Ape Yacht Club. Many Ape-themed projects have launched since Apes first appeared on the scene — and crypto public consciousness — in March 2021.

In 2022, we saw Bored Apps “play” in Major League Soccer’s 2022 All-Star Game and spar with hip-hop legends. But, since Yuga Labs took over stewardship of Punks in March 2022, it’s likely that Punks’ future as Ip will follow a similar path forward.

Breaking down CryptoPunks ownership

So what does owning Cryptopunk NFT mean now given the new IP rights deal? For one, CryptoPunk NFT owners have exclusive rights to hold, sell, transfer and execute blockchain transactions. [their] Cryptopunk NFT[s]”Pursuant to the published license terms. What Yuga Labs by doing Unique, however, is each user’s Cryptopunk IP.

As the owner of this IP, it is at Yuga Labs’ discretion how Cryptopunks are used in derivative works — such as any art or media featuring Cryptopunks-inspired art or characters. The new license terms state that like buying a boring app, buying a cryptopunk gives you, the buyer, the right to commercialize your new NFT by creating derivative works.

You read that right: exclusive, royalty-free, and sublicensable No strings attached. You can do whatever you want with your new NFT; That much is clearly the message. But there’s a catch behind the cacophony: you can’t (and really shouldn’t) use your punks to create hateful, discriminatory content. It’s not punk rock at all.

Of course, these rights only apply if you own CryptoPunk. If you decide to sell your CryptoPunk but want to do something based on your newly sold NFTs you will need to come to a licensing agreement with the new owner. That’s where the sublicensing bit comes into play. In theory, any CryptoPunk NFT can now be turned into a derivative work, if the owners agree to sublicensing terms. Notably, as part of the new IP rights agreement, CryptoPunks holders who create works based on their Punks will then own the IP of these derivative works.

Despite the mixed cryptofunk reception, Yuga Labs moved on

This is a huge development. In previous years, the rights granted to CryptoPunks owners could be described as vague at best. During the massive bull run in the NFT space throughout 2021, plenty of projects have been launched with clear inspiration from the OG punks — to varying degrees of results. Pixel Vault launched the PUNKS comic around this time, which featured fleshed-out, fully illustrated versions of the original pixelated punks. With the project recently moving towards putting Bored Apes through the same stylistic filter, all seems well in GFunk’s jean-like world.

But the same cannot be said for other projects.

With the bull run came projects like CryptoFunks. The only point of it with the original collection of pixelated punks? This Punks face left, “because the other way does not seem right,” according to a description of OpenSea.

Projects like this have left cryptopunk’s loyal members somewhat confused. For example, noted CryptoPunk enthusiast Spottie Wifi successfully filed A DMCA takedown request Coinciding with his own OG Punk, CryptoFunk was delisted from the NFT marketplace.

Hopefully, providing commercial rights to Yuga Labs for holders of this legacy collection will encourage continued construction in the space. As innovation continues to be the prevailing currency in the NFT space amid an ongoing bear market, we look forward to new CryptoPunks-themed projects going down the pipeline.

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