The decision by Yuga Labs, that bought the projects earlier in the current year, helps answer the question of what NFTs are good for.
Owners of CryptoPunks and Meebits NFTs can presently use their characters in commercial or personal projects.
According to a statement e-mailed on Monday, this comes after Yuga Labs, the company behind the Bored Ape Yacht Club, released the intellectual property rights for the CryptoPunks and Meebits series it bought earlier this year.
This decision helps answer a question asked regularly by novice cryptocurrency observers: What gives an NFT value? CryptoPunks and Meebits users currently have something tangible to back their tokens, potential revenue streams for offloading their digital art that goes beyond using their JPEGs as a profile image with legal backing them up as well.
NFT holders can develop related projects like “TV shows, food trucks, clothing, and more” — just as the Bored Ape Yacht Club community could do, Yuga said. “Snoop Dogg and Eminem’s BAYC music video was nominated for a VMA, a video they could create due to the royalties.
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