Wednesday, March 29, 2023
HomeTop NFT CollectionYuga Labs Clears Up Confusion Regarding its NFT IP license

Yuga Labs Clears Up Confusion Regarding its NFT IP license

NFT giant Yuga Labs sunny Confused about NFT IP licenses and commercial rights with the help of copyright and IP attorney Jeremy Goldman.

Jeremy Goldman said, “What you don’t need to own a copyright is a copyright registration,” noting that Yuga Labs owns the copyright for the Bored Ape Yacht Club (BAYC) NFT collection.

Debate over Yuga Labs’ intellectual property rights heats up as the Ryder Ripps lawsuit unfolds. Yuga Labs recently admitted in new court documents. There is no “copyright registration” 10,000 images from the BAYC collection.

Like Goldman, Yuga said copyright registration is not required to hold and own a copyright. need to do it.

“The absolute condition of copyright is originality,” and “the required level of creativity is extremely low.” I don’t think it’s debatable whether BAYC’s artwork “at least has some degree of creativity,” he added Goldman.

Goldman said that copyright also requires a human author, and in the case of BAYC, humans performed “the bulk” of the work, igniting the “creative spark” of the project.

A copyright added by a copyright and intellectual property attorney automatically arises the moment the author’s original work is fixed in a tangible medium of expression.

“In short, like all creators, Yuga owns the copyright to the artwork, regardless of whether he took the administrative hassles of registration,” Goldman argued.

Lawyers say Yuga has the right to use BAYC’s artwork as the copyright owner and give permission to anyone to use it.

Goldman says Yuga enforced its copyright by assigning two separate property rights to BAYC owners. It’s ownership of digital art and a broad license to exploit that digital art.

He says Yuga’s updated CryptoPunks license is more complete, including explicitly stating that the grant of rights is “exclusive,” but the essence of the two licenses is the same. .

Also Read: Yuga Labs Releases CryptoPunks and Meebits IP Rights Agreement

Yuga Labs’ copyright protects the digital artwork connected to the BAYC NFTs, giving BAYC NFT owners ownership of the artwork and licenses for both commercial and non-commercial use, he said. added.

“We hope this post sheds light on the complex issues that arise at the intersection of IPs and NFTs and helps clarify all IP rights that owners acquire with BAYC NFTs,” Goldman said. I concluded.

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