BAYC (Bored Ape Yacht Club) is one of the most notable NFT collections within the crypto space. NFTs have gained traction in recent years, as several celebrities such as rapper Snoop Dogg show increasing interest in them.
People purchase NFTs with the hope of gaining complete rights to the tokens. However, a recent Galaxy Digital Research shows that might not be the case most of the time.
Yuga Labs allegedly provides no transfer of IP rights to purchasers of BAYC
On Friday, Mike Novogratz’s investment firm Galaxy Digital released a research article on the NFT industry. The company looked to survey NFT licensing in the industry and bust the falsehoods surrounding it. The research highlighted the growing interest in NFTs and noted that the industry likely has a “bright future.”
Nonetheless, it pointed out that, in most cases, when buyers purchase NFTs, they do not receive the appropriate IP rights.
We reviewed the licenses for all of the top NFT collections, and in all cases, except one, the issuers offer only a usage license to the NFT purchaser,
