Bored Ape Yacht Club which is also known as BAYC is most notable and important collections of NFT in this entire crypto space. Non fungible token gained some traction in last few years, as various celebrities like rapper Snoop Dogg displays the enhancing interest. People buy the Non fungible token with a hope to simply gain complete rights of tokens. On the other hand, latest Galaxy Digital Research displays that may not actually be the case many times. Moreover, Yuga Labs purportedly offers no transfer of the IP rights for the purpose of buying the BAYC.
Moreover, investment of Mike Novogratz’s firm from Galaxy Digital has released such kind of research article on NFT industry. However, company also looked to survey the licensing of NFT in an industry and also bust some of falsehoods surrounding. The research has also simply highlighted with growing interest in the NFT. This also noted that industry possibly has the “bright future.”
Buying the NFT to claim the IP rights!
On the other hand, it has pointed out in many such cases, when the buyers buying the NFT where they do not get the suitable IP rights. We have review the licenses for various best NFT collections. Also, in all such cases, issuers provide the usage license to NFT purchaser.
During such kind of research, Galaxy Digital has also discovered that proper set of commercial rights to the BAYC and different collections by Yuga Labs get allegedly never transferred for buying the NFTs. Such stems from the alleged contradiction with regard to the ownership of Yuga Labs.
As per Yuga Labs, while buyer purchases the BAYC NFT, one owns underlying Bored Ape. Though, All the same, there is certainly no such provision to transfer the rights of intellectual property to buy BAYC. It clearly indicates that, in such of the legal sense, purchaser allegedly simply owns not any such IP rights to BAYC. The similar kind of the issue exists with different collections such as BAKC and MAYC.
