The IP Revolution

Since NFT projects started being money-making powerhouses, people began concocting schemes to cash in on established intellectual property (IP), and the Web3 IP revolution was born. It began with controversies in the form of creators allegedly copping traditionally established brand names, like in the case of MetaBirkins, or in the form of projects derived from ultra-successful NFT projects, such as Phunks allegedly OkayBears (although no one has been able to prove that OB is a Solana-based derivative of BAYC). And (alleged) derivatives pay off. OkayBears signed a licensing agreement with IMG to create consumer products with their art.

Projects are also taking IP licensing innovation into their own hands. Some allow commercial IP usage by holders, including all of the World of Women and Yuga Labs collection holders (CryptoPunks, BAYC, etc.). And others let anyone use their IP, like the controversial move by Moonbirds. Other projects are looking to solve the IP licensing confusion through rights management, including Greenlit Protocol.

In perhaps the most Web3 of moves, a16z has created an open source IP license for any and all to use to designate the unique, new NFT-style rights to their holders. This is the first step in major innovation in rights licensing.

IP is a space to watch as Web3 evolves.