Although the most common way to make money in the non-fungible token (NFT) space is by selling the tokens for a profit, there are other opportunities to make money with NFTs as the market continues to develop.
In a Cointelegraph interview, Bill Starkov, founder of Apocalyptic Apes and member of Bored Ape Yacht Club (BAYC), He discussed how NFT holders can license the intellectual property (IP) rights of the tokens.
Citing BAYC as an example, Starkov noted that “Holders can make thousands of dollars licensing their apes for commercial use.” He explained that this may also happen with other projects if the NFT collection becomes more popular.
Apart from this, Starkov firmly believes that, over time, people’s profile pictures will become celebrities themselves through the use of NFTs. He pointed:
“In the future, the holders of NFTs will earn hundreds of millions of dollars thanks to intellectual property rights, because NFTs in the future will become your new Jay Leno, they will become your new Jimmy Kimmel, your new Oprah” .
However, for this to happen, the founder of Apocalyptic Apes said that people have to save their NFTs first and allow the project behind it to unfold. The BAYC member also believes that “turning your PFP into a character is an opportunity to bring it to life.”
There is a lot of confusion surrounding copyright, intellectual property, and ownership of NFTs. In January, a project called Spice DAO was ridiculed online for tweeting about its plans to make an animated series of the Dune book, after buying NFTs for a rare copy of the novel. Many reacted to the tweet, noting that purchasing NFTs does not mean that they will own the copyright to the actual book, as the law dictates that the copyright will remain with the creators of the original work.
In May, American actor Seth Green’s NFTs were stolen and sold to someone else. Since BAYC is planning to use them in a TV show, concerns arose as to who owns the commercial use rights. One law professor even pointed out that Green can be sued, since buyers are legally protected if they unknowingly purchase a stolen item, suggesting that the intellectual property passes to the new owner. Finally Green repurchased their NFTs.
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