Just when you might think there's no way non-fungible tokens (NFTs) can get new use cases, owners of the Bored Ape Yacht Club NFTs turn everything upside down.
With the support of the California-based cannabis company called Backpack Boyz, owners of the digital monkeys put their JPEGs on cannabis flower package.
And it did work. As Richard Lee, a former Hollywood visual effects artist told The Verge, the collaboration "blew up" and he's even secured another cannabis-related licensing agreement with a "large weed company."
It’s kind of like, hey, this does work, and it works really well. So let’s go bigger now.
With NFTs, Lee now wants to build "the next Disney," in a way not just an item or product, but more like a "culture and a lifestyle." However, Dorian Banks, CEO of Looking Glass Labs, an NFT design company, notes the question about IP rights over NFTs remains open as no NFT IP standards have been set yet.
For instance, Larva Labs, the company that made the CryptoPunks collection, doesn't attach IP rights to its NFTs. But it uses the other form of protection called the NFT License, which means owners can use the NFTs but for "personal, non-commercial use."