While the most typical option to earn cash within the nonfungible token (NFT) area is by flipping the tokens for revenue, there are different alternatives to earn cash with NFTs because the market continues to develop.
In a Cointelegraph interview, Bill Starkov, the founding father of Apocalyptic Apes and a Bored Ape Yacht Club (BAYC) member, talked about how NFT holders can license the mental property (IP) rights of the tokens.
Citing BAYC for instance, Starkov famous that “holders can generate thousands of dollars by licensing out their apes for commercial use.” He defined that this may additionally occur with different tasks if the NFT assortment turns into extra in style.
Apart from this, Starkov strongly believes that, finally, individuals’s profile footage will grow to be celebrities themselves by utilizing NFTs. He famous :
“In the future, NFT holders will be earning hundreds of millions of dollars through IP rights, because PFPs in the future will become your new Jay Leno, they’ll become your new Jimmy Kimmel, your new Oprah.”
However, for this to occur, the Apocalyptic Apes founder stated that individuals must first maintain their NFTs and permit for the undertaking behind it to develop. The BAYC member additionally thinks that “turning your PFP into a character is an opportunity to bring it to life.”
Related: ‘Wave of litigation’ to hit NFT area as copyright points abound
There’s numerous confusion surrounding copyrights, mental property and the possession of NFTs. Back in January, a undertaking known as Spice DAO was ridiculed on the web for tweeting about plans to make an animated collection of the ebook Dune, after buying an NFT of a uncommon copy of the novel. Many reacted to the tweet, noting that purchasing the NFT doesn’t imply that they’ll personal the copyright to the precise ebook because the regulation dictates that the copyright will stick with the creators of the unique work.
In May, American actor Seth Green’s BAYC NFT was stolen and offered to another person. As the BAYC is scheduled for use in a tv present, issues about who owns the industrial utilization rights arose. A regulation professor even famous that Green could be sued as patrons are protected legally in the event that they unknowingly purchase a stolen merchandise, suggesting that the IP goes to the brand new proprietor. Eventually, Green purchased again the NFT.