Galactic Punk Holders — You Own the IP.
A long-overdue announcement.
Although never explicitly stated, we have always been in favour of Galactic Punk holders having commercial rights & ownership over their GP’s Intellectual Property (IP).
However, in light of recent steps taken by the Yuga Labs (BAYC) team & other IP headlines, we figured it was about time we formally addressed the topic.
As a Galactic Punk owner, you have commercial rights over and own your Galactic Punk’s IP.
Meaning that you can make and sell merch, accessories, and license your Galactic Punk to metaverses, protocols or movies. What you decide to use the IP for is up to you.
But if you decide to sell/transfer your Galactic Punk (why?), then you forfeit that IP ownership to the next holder.
Tl;dr — IP rights are attached to the individual NFT.
Important
The core team retains the rights over the Galactic Punk brand and logo.
Additionally, and similarly to other projects, the core team retains the right to use (without permission) any individual Galactic Punks’ IP in marketing initiatives — such as a promotional video or on event merchandise.
These retainer clauses help us stay flexible and deliver on current & future marketing and roadmap initiatives.
In other scenarios, when a company or protocol wants to use your IP they should request approval / strike a deal with you. It’s up to you to pursue this.
That said,
when we do use a Galactic Punk for a marketing asset or in merch, we’d like to compensate holders (and hopefully set a precedent amongst the NFT community).
To keep it simple, when the GP core team does the following (IRL or URL) the user can expect:
- Using a GP in a marketing graphic — $150 UST
- Using a GP in a marketing video/gif — $200 UST
- Using a GP in event merch — $250 UST
- Using a GP in a general merch drop — $500 UST
Hopefully, this post excites & encourages the community to start thinking creatively about their IP.
If you have any questions — please reach out to a team member or ambassador in Discord.
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