Millions of dollars may be earned through IP rights if you are an NFT holder.

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Millions of dollars may be earned through IP rights if you are an NFT holder.

NFTMillions of dollars may be earned through IP rights if you are...

According to Starkov, the creator of Apocalyptic Apes, holders may make a lot of money licensing their nonfungible tokens.

While flipping nonfungible tokens (NFTs) for profit is the most popular strategy for making money in the NFT sector, other possibilities exist as the market continues to expand.

Bill Starkov, the creator of Apocalyptic Apes and a Bored Ape Yacht Club (BAYC) member, explains how NFT holders can license the tokens’ intellectual property rights in an interview.

Starkov said that “holders can generate thousands of dollars by licensing out their apes for commercial use,” using BAYC as an example. He went on to say that if the NFT collection becomes more popular, other projects may be impacted.

Starkov also thinks that, in the future, people’s profile pictures will become celebrities as a result of their holders using NFTs.

However, the Apocalyptic Apes founder said that people need to hold their NFTs first and allow the project to develop. “Creating a character out of your PFP is a chance to bring it to life,” opines the BAYC member.

There’s a lot of doubt regarding copyrights, intellectual property, and NFT ownership. After purchasing an NFT of a unique copy of Dune, a project called Spice DAO was derided on the internet in January for announcing plans to create an animated series of the book. Many people reacted to the tweet. They noted that buying the NFT does not mean that they will own the copyright to the actual book. The law dictates that the copyright will stay with the creators of the original work.

In May, Seth Green’s BAYC NFT was stolen and sold to someone else, according to reports. Some people were worried that the BAYC might be used in a television show. They were concerned about who would own the commercial usage rights. A legal expert even said that Green may be sued as purchasers are entitled to a statutory warranty of fitness if they obtain a stolen item, implying that the IP would go to the new owner. Green eventually bought back the NFT.