Goblintown inventors unveil IP licensing agreements for the 187 owners
Truth Labs, the parent company of the renowned Goblintown NFT collection, The Illuminati, and others, has unveiled two NFT licensing contracts with The 187 collection holders. Both King Kong and Ding Ding holders will exclusively benefit from the collaborative NFT licenses that aim to circumvent the ruins of the CC0 license.
Truth Labs have closed essential deals for the holders of The 187 collection. The information indicates community members holding King Kong and Ding Ding will be the first beneficiaries of the collaborative IP licensing contracts closed by Truth Labs, which started in August 2022.
The NFT world is facing a conundrum of rewarding community members and the control of NFT IPs. So far, companies have applied different approaches to the issues, with others adopting CC0 licenses. The collaborative NFT licenses implemented by Truth Labs give holders a bypass on the ruins caused by CC0. Yuga Labs contracts are replicas of CC0 licenses.
CC0 licenses imply portraying an IP as a public domain. In this case, every individual can utilize the IP for any use, including commercial purposes. Since anyone can use the IP for any purpose, most Web3 pundits have argued it defeats the reason for holding digital art as an exclusive piece.
Significance of Truth Lab’s move
Truth Labs has struck a significant deal unique in the NFT space. The company is fashioning distinct contracts for every owner of The 187 collection NFTs.
The deal makes King Kong the certified partner of popular Goblintown NFTs and will be entitled to one percent of royalties starting from the inception of the collection and the future. Ding Ding will also earn a portion of revenue from physical goods sales concerning respective NFT characters IP.
The collaborative NFT licensing stands out as one of the bold moves the company has made. Last September, Truth Labs unveiled a marketplace for NFTs to protect royalties and have the upper hand on how its collections trade in the market.
Truth Labs stirred another controversy in April when it briefly changed Goblintown, Grumpls, The Illuminati, and The 187collection’s metadata. The company posted an animation displaying the “middle finger” on its Twitter account.