It turns out that the legality of Bored Ape NFT ownership is a whole lot different than people thought.
If you're not a fan of the actor, you probably missed the saga. The strange story is one of intellectual property purgatory because there is a lot more going on with the specific non-fungible token than the eye can see.
Last month, Green's Ape, which he'd dubbed Fred Simian, was "kidnapped" in a phishing hack just before it was set to star in an animated series.
In an interview after the theft, the actor said that intellectual property rights should not be transferred with a stolen animal. It could take a long time for the courts to decide if he's right.
The Bored Ape Yacht Club's approach to intellectual property licensing is unique because it allows them to artistically and commercially exploit the art they choose, even if they don't own it.
Jeremy Goldman said that it was amazing about the Bored Ape Yacht Club. These assets were given to them. They gave the community the right to make and sell stuff and to license it for a variety of purposes.
Green thinks he is the rightful owner of the intellectual property for Fred the Ape. The company behind the brand, Yuga Labs, seems to equate possession with ownership, meaning that whoever now possesses the NFT stolen from the actor will also own the intellectual property.
Non-theft cases need to be figured out as well.
Goldman theorizes that Green sold the ape to another person. Do you know what happens to that sublicense?
There are a number of legal precedents currently being considered in the case of Fred Simian that could allow Green access to the Ape's intellectual property.
The world won't get to see the animation stylings of "White Horse Tavern" starring Fred Simian until the courts work out the legal mess.
It's the humanity.
It was reported that the NFT Legal Ownership was stolen bySeth Green.
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