Users Show Concern Over Tiffany's Licensing Agreement

Users have been showing concern over the legal agreement Tiffany & Co. put together for its CryptoPunks pendant NFTs.

According to the official website, part of the legal agreement reads "By purchasing an NFTiff and linking it to your CryptoPunk, you grant Tiffany & Co., its affiliates, agents, and others working for it or on its behalf, an irrevocable, nonexclusive, royalty-free license to use your CryptoPunk and its underlying intellectual property, if any, to design, manufacture and sell the corresponding pendant including any and other Intellectual Property Rights." 

This has given users like @Helloimmorgan concerns that she will have essentially signed over the commercial usage of her CryptoPunks NFT to Tiffany & Co.

Another user by the name of @CryptoNFTs implies that Tiffany & Co. is "sucking the IP Rights off of NFT owners through their Terms of Service."

However, other notable names such as Deepak, the CEO of Chain, have said this is false and that "It’s a singular, *nonexclusive* license for a corresponding pendant. This way you can’t go later on suing anyone for making you your pendant or the next owner. Just a standard legal disclaimer" in a recent claim.

While all of the details for the agreement between the owner and Tiffany & Co. is laid out on the companies website, the jeweler has not yet made a public response to these claims.

The floor for NFTiff is down nearly 17 percent today and currently sits at 23.99 ETH floor price after being minted for 30.0 ETH yesterday according to the Lucky Trader Project Rankings.