Users Show Concern Over Tiffany's Licensing Agreement

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.

More about NFTiff by Tiffany & Co.

NFTiff is an exclusive collection of 250 digital redemption passes created by renowned jeweler Tiffany & Co. on the Ethereum blockchain. While anyone is able to mint the NFTiff NFT, CryptoPunk NFT holders are the only people able to receive the NFTiff benefits. CryptoPunk NFT holders are able to redeem an NFTiff to claim a custom-designed physical Tiffany & Co. pendant of their CryptoPunk, along with a commemorative NFT resembling the pendant design. Each physical pendant created by Tiffany & Co. will feature at least 30 gemstones and/or diamonds. Each physical pendant will be crafted on 18k rose or yellow gold, depending on the base color of the CryptoPunk. 

At the time of publish, the NFTiff by Tiffany & Co. floor price sits at 40 ETH, and has stayed relatively flat over the past 24 hours on 0 ETH volume of transactions. Over that same timeframe, no sharp wallets have bought or sold NFTs in the the NFTiff by Tiffany & Co. collection. Catch up on other recent NFTiff by Tiffany & Co. news here.

Recent NFTiff by Tiffany & Co. Sales

Recent NFTiff by Tiffany & Co. Listings

#178listed at 11/18 12:11pm for
40.0
#178listed at 11/18 12:11pm for
40.0
#43listed at 11/04 4:11am for
100
#43listed at 11/04 4:11am for
100
Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
In this post
Related Content
Lucky Trader News on Twitter
Get alerts the moment news breaks with the Lucky Trader app.