A new platform has launched allowing holders of non-fungible tokens to list them for use in projects.
X Marketplace is a decentralised community-owned marketplace which offers the chance for people to make money from their NFTs by licensing them to brands.
The IP marketplace supports the Yuga Labs, Azuki, CloneX, IlluminatiNFT, Finiliar, Stickmen Toys and Swampverse collections.
Projects seeking NFTs can also post requests for them.
Holders of these NFTs can list their IPs on the platform for free while projects that are seeking NFTs for IP licensing can also post ads.
While experts have warned that holders of many NFTs do not actually own the intellectual property for them, collections such as Bored Ape, Meebits, CryptoPunk and World of Women do include IP rights.
X Marketplace co-founder Bradley Zastrow told The Block that such agreements are currently being made via platforms such as Twitter.
“The problem today is that IP rights are a large part of the NFT value proposition but with limited opportunity to monetise it. We are making the IP discovery process easier by integrating an IP marketplace within our existing platform,” he said.
“The NFT economy will be more than just buying & selling NFTs; it will include multiple ways for NFT owners to monetise their assets. The launch of our IP marketplace is only on stage one; we are just beginning.”