NFT
Luca Netz, the chief executive officer of Pudgy Penguins, an intellectual property and non-fungible token (NFT) company, will launch a Web3 licensing marketplace called Overpass as early as late June.
See related article: Japanese airline ANA launches NFT marketplace, sees future in metaverse projects
Quick Facts
- Netz revealed his plans for the platform in a recent interview with Web3-focused media company nft now, claiming that NFT licensing will shift the industry away from the “Ponzinomics” model and promote sustainable growth by focusing on tangible, real world income.
- Overpass was developed as a solution to the complex and often cumbersome permit procedures currently in place, according to Netz. The platform aims to streamline licensing in the NFT space by leveraging blockchain technology, allowing the process to be completed in “a few clicks”.
- Unlike the creation of virtual assets and airdrops, which Netz claims are liabilities, the Overpass model represents a paradigm shift. The platform allows companies to license the IP directly from holders for use in their products and tools, giving holders a scalable way to monetize.
- “So the only way I can give monetary gain right now is to raise the floor price, which I also can’t control beyond just performing and showing up every day,” Netz said. “The only other option is to create a real business and share that revenue…through licensing because [holders] own their digital asset.”
- Pudgy Penguins is an Ethereum-based NFT collection of 8,888 unique digital assets. According to CryptoSlam data, it is the 19th largest collection ever sold, with more than $257 million traded. Netz acquired the company in April 2022 for approximately $2.5 million.
See related article: New owner gives Pudgy Penguins NFT’s happy feet
