Many NFT collections gave their NFT owners a fantastic opportunity to commercialize the NFTs they purchased. But unfortunately, they did not provide them with an instruction manual on how to put them to work.

While the conversations around NFT commercialization are accelerating daily, the legal concerns from Brands and NFT owners still lead to high costs for each deal.

Since the launch of BoredJobs, we’ve worked hard to explore price discovery in the market. For example, what will NFTs owners accept as a minimum deal? How much are brands willing to pay? As we receive more data on this topic, it is becoming clear to our team that legal fees can reach as high as 100% of the costs of some licensing deals at the current rate. Our view is that the market will not be sustainable if this continues.

While many companies have experience licensing popular IP for their specific products and campaigns, they don’t have experience working with NFT IP. Likewise, most NFT owners have little experience commercializing any IP, let alone NFTs. These conditions make for a perfect storm of high legal costs and uncertainty about what each party is signing up for and if it will hold up in court.

Enter the PLAN (Product Licensing Agreement for NFTs). Throughout 2022 the BoredJobs team has worked on analyzing a variety of agreements from brands while simultaneously working with a group of lawyers to create a series of templates we intended to open source to the community. We’ve taken inspiration from documents such as the SAFE made by Y Combinator. In short, before the SAFE, startup fundraising was SLOW and EXPENSIVE. After the SAFE, startup fundraising was much FASTER and LESS EXPENSIVE. Our goal is much the same. We want to do what we can to see NFT owners unlock commercialization opportunities for their assets while investing less time and money into their contracts.

So it is with great excitement we announce version 1.0 of our PLAN template today! This document is free to use by any NFT owner or brand.

As you can imagine, we plan to continue to upgrade this document consistently.

Some notes on version 1.0 of the PLAN:

• This agreement is geared towards products and merchandise in its current form (but could be tweaked to serve others). We plan to release more versions over the coming weeks (media, film, content, food, etc.)
• There are a few cases this version of the document doesn’t handle, such as; no-sell clauses, product category exclusivity, and more. While lawyers can easily add these clauses to the PLAN, we will release more specific versions covering the above topics over the coming weeks.

We will continue to add more guides, blog posts, and updates to these documents over the coming weeks.

Additionally, we are looking for other lawyers in the NFT IP space who want to contribute to this document for the greater good of the NFT community. We will add you to an internal commenting system where you can add your thoughts. If you are interested in this, please email us at hello@boredjobs.com.

While this document may not be appropriate for all NFT commercial situations, we designed it to be balanced, considering both the NFT owner and the brand’s interests. We made trade-offs between simplicity and comprehensiveness, and the PLAN does not address every edge case. But we believe the PLAN covers the most common issues. NFT owners and brands are encouraged to review the PLAN with their lawyers.

September 14th, 2022). Download Version 1.0.1 of the PLAN here(please read version notes above). This is the Gutter Cat Gang Version

DISCLAIMER: This agreement is a template or form of agreement only, and it is intended to be modified for a particular business situation Mousbelt/Boredjobs makes no representation or warranty about the validity or enforceability of the agreement of any of its provisions, and Mousbelt/Boredjobs is not providing legal advice to you. The agreement is made available on an as-is basis, and if you download it you use it of your own volition, you assume any risks associated with it, and you are responsible for any changes or modifications needed to suit your own situation.

Mousebelt/BoredJobs do not assume responsibility for the contents of, or consequence of, using any version of the PLAN. Therefore, before using any of these forms, you should consult with a lawyer licensed in the countries relevant to the deal you are signing.

@boredjob