Luca Netz, the chief executive officer of intellectual property firm and non-fungible token (NFT) collection Pudgy Penguins, is set to launch a Web3 licensing marketplace named Overpass as early as late June.
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Fast facts
- Netz unveiled his plans for the platform in a recent interview with Web3-focused media firm nft now, claiming NFT licensing will shift the industry from the “Ponzinomics” model and foster sustainable growth by focusing on tangible, real-world revenue.
- Overpass has been developed as a solution to the complex and often cumbersome licensing 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 couple of clicks.”
- In contrast to creating 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, providing holders with a scalable means of deriving monetary gain.
- “So the only way I can give monetary gain right now is through the floor price going up, which I also can’t control outside of me just executing 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. It is the 19th largest collection in all-time sales, with more than US$257 million traded, according to CryptoSlam data. Netz acquired the company for roughly US$2.5 million in April 2022.
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