"For most people, intellectual property rights is not a thing we think of when we’re buying an NFT. We think we’re having fun, buying a jpeg, joining a community, etc. Perhaps we think we get full ownership of the thing we’re buying, IP rights and all. It’s actually a much more complicated and nuanced situation, and varies project to project. IP rights has become more and more of a talking point in the space and hit new heights a few weeks ago when Yuga Labs (the entity behind the BAYC) acquired the rights to the NFT collections CryptoPunks and Meebits from Larva Labs."