We are currently seeing a proliferation of these profile picture NFT collections (aka PFPs). Usually a collection of 10k different characters with different traits: a variation of attire, background and accessories that were randomly generated when they were initially created (with some notion of rarity amongst these traits).
Regardless of what we think of these collections or their artwork, one thing important to note is that these aren't just jpegs. In a vast majority of cases, the creator of these collections have handed over the commercial IP rights for each PFP (the characters they created) to the holder of that NFT.
New paradigm is less than a year old. The implications of this radical transfer of ownership is just being understood and felt. We’re seeing people taking the IP they own in a lot of different directions – from creating stories and games to licensing their characters to coffee, cannabis, beer.
This radical transfer of IP rights allows for permissionless, bottom-up storytelling and content creation. This is the start of the shared storyverse.