This NFT represents a legally enforceable licensing agreement. The license agreement can be found in the token metadata. Each licensing transaction creates two NFT's, one for the licensee and one for the licensor. The licensor NFT is connected to the underlying NFT (e.g. BAYC #1234) and will be automatically transferred by the smart contract in connection with the sale or transfer of the underlying licensed NFT. The licensee NFT can be sold or transferred and the new licensee would be under the same terms as highlighted in the agreement.