It depends on the piece. Some are ordinary working knives that happen to carry a license, with normal steels and normal construction. Others are display-oriented, where the finish and the detailing matter more than the edge. The individual product specification is what tells you which.
A licensed knife can be a fully functional folder with a brand mark on the blade, or it can be a display piece built to look right on a shelf. The category groups them by how people shop for them, not by how they are built.
Read the steel, the lock and the construction on the product page. Those tell you what the maker intended.
A named steel, a real lock type and a sensible blade thickness point to a user. A display stand, decorative etching across the blade and no steel specification point the other way.
Ornamental pieces often use soft steel that will not hold an edge, which is fine on a display item and disappointing in a pocket.
Keep it boxed and unsharpened. See sharpening a collectible knife and what adds value.
Our Licensed & Movie category is deliberately small and specification-led.