How to add License Type variations to digital products in WooCommerce?

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I run a WooCommerce shop and sell digital items like photoshop templates, textures, and stock illustrations. My customers should be able to choose between a personal, commercial, or extended license. What’s the best way to do this? Product variations?

Here’s [an example](https://www.flyerwrk.com/collections/mockups/products/cd-jewel-case-mockups) of what this looks like on a Shopify store.