a16z introduces free NFT licensing framework to control ownership
Ownership recognition of Non-fungible tokens (NFTs) has become a critical issue that raises many other legal issues and copyright vulnerabilities. A venture capital firm, Andreessen Horowitz, also known as a16z, has come up with a solid solution to this problem by providing free licenses to creators.
According to a blog post on Wednesday written by the firm’s general counsel Miles Jennings and general partner Chris Dixon, the company is ready to activate a free NFT licensing framework. It provides six types of attorney-approved licenses that creators can use to control ownership of a work of art. The firm is making this move with a primary goal of unlocking the “economic potential” of the digital arts sector.
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Can’t be evil
The license set titled “Can’t Be Evil” will make it easier for NFT creators to give them control over their digital work or tokens. Similarly, the license inclusion will enable users to protect intellectual property rights (IP) and the ability to transfer them.
The blog post added;
“Can’t Be Evil” licenses explicitly outline the buyer’s rights regarding the artwork for their NFTs, including whether those rights are exclusive (only the buyer can choose how their NFT artwork is used, and the creator relinquishes all licensed rights); whether they include commercial rights (rights that allow the buyer to use their NFT for business purposes); and whether they allow the buyer to modify, adapt and create derivatives of the purchased artwork (such as changing the appearance of an artwork or using it in a different context).
The NFT Licensing Framework complies with GOV. Claim
In addition, the processing licensing infrastructure meets the regulatory requirements as the firm engaged with lawyers before designing licenses that also include a baseline of rights for creators that are irrevocable and enforceable.
The company, with this move, aims to support the NFT creators and community to tap into the NFT sector’s potential to monetize the economy where creators have “a clear understanding of the IP framework they can work in.”
The authors noted;
By making the licenses easy (and free) to incorporate, we hope to democratize access to high-quality licenses and encourage standardization across the web3 industry. Greater adoption can lead to incredible benefits for creators, owners, and the NFT ecosystem as a whole.
Furthermore, the company’s representatives urged that unstoppable developments and innovations will change the licensing needs, and that it may not be suitable for some projects. The company sees this move as a first step to start the licensing ecosystem and will continue to “encourage greater standardization as the space grows.”
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a16z has stepped up to introduce the NFT free licensing framework after a number of publishers choose the service of Creative Commons. It is a non-profit company that offers copyright licenses to content creators so they can share their work.
Featured image from Pixabay and chart from TradingView.com
