The holders of NFT are they really sole owners ? legallyvery rarely. To remedy this the VC a16z offers licenses can’t be evildesigned specifically for these tokens.
It is one of the promises of Web3 : the digital property. This allows it to distinguish itself from Web2 services, on which users mainly benefit from a right of use. But does the reality meet the rhetoric?
Concerning the non-fungible tokens, NFTsthe answer would rather be Nope. That’s what demonstrates Galaxy in a study intended to disentangle the true from the false concerning the licenses applying to these tokens. the balance sheet is scathing to say the least.
A license to use only for NFT collections
We have reviewed the licenses of all major NFT collections and in all but one case the issuers only offer a user license to the NFT purchaser, with varying levels of commercial rights ranging from permissive to very restrictive,” the authors conclude.
Galaxy is not the only one to make this observation. The investment firm Andreessen Horowitzvery present in the Web3 and shareholder of many NFT projects, proposes to remedy this through the introduction of new licenses.
For Miles Jenningslegal director of the crypto arm of a16z, and its founder Chris Dixonnow is the time togo beyond Creative Commons (CC) licenses – and its CCO version.
Now that Web3 innovations are testing the limits of traditional legal frameworks, it is time to adopt a new series of licenses, designed specifically for non-fungible tokens, or NFTs”, they justify.
Flaws, ambiguities and confusion over rights
For the two executives of the VC, many projects today make deadlock on license or opted for models that “create more ambiguity” than they resolve.
Worse, “certain copyright loopholes have led to significant confusion around NFT licensing, as well as a number of other legal issues.”
In order to solve this situation, a16z provides a set of public and free Can’t Be Evil licenses. These are specially designed for NFTs and inspired by the Creative Commons. The ambition of the VC is to encourage their adoption by NFT projects and creators.
Jennings and Dixon define three goals for these new licenses:
- Help NFT creators protect (or free) their intellectual property (IP) rights
- Grant NFT holders a basis of irrevocable, enforceable and easily understood rights;
- Help creators, owners and their communities unlock the creative and economic potential of their projects through a clear understanding of the IP framework within which they can work.
In total, these are 6 licenses which are available to NFT project leaders. The leaders of a16z concede that they cannot apply to everyone. In addition, the needs in this area are set to evolve with the rapid innovation that characterizes the sector.
We would like to say thanks to the author of this post for this awesome material
Ownership of NFT: a fiction that a16z wants to solve with its Can’t Be Evil license – Coins.fr
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