The holders from NFT I’m really? sole owners ? legallyVery rarely. To remedy this the VC a16z offers licenses cannot 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, over which users mainly benefit from a right of use. But does reality meet rhetoric?
For what concern non-fungible tokens, NFTthe answer would be rather No. This is demonstrated by Galaxy in a study designed to untangle the true from the false about the licenses applying to these tokens. the the toll is atrocious to say the least.
A license to be used only for NFT collections
We have reviewed the licenses of all major NFT collections and in all but one cases the issuers offer a license to use only the NFT purchaser, with varying levels of commercial rights ranging from permissive to very restrictive, “the authors conclude.
Galaxy isn’t the only one making this observation. The investment firm Andreessen Horowitzvery present on the Web3 and shareholder of many NFT projects, he proposes to remedy this by introducing new licenses.
For Jennings Mileslegal director of the crypto arm of a16z and its founder Chris Dixonnow is the time to do itgo beyond Creative Commons (CC) licenses. – and its CCO version.
Their proposal: the so-called licenses “ cannot be evil “ – in reference to Google’s Don’t be Evil, its slogan until 2018.
Now that Web3 innovations are testing the limits of traditional legal frameworks, it is time to adopt a new set of licenses, designed specifically for non-fungible tokens, or NFTs, ”they justify.
Defects, ambiguities and confusion on rights
For the two leaders of the VC, today many projects do deadlock on the license or opted for models that “create more ambiguity” than they resolve.
Worse still, “some copyright loopholes have led to significant confusion over NFT licensing, as well as a number of other legal issues.”
To solve this situation, a16z provides a number of public and free licenses of Can’t Be Evil. These are specially designed for NFT and inspired by Creative Commons. The VC’s ambition 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 up) their intellectual property (IP) rights.
- Grant NFT holders a base of irrevocable, enforceable and easy-to-understand rights;
- Help creators, owners and their communities unlock the creative and economic potential of their projects through a clear understanding of the intellectual property framework within which they can work.
In total, these are 6 licenses which are available to NFT project leaders. The top management of a16z admit that they cannot reach out to everyone. Furthermore, the needs in this sector are destined to evolve with the rapid innovation that characterizes the sector.
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