a16z’s new license structure intends to unleash NFT’s “economic potential.”
The “Can’t Be Evil” NFT licenses will be made available to the general public for free by the crypto division of Andreessen Horowitz in Silicon Valley, which is ab16z.
The work of Creative Commons served as an inspiration for the company as it developed the licenses, which were created expressly for non-fungible tokens (NFTs)
According to the official press release, members of the community are allowed to make use of various licenses, each of which was designed with a specific objective in mind.
Here are some of the objectives of the licenses;
- Providing assistance to NFT creators in the process of protecting or releasing their intellectual property (IP) rights, as well as providing NFT holders with a baseline of rights that are “irrevocable, enforceable, and easy to understand.”
- Another key focus area of the licenses is to assist creators, holders in the space, as well as their respective communities, in “unleashing the creative and economic potential of their projects with a clear understanding of the IP framework in which they can work.”
According to the reports, the company held discussions with a number of the most prominent IP lawyers working in the Web 3 field in order to develop six types of generally applicable NFT licenses and make them available to users.
Problems continue to exist despite the fact that issues over NFT license agreements have been brought into the spotlight by some of the most notable blue-chip collections.
With the ever-evolving Web 3 innovations testing the limits of legacy legal frameworks, it is important to establish some industry standards designed specifically for NFTs.
In this regard, Miles Jennings and Chris Dixon, both of a16z, are of the opinion that increased standardization throughout the industry will be of assistance in realizing the sector’s full economic potential.
“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 could lead to incredible benefits for creators, owners, and the NFT ecosystem as a whole.”
