Andreessen Horowitz (A16z) announced on Wednesday that it had created a set of six licenses based on the Creative Commons concept for non-fungible tokens (NFTs).
A range of rights is accessible through several proposed NFT licenses labeled ‘Can’t Be Evil licenses,’ similar to Creative Commons licenses.
A16z general counsel has proposed a new set of licenses for NFTs based on the creative commons model
A16z general counsel Miles Jennings and general partner Chris Dixon noted in a blog post that, while some NFT developers use Creative Commons licenses and others tailor their terms, many NFT projects lack licenses or have poorly designed permissions resulting in copyright and other legal issues. In addition, according to them, most NFT customers are unaware of the rights they obtain through their NFTs.
The new set of licenses is intended to accomplish the following:
- To help NFT creators protect (or release) their intellectual property (IP).
- To give NFT holders a solid foundation of irreversible, enforceable rights and simple to understand.
- To provide creators, holders, and their communities with a thorough understanding of the intellectual property framework within which they may operate to assist them in realizing their creations’ creative and economic potential.
Authors are also accountable for unauthorized third-party material use under the licenses
The licenses can be revoked and amended. They grant five types of rights: copy, display, and distribute, revocation of hate speech, commercial use, modification and adapt, and sublicense. They are available as smart contracts on the a16z crypto GitHub under the most permissive Creative Commons license.
The widespread ambiguity surrounding NFT ownership rights has led to dissatisfied buyers and has threatened to unleash “a flood of lawsuits.”
The scenario has piqued the interest of members of the United States Congress. In June, two senators asked the US Patent and Trademark Office and the US Copyright Office to conduct a study on the challenges associated with NFT intellectual property rights.