The crypto unit of Silicon Valley Andreessen Horowitz (a16z) is all set to release a set of free, public “Can’t Be Evil” licenses.
The firm has designed the licenses specifically for non-fungible tokens (NFTs) and is inspired by the work of Creative Commons.
- As per the official press release, the community can freely use these licenses, which come with certain goals in mind. This includes – helping NFT creators protect or release their intellectual property (IP) rights and granting NFT holders a baseline of rights that are “irrevocable, enforceable, and easy to understand.”
- Helping creators, holders in the space, as well as their respective communities, to “unleash the creative and economic potential of their projects with a clear understanding of the IP framework in which they can work” is yet another key focus area of the licenses.
- The firm reportedly engaged in talks with some of the leading IP lawyers in the Web 3 space to devise six types of widely applicable NFT licenses and make them available for users.
- Even as some of the most prominent blue-chip collections have brought discussions regarding NFT license agreements into the spotlight, the problems persist.
- It is important to set some industry standards designed specifically for NFTs with the evolving Web 3 innovations testing the limits of legacy legal frameworks in a similar approach to that of Creative Commons, an American nonprofit organization that establishes free copyright licenses for creators.
- To that end, a16z’s Miles Jennings and Chris Dixon believe that greater standardization across the sector will help in tapping the economic potential.
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“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.”
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