The crypto unit of Silicon Valley Andreessen Horowitz (a16z) is all set to release a set of public, free “Can’t Be Evil” licenses. The firm has designed the licenses specially for non-fungible tokens (NFTs) and the project is inspired by the work of Creative Commons.
The official press release stated that the community can freely use these licenses, which come with certain goals in mind. These goals include helping NFT creators to protect or release their intellectual property rights and granting NFT holders a baseline of rights that are enforceable, irrevocable and easily understood.
Another key focus area of the licenses is helping creators and holders in the space, as well as their respective communities, to unleash the creative and economic potential of their projects with a better understanding of the IP framework in which they can work.
The firm was reportedly locked in talks with some of the renowned IP lawyers in the Web 3.0 space to devise six types of widely applicable NFT licenses and make them available for all users. The problems still persist even as some of the most prominent blue-chip collections have initiated discussions regarding NFT license agreements into the spotlight.
It is important to set some specifically designed standards designed for the NFT industry because the evolving Web 3.0 innovations are now testing the limits of legacy legal frameworks in a similar approach to that of Creative Commons. Creative Commons is an American non-profit organization that establishes free copyright licenses for creators.
a16z’s Miles Jennings and Chris Dixon believe that greater standardization across the sector will help in tapping the economic potential. The official press release stated: “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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