Venture capital giant Andreessen Horowitz (a16z) is launching a new licensing system for non-fungible tokens (NFTs) to address current challenges and ambiguities regarding the use of crypto collectibles.
The Silicon Valley-based firm says the new project is inspired by the Creative Commons (CC), which provides different levels of permissions that creators and copyright holders can assign for their works.
Some of these CC licenses allow the public to share, remix and reuse creative productions.
In a new blog post, a16z says the NFT industry seems to need special licenses other than those available with Creative Commons.
“Many NFT projects omit licenses altogether or write licenses that create more ambiguity than they resolve. Some copyright vulnerabilities have led to significant confusion around NFT licenses and a number of others legal issues.
To help address these issues, we are releasing a set of “Can’t Be Evil” free public licenses, designed specifically for NFTs and inspired by the work of Creative Commons.
The investment firm claims to have worked with top intellectual property lawyers to design six types of NFT licenses which are now available on GitHub.
“By making licenses easy (and free) to integrate, we hope to democratize access to high-quality licenses and encourage standardization across the web3 industry. owners and the NFT ecosystem as a whole.
The announcement comes after a16z launched the $600 million Games One fund in May that will invest in the gaming and metaverse industries.
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