Animoca Brands is moving forward with initiatives aimed at safeguarding the rights of NFT creators by creating an innovative legal structure.
In Brief
Animoca Brands is putting forth a novel set of NFT licenses to redefine creator rights in the digital landscape.
The company’s goal is to create a legal framework dedicated to the protection of NFT creators and their work.
As pioneers in digital entertainment, Animoca Brands is focused on ensuring that creators receive their fair share through a new licensing structure.
The issue of creator royalties has gained urgency since the largest NFT marketplace, OpenSea, announced plans to introduce a mechanism to enforce creator fees on-chain. This move comes in light of several marketplaces, such as Magic Eden, X2Y2, LooksRare, and Blur, opting to implement zero-fee policies. announced In response to these developments, Yat Siu, the CEO of Animoca Brands, unveiled a strategy designed to support creators. Animoca Brands is releasing a set of new licenses that mandate the payment of royalties to creators as a prerequisite for obtaining usage rights to their art.
These licenses will allow creators to deactivate any utilities associated with a non-fungible token that is sold without the payment of royalties. Furthermore, creators will have the legal recourse to seek justice if other parties or marketplaces attempt to bypass the royalty obligations tied to the licenses. Essentially, this initiative aspires to construct a legal landscape that defends NFT creators and holds marketplaces accountable for any unpaid royalties. NFT licenses Every transaction involving unpaid royalties will be seen as accumulating a liability that can be pursued legally.
Animoca has already made available the initial draft of its new licensing framework. It's noteworthy that this draft is governed by a creative commons license, aligning with the core values of Web3 and is accessible to all.
Data from the previous year revealed that creators collectively earned over $1.5 billion in royalties. However, with the rise of optional or zero royalties, creators have been missing out on up to 70 ETH worth of royalties daily. It's essential to defend these earnings for the benefit of the creators.
states Yat Siu’s Twitter thread.
According to a Cryptomeria report, Singapore is positioning itself to become a leading metaverse and cryptocurrency hub.
Read related posts:
Disclaimer
In line with the Trust Project guidelines With a Master’s degree in Public Communications and currently pursuing a second Major in International Business Management, Valeria channels her interests into journalism and style. She took her first steps into fashion blogging at the young age of 13, which fueled her passion for storytelling.
