These licenses require the payment of a creator fee as a condition of receiving a license to NFT’s art and utilities. Creators can take legal action if there are third parties or marketplaces that try to circumvent their royalties.
Here’s how Animoca Brands’ NFT licenses would help
Leading blockchain gaming investor Animoca Brands stepped up to protect Web3 artists as more and more NFT platforms cut or eliminate fees for creators. Shortly after Yat Siu chairman slammed her NFT companies for cutting artist royalties, Animoca Brands introduced his three her NFT licenses to protect the livelihoods of creators.
First, these NFT licenses require the payment of a creator fee as a condition of receiving licenses to NFT art and utilities. If an NFT protected by this framework trades royalty-free, the creator can choose to remove utility from her NFT. Creators can also take legal action if third parties or marketplaces attempt to circumvent royalty fees.
“Animoca Brands has always supported NFT creator loyalty. NFT creator loyalty is essential to a decentralized and democratic ecosystem, ensuring a fair distribution of value to contributors or creators and that supports the creation of value across all NFT Commons.
There are three types of NFT licenses available, accessible to everyone under a Creative Commons license.
- Personal Use Only License: This license permits personal use only.
- Permitted Commercial Use License: This license allows commercial use up to a certain annual monetary limit.
- Unlimited Use License: This license allows for unlimited personal use and has no financial restrictions on commercial use.
Last September, Animoca Brands announced the release of a legal framework to protect the rights and livelihoods of creators. Such legal protection motivates the creator to continue creating and contributing to her Web3, resulting in more innovative and valuable NFTs.
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