A16z Releases a Series of "Can't Be Evil" Licenses for NFT Projects
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"Can't Be Evil" Licenses for NFT Projects
In a blog post, a16z's managing partner Chris Dixon and general counsel Miles Jennings announced that the company is addressing the current ambiguity and confusion surrounding NFT licensing. They want to "democratize access to high-quality licensing and encourage consistency across the Web3 sector" by clarifying the rights of an NFT creator, buyer, or seller about the artwork of digital assets. The "Can't Be Evil" set's Terms and Conditions state that it can serve as a model for NFT projects to use when developing and offering NFTs.
Licenses are similar to those provided by Creative Commons. They don't represent novel ideas. In contrast, the licenses have been adjusted for decentralized Web3 projects, according to the firm's general Miles Jennings and Chris Dixon, to remove ambiguity, reduce uncertainty over IP rights grants, and potentially even prevent future legal issues.
a16z Crypto Collaboration
Latham & Watkins LLP, DLA Piper LLP, and a16z Crypto collaborated on developing the Licenses. NFT projects, accessible on GitHub, let users explicitly reference a license in smart contracts. Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), Gary Vaynerchuk's VeeFriends initiative, and Kevin Rose's PROOF (Moonbirds) are just a few of the largest NFT producers a16z has backed. Among many other cryptocurrency ventures, it has also invested in the well-known marketplace OpenSea.
The slogan "Don't Be Evil" served as the basis for the "Can't Be Evil" branding, modified to reflect blockchain networks' alleged immutability. Additionally, according to Andreessen Horowitz, the licenses are legally binding and irrevocable, so NFT purchasers may be confident that their terms will stand.