• Animoca Brands has released NFT licenses to enforce creator royalties
• The licenses bind creators to a set of conditions and ensure payment of creator royalties
• The licenses are legally binding under the jurisdiction of New York State Law
Animoca Brands Launches NFT Licenses
Animoca Brands has released NFT licenses that enforce creator royalties. The venture capitalist released the licenses in light of leading NFT marketplaces exploiting creator royalties. The rising concerns for creator royalties led to Animoca Brands taking things into their own hands, with chairperson Yat Siu at the forefront, advocating for creators‘ rights.
Creator Royalties Protected
The company believes that royalties for NFT creators are essential to keep the web3 ecosystem healthy and are a critical part of the web3 ethos. Keeping Web3 Healthy with NFT Licenses, Animoca Brands has rolled out a set of three NFT licenses that require the payment of creator royalties as a condition for using the underlying NFT.
The Web3 leader has introduced a license for personal use, permitted commercial use, and unlimited use. Furthermore, the licenses fall under the jurisdiction of New York State Law. By signing the agreement, each party agrees to submit itself and its property to the jurisdiction of any New York State court or federal court in New York City. Each license lays a clear framework for NFT usage rights for creators and holders with different restrictions and conditions.
Benefits Of Royalties & Licenses
The incentive alignment is strong when it comes to royalties &NFT marketplaces without them high entry costs make participation difficult. All licenses protectthe Creator’s trademark, trade name, business name and logos from being used without permission or payment from those who hold an issued license from Animoca Brands.
All in all Animoca Brand’s new licenses provide legal protection while ensuring fair compensation is allocated back to its rightful owners -creators- thus benefiting both sides involved in transactions involving digital artwork created by said creators