Press Releases News Report
November 10, 2022

Animoca Brands aims to protect NFT creators with a new legal framework

In Brief

Animoca Brands proposes a new set of NFT licenses

Its aim is to develop a legal framework that would protect NFT creators 

Animoca Brands aims to protect NFT creators with a new legal framework

Digital entertainment leader Animoca Brands aims to protect creator’s royalties with a new set of NFT licenses. 

Creators’ royalties have been a hot topic since the largest NFT marketplace OpenSea announced its plans to launch a tool for on-chain enforcement of creator fees. The announcement was made after several marketplaces, including Magic Eden, X2Y2, LooksRare, and Blur, moved to zero royalties.

Following this, the CEO of Animoca Brands, Yat Siu, introduced the company’s plan that would help creators. Animoca Brands releases a new set of NFT licenses which will require the payment of creator royalties as a condition for receiving licenses to the art and the utility provided. 

These licenses will enable creators to remove utilities from any non-fungible token that is transacted without royalties. In addition, creators will be able to seek legal redress in case third parties or marketplaces attempt or enable the circumvention of royalties required by the licenses. So, the overall aim of the initiative is to develop a legal framework that would protect NFT creators and make marketplaces legally liable for unpaid royalties. 

“Each sale with unpaid royalties will accrue a liability that can then be legally enforced,”

states Yat Siu’s Twitter thread. 

Animoca has already rolled out the first draft of the new set. Notably, it is released under a creative commons license and is accessible to everyone, in the core principles of Web3. 

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

More articles
Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Malta Embraces Crypto Future As Gate.MT CEO Highlights Next Wave Of Blockchain Evolution
News Report Technology
Malta Embraces Crypto Future As Gate.MT CEO Highlights Next Wave Of Blockchain Evolution
November 1, 2024
Hedera Introduces Bonzo Finance Liquidity Layer To Catalyze DeFi Growth On Its Network
News Report Technology
Hedera Introduces Bonzo Finance Liquidity Layer To Catalyze DeFi Growth On Its Network
November 1, 2024
Aave’s Proposal To Add wstETH To Aave V3 On BNB Chain Opens For Voting
News Report Technology
Aave’s Proposal To Add wstETH To Aave V3 On BNB Chain Opens For Voting
November 1, 2024
BounceBit Gears Up For CeDeFi V2 Launch, Set To Close V1 On November 4 
News Report Technology
BounceBit Gears Up For CeDeFi V2 Launch, Set To Close V1 On November 4 
November 1, 2024