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Akira Ming
Akira Ming
Mar 1, 2023
News

Animoca Brands Launches NFT Licenses in a Bid to Protect Creator Royalty

These licenses require the payment of creator fees as a condition to receive licensing to an NFT's art and utility. Creators can take legal action if there are any third parties or marketplaces that attempt to circumvent creator royalties.
Animoca Brands Launches NFT Licenses in a Bid to Protect Creator Royalty

Here's how Animoca Brands' NFT licenses would help

As more and more NFT platforms reduce or eliminate creator fees, Animoca Brands, a leading blockchain game investor, stepped up to defend Web3 artists. Shortly after Chairman Yat Siu condemned NFT firms that cut artist royalties, Animoca Brands introduced three NFT licenses to protect creators' livelihoods. 

To begin, these NFT licenses require the payment of creator fees as a condition to receive licensing to an NFT's art and utility. When an NFT protected by this framework is transacted without royalties, creators can choose to remove the utility from that NFT. Creators can also take legal action if third parties or marketplaces attempt to circumvent royalty fees. 

"Animoca Brands has always been a supporter of NFT creator royalties. Royalties for NFT creators are essential to a decentralized and democratic ecosystem, ensuring fair distribution of value to contributors or creators, which in turn supports value creation across all NFT commons. We believe that royalties are a critical part of the Web3 ethos," wrote Animoca Brands. 

There are three types of NFT licenses available, which are accessible to all under a creative commons license.

  • Personal use-only license: This license only allows for personal use.
  • Permitted commercial use license: This license allows for commercial use up to a predetermined annual monetary limit.
  • Unlimited use license: This license allows unlimited personal use and no monetary limit on commercial use. 

Last September, Animoca Brands announced that they would release a legal framework to protect creators' rights and livelihood. With such legal protection, creators will be incentivized to keep creating and contributing to Web3, resulting in more innovative and valuable NFTs. 

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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