The NFT market has had an IP problem for quite a while. Now, a new class of NFTs may help new artists create, control, and profit from their work.
Non-fungible tokens have helped artists make millions in the past two years. While the NFT boom is now over, thousands of artists are still creating innovative pieces, video game skins, and other digital assets.
However, the NFT market has had an IP problem for quite a while. Check out our previous article about the NFT IP problem.
To avoid stealing someone’s IP and being sued, many NFT creators have resorted to creating “CC0” assets.
What Are CC0 NFTs
What does CC0 stand for? Well, the term was inspired by the “Creative Commons Zero” licensing model, which allows creators to waive rights to their art. That means anyone can use the art for any purpose without permission from or attributing to the creator.
CC0 NFTs work in a similar way. The creator of the NFT can waive their copyright, and anyone can use the NFT without attributing or paying the creator. The concept is similar to the open-source movement we’ve seen in the tech market.
As you probably know, Linux has become the most popular server operating system in the world because it’s free and open source. It has a market cap of nearly $16 billion and powers 85% of all smartphones.
So, why would an artist want to do this? There are a few reasons.
How CC0 NFTs Can Help NFT Artists
The fear of breaching someone’s copyright has led to a lot of self-censorship in the NFT community. Many artists have simply avoided creating anything that might be construed as copyrighted material.
That has led to a lot of “safe” and generic NFTs, which are fine but don’t really push the envelope.
CC0 NFTs could help artists feel freer to create whatever they want without worrying about copyright infringement. Moreover, it could also help new artists enter the scene, without having to worry about expensive legal fees.
Pros and Cons of CC0 NFTs
Of course, there are good and bad sides to everything. For starters, CC0 NFTs can spark creativity in the NFT market, something that has been lacking in recent months.
It can also help attract new artists to the scene and help existing artists feel more comfortable about creating new pieces.
However, there are also some potential downsides to CC0 NFTs.
For example, it’s possible that CC0 NFTs could lead to many low-quality or unoriginal work. That’s because anyone can create a CC0 NFT, without having to worry about copyright infringement.
What’s more, it’s also possible that CC0 NFTs could devalue the work of NFT artists. After all, if anyone can use an NFT without having to pay or attribute the creator, it’s not really worth that much, is it?
Implications for the NFT Community
The NFT community has been abuzz with the news of CC0 NFTs. Some people think they are a great way to encourage creativity, while others worry about the community’s implications.
Whether you pursue CC0 NFTs or not, it is important that you understand the implications on your business strategy and community members to make informed decisions about how best to move forward.