The blockchain-based digital platform for art and collectibles has introduced an innovative solution to the ownership, licensing, distribution, and sale of NFTs. The Gomlabs NFT contract, based on a16z’s Can’t Be Evil licenses, enables all parties involved in the NFT transaction, including the art and collectible owners, artists, and any other stakeholders, to have a minimum baseline of standard real-world rights.
The problem commonly associated with NFT is that the on-chain logic doesn’t contain the rights and regulations lawyers dictate on physical contracts. However, this issue may have a possible solution with the use of a16z’s principle will harmonize real-world ownership with on-chain ownership.
The Gomlabs team has been launching some of the most aesthetically pleasing artworks for some time based on characters with gripping lore, adding unique value to their NFTs. The company also works differently when it comes to minting their NFTs as they do NOT take advantage of FOMO (fear of missing out). Instead, they invite interested parties to play their discord game, beat it, and win the NFT.
Through the use of Can’t Be Evil legal framework, Gomlabs is hoping to overcome the IP licensing issues that even some of the most prominent and valuable NFTs like Bored Ape and Yuga Labs faced. According to a recent research, both of these giant NFT projects misled their buyers regarding their IP rights; they don’t fully own the rights to their purchased artworks.
However, even if NFTs promise commercialization rights, the legal language, can be inconsistent, fake, or confusing. There’s often a difference between what the buyers think they’re getting and what they actually get. As a16z’s licenses adopt a permissive stance toward modifications and adaptations to encourage community-created remixes and deter disputes within the communities, the company feels this is an important first step towards eliminating IP confusion.
To know more about Gomlabs or to start minting their NFTs, visit their website.
Company Name: GomLabs
Contact Person: Antonio F.
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