Fcmlaw is a law firm focused on Tech Venture Law, which aims tostrategically apply the Law to the challenges faced by players in theinnovation ecosystem, startups and Venture Capital.
Following the growing market of NFTs (Non Fungible Tokens), we havenoticed there is still a lot of misunderstanding regarding the rights andduties of NFT creators and holders. As supporters of the opportunities forlicensing assets, whether material or immaterial through blockchain technologyplatforms, Fcmlaw identified a necessity to improve the user experience intransactions involving these assets, especially for authors of digital ortokenized works.
Transactions involving NFTs now have financial and legal relevance,which is why it has become necessary to care for the intellectual propertyattributed to assets linked to the blockchain. By adopting the best practicesto address ownership issues regarding rights and duties of these newtechnologies, it will be possible to solve the clarity issues concerning whatit is involved, as well as the rights and duties, and the economic andpatrimonial impacts of transactions involving NFTs.
At the forefront of innovation, Fcmlaw has developed a standardized methodto assign copyright and related rights licenses over works available throughNFTs, inspired by the positive experiences from other platforms with securesharing purposes, such as Creative Commons and Github.
After a Legal UX and Legal Design work, embodied in a Lean Law proposal(Framework for lean projects), Fcmlaw developed several variations of licenses,which aim to create legal structures of intellectual property licenses withsome premises, which are:
- Easy to understand;
- Easy to implement;
- Legal security;
- Business viability;
Initially, the project starts with a beta version, designed tostandardize copyright licenses and legal conditions for NFTs in two specificniches: Collectibles and Art. We will soon expand the initiative to othersectors such as metaverses, games, sports, as well as another contractualframeworks which have different rights involved.