Non-Fungible Tokens and NFTs have taken the world of digital art by storm over the past few years. These digital art pieces have gained popularity among investors, artists, and collectors alike. Prestigious projects such as Bored Ape Yacht Club(BAYC) and CryptoPunks have raked in millions of dollars. Some top-tier celebrities have even made statements in support of NFTs, with many launching their own collections.
NFTs are immutable assets and have the potential to revolutionize many sectors including intellectual property rights. However, there is an emerging phenomenon in the NFT ecosystem that is actively promoting a new type of NFT called the CC0 NFT.
What Are CC0 NFTs?
A CC0 NFT or Creative Commons 0 NFt is a type of copyright that allows the NFT creator to grant a free permit to anyone & everyone to use, modify or distribute the artwork without any restrictions. This means that anyone can take a piece of digital art and use it in their creative projects, without needing to worry about copyright infringement.
CC0 NFTs can also be referred to as open-source IPs. However, it also has a set of advantages and disadvantages, which we will discuss in this article.
Why Are CC0 NFTs Important?
Some fans of NFT think that NFT artwork shouldn’t be in control of any particular individual or business. NFTs are built upon the blockchain, which itself is a decentralized system and allows for anyone & everyone to utilize its tech, just like that NFT artwork should be decentralized ( in the public domain) rather than become the property of a single individual or business.
CC0 copyright allows the NFT creator to bring their artwork into the public domain. Historical artworks and art pieces created by deceived artists also come under similar copyrights.
Some NFT fans contend that Creative Commons 0 provides projects with more value because there is no limit on how many times a person’s NFT can be replicated. This causes many variations and derivatives of NFT to be created which eventually leads to the popularity of the original NFT.
Examples of CC0 NFTs-
Collectible NFT Toads is one of the most popular NFT collections that utilizes CC0 for its artwork. It was created by an artist called Gremplin, who made 6969 pieces publicly available to anyone & everyone. By extension, everyone is free to use, modify or distribute it in whatever way they want.
Advantages of CC0 NFTs-
- One of the main advantages is immunity from any copyright infringements. Since CC0 NFTs are “no copyright reserved”, artists from around the world can use, modify, distribute or experiment with NFTs for personal or commercial reasons without worrying about copyright breaches.
- CC0 NFTs may also result in making the original artwork popular through its many variations and derivatives.
Disadvantages of CC0 NFTs-
- Though as promising and utopian CC0 NFTs may sound, some of them should be restricted to protect the NFT project’s originality. Additionally, CC0 art pieces may be used by radical groups to promote or incite violence/harm which discredits the reputation of the whole collection.
- CC0 rights may not be enforceable in some countries. This means that if someone steals your work in a nation where CC0 is not enforceable, you might not be able to defend yourself.
- CC0 validity may change as changes are made to the artwork terms and CC0 guidelines.