• Pharrell Williams and NFT Creators Aid in the Formation of DAO to Protect Artist Rights

  • Control and limitations irritate many artists. While some have turned to non-fungible tokens as a new revenue stream, they have run into new ownership and participation restrictions.

    CXIP Labs, a software development firm focused on NFT API integration, announced the launch of the CXIP DAO today, with the goal of allowing creators to govern and oversee the future of the NFT market rather than semi-centralized marketplaces like OpenSea and Rarible. According to NFT marketplace OpenSea, its advisory council includes recording artist and entrepreneur Pharrell Williams, visual artist Jen Stark, and Justin Aversano, whose Twin Flames collection has generated approximately $18.4 million in trading volume all time.

    CXIP doesn’t exactly roll off the tongue and isn’t a household name, even among cryptocurrency owners. However, the NFT minting platform, which was founded in 2020, is attempting to represent artists on three emerging issues: ensuring that they are paid royalties for NFT sales, allowing creators to own the smart contracts they use to move their tokens, and ensuring that the digital assets are not lost.

    Most creative types won’t be able to handle it, but CXIP founder and CEO Jeff Gluck, an intellectual property lawyer, believes it doesn’t have to be a hassle: “Mining an NFT should not be difficult, and creators should not be bound to a specific marketplace or service provider to do so,” Gluck stated in a press release. “Minting should be a completely open and unrestricted activity.”

    CXIP promises that creators on its platform will “receive what they are rightfully due” without the use of middlemen or registries, in keeping with the “spirit of blockchain and Web3.”

    The next step is the formation of the DAO, which will oversee the marketplace via the concurrently launched CXIP token. And it is attempting to increase membership in two ways. To begin, it has enlisted the help of well-known creatives; in addition to Williams, Aversano, and Stark, contemporary artist Daniel Arsham and artist and pro skateboarder Chad Knight will serve as advisors, alongside Gluck. Second, it is reaching out to a broad audience, stating that “every creator who has ever minted an NFT on [Ethereum] will be able to claim $CXIP Tokens and join the CXIP DAO.”

    DAO members will be able to vote on proposed features and innovations, as well as manage the community treasury, with a focus on governance, NFT royalties, metadata, and contracts, according to CXIP.

    According to CXIP Labs, there are plans to integrate with all major NFT marketplaces and even allow creators to register their work with the United States Copyright Office.

    Of course, this is only if it feeds the DAO’s creative spirit.

    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0