When artists started using NFT as a new source of income, they faced restrictions on owning and creating tokens. CXIP Labs plans to address this issue. She launched CXIP DAO with the goal of allowing artists to control the NFT market. In this article, we will tell you how the company plans to protect the rights of artists with the help of DAO.
How CXIP Labs sees the future of NFT
Decentralized Autonomous Organization, or DAO, is a way to collectively conduct business using the blockchain. They do not have a hierarchical structure, and all ecosystem participants have the same rights and can vote for changes in the protocol on an equal basis with other participants. The rights and obligations of the participants are programmed using smart contracts without the need for paper or accounting work.
CXIP Labs announced the launch of the CXIP DAO on November 17, 2021. The company created it so that artists can manage and control the future of the NFT marketplace, rather than centralized retail spaces like OpenSea and Rarible.
To help the organization, the company has created an advisory board within the DAO itself of top artists and lawyers. It includes musician and entrepreneur Pharrell Williams, artists Jen Stark, Daniel Arsham, Chad Knight, Justin Aversano, and Jeff Gluck, co-founder of CXIP Labs and artist rights lawyer.
All artists have experience with non-fungible tokens and marketplaces. For example, the sales of Justin Aversano’s NFT collection – “Twin Flames” on OpenSea – all time totaled $ 18.4 million.
Twin Flames collection of one hundred portraits of twins at OpenSea
CXIP DAO solves two main problems for artists:
- ensures that royalties are received for the resale of the NFT;
- allows you to own smart contracts, with the help of which artists can independently create and transfer their NFT to any platform.
Jeff Gluck believes that creating an NFT shouldn’t be difficult, and artists shouldn’t be tied to a specific marketplace in order to create tokens. The NFT creation process should be free and open, and artists should be able to move their collections and tokens seamlessly between marketplaces.
DAO to protect the rights of artists
CXIP approaches the creation of NFTs using open source technology that is owned, operated and controlled by the developer community. It empowers and protects artists equally by providing them with simple tools to create tokens.
The company is forming a DAO tool that will be managed using CXIP tokens. Every artist who has ever created an NFT on Ethereum will be able to receive these tokens and join the CXIP DAO community. Members of this community can vote on proposed features and innovations, as well as manage the monetization of the community. CXIP tokens give the right to vote.
The company is committed to providing the most reliable and secure NFT creation technology. And also solves the problems of protecting the rights of artists thanks to:
- signatures before monetization,
- identification data on the network,
- confirmed origin of tokens,
- advanced royalty mechanics,
- modern smart contracts.
CXIP Labs has plans to integrate with all major NFT marketplaces. The company also plans to help authors register the rights to their work with the US Copyright Office.
Conclusion
With CXIP DAO, artists can manage and control the future of the NFT marketplace instead of centralized marketplaces. The company is committed to providing the most reliable and secure token creation technology.
It provides artists with royalties on token sales and also allows them to own smart contracts that are used to move their tokens. With their help, the artist can transfer his NFT to any site.
CXIP DAO solves the problem of copyright through proven provenance, signature before monetization, online identity. To help the organization, an advisory board was formed of leading artists and attorneys: Pharrell Williams, Jen Stark, Daniel Arsham, Chad Knight, Justin Aversano, and Jeff Gluck.
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