a16z to Launch NFT Copyright Licenses

a16z to Launch NFT Copyright Licenses

Venture capitalist a16z is launching an NFT-specific copyright license to help creators protect or distribute their intellectual property. Dubbed “Don’t Be Evil,” the free license aims to create an irrevocable baseline for NFT holders’ intellectual property rights and eliminate potential vulnerabilities by clearly outlining what those intellectual property rights contain. The company’s general counsel and founders, Miles Jenning and Chris Dixon, said in a press release that these “can’t be evil” licenses will make the NFT ecosystem “more trustless” and “thus bring real-world ownership to on-chain.

The cryptocurrency market saw a small downside correction in the early hours of Thursday (Asian trading hours) after a small rally fueled by Asian investors began to show signs of weakness. As of this writing, BTC is down 1.4% in the past 24 hours, trading erratically above $20,000. By market cap, the bears are putting pressure on the $203,000-$20,500 area. A failure to break this resistance zone could see BTC test its previous support level at the $19.5k horizontal.

In the derivatives market, the basis for the 2023 Q2 BTC quarterly futures plummeted below 0.2%, reaching a level equal to the spot. Options began to accelerate downwards and bearish sentiment rose significantly. However, not everything is pessimism and doom. BTC mining difficulty increased by 9.26% after the most recent adjustment, the largest since January this year. Meanwhile, BTC’s hash rate jumped more than 12% as the heat wave subsided, facilities came online, and new, more efficient rigs entered the market.

ETH started a technical correction after failing to clear resistance near $1,620. As of this writing, the second-largest cryptocurrency by market cap is consolidating at $1,500 after losing 3% of its market cap over the past 24 hours. The 100 hourly moving average remains a key support level for ETH with immediate resistance near $1,580. Most major altcoins are largely in the red, with the exception of MATIC and FLOW, which struggled to hold 1% gains on similar time frames.