NFTMagic gives NFT holders greater control over their purchased artwork as an industry first. Among other things, customers may be permitted to utilize the artwork for commercial purposes if permissions are attached to it.
A non-fungible token is an individual piece of digital currency that serves as proof of ownership for the virtual commodity it represents. In truth, things are a little more complicated than that. If a copyrighted artwork is minted, the minter must possess the copyright or grant licenses for the copyright owners. A mistake in NFT licensing means that a user must either not sell or blacklist the asset or destroy it if they mint NFTs.
In order to avoid license difficulties, NFTMagic presents a more elegant method. Most issues will be avoided by default through common-license-types in line with Creative Commons. Custom licensing options are now available with NFTMagic, providing customers more flexibility over the conditions that apply. NFTs may now be used in wider applications, and new licenses can be obtained in the sector.
From “only trade and sell, artwork for personal purposes” to “commercial use of the artwork and alterations are allowed” and “transfer of copyright included,” NFTMagic can accept a broad range of license types. Additionally, having various license types will provide much-needed clarity on what one can accomplish with NFTs beyond trading and selling.
NFTs produced using NFTMagic may have their licenses updated. Even after the NFT has been sold, the issuer may upgrade it. As a result, downgrading a license would violate the agreement between the customer and the artist. Buyers’ rights can only be enhanced. An NFT, on the other hand, maybe destroyed, and a new one with an altered license can be issued, provided it remains unsold.
NFTMagic, in comparison to other NFT platforms, allows users to upload their work for a fraction of the expenses and make the art accessible to everyone. A Proof of Stake (PoS) blockchain called Ardor handles the NFTs. Moreover, it helps in creating a sustainable and green NFT Marketplace.