BKopy.io, the new, NFT-focused smart contract service, announced today its first commercial use in the Sotheby’s Metaverse sale of “Infocalypse” on Feb. 27, an NFT project marking the 30th anniversary of the publication of “Snow Crash,” made in collaboration between “metaverse” coiner and #1 New York Times bestselling sci-fi novelist Neal Stephenson, artist Tony Sheeder and software developer Sterling Crispin.
BKopy is an ownership protocol that guarantees an NFT owner’s legal rights to use and display copyrighted work by embedding legally-binding, on-chain digital signatures into an NFT transaction. This innovation bridges the gap between blockchain, intellectual property, and contract law.
“It’s an honor to be reestablishing trust in NFTs as a token of fine art ownership, beginning with futurist Neal Stephenson,” said Josh Kramer, founder and CEO, BKopy. “With BKopy, creators, collectors, and marketplaces can now be assured that their NFTs are protected by legally-binding, on-chain contracts.”
“The NFT boom has tantalized artists and buyers alike. But there’s room for improvement as the current system leaves artists vulnerable to exploitation by players who ignore the terms of ‘contracts,’” said Neal Stephenson. “BKopy provides artists and collectors with the same protections they take for granted in the world of physical art, and I’m excited to be an early adopter.”
Through the web and BKopy’s APIs, developers and creators can incorporate legal agreements into their own NFT smart contracts, benefitting all involved parties by:
- Enabling creators to publish NFT smart contracts with defined usage rights and legally-binding royalty obligations, regardless of where the NFTs are subsequently sold;
- Providing collectors with legal guarantees regarding the critical aspects contributing to the value of collected artwork: provenance, rarity, and authenticity, in addition to continued access to the underlying artwork and right of display;
- Providing marketplaces with an improved “token of ownership,” leading to increased customer trust and decreased reputational risks.