NFT Art License Agreement whereby the Artist grants the Minter to convert the art into a digitalized Non-fungible Token (NFT) ready for sale and the minter is entitled to a commission.
An NFT License Agreement sets out the terms upon which the minter receives the license to use the art for the purposes of creating and selling a digitized token, NFT. The artist has agreed to grant a license to the minter to create the terms and conditions set out in this agreement.
In this Agreement. The Artist should:
(a) Warrant the ownership of the art and will not create a second NFT;
(b) Waive all his/her rights, including moral rights, in the art;
(c) Undertake to indemnify the minter for any losses suffered due to any act or commissions of the artist.
The Minter shall be responsible for the cost of creating and arranging the sale of the NFT of the Art. Minter shall be responsible for expenses as they relate to reproducing art as mentioned in Scope of Work. Minter will have no additional financial liabilities or royalties due to the artist outside of the agreed-in license fee and commission.
The Minter will receive a commission for the sale. He or she shall be given credit on any use or reproduction of the art in the name of the artist and shall agree with all other parties who display the art for the NFT sale that they shall be given the same credit too. However, any failure to give credit to the Licensor does not form a breach of this agreement.
How to use this license?
Both the artist’s and minter’s information should be present in this agreement, along with their principal places of business. The license fee and commission should also be indicated, as well as a clear description of the art to be licensed by the artist.
If you are planning on creating and selling NFTs on the open market or via your own proprietary marketplace, you will need an NFT license agreement.
If you are interested in learning more about NFT License Agreements or require legal assistance in connection with preparing your customized NFT license agreement, feel free to reach out to us and our expert attorneys will contact you in no time!
Legally Yours,
