New startup CXIP Labs creates Blue Check for NFTs – ARTnews.com
As the NFT hype subsides, tech, art, and law professionals are trying to create some long-term stability by addressing the many problems that plague the medium. CXIP Labs, a new start-up that is striving to be a Verification process for NFTs, aims to reduce art theft by providing an embossing service that works across all marketplaces.
Jeff Gluck, the founder of the program, is an intellectual property attorney focused on the rights of artists. Most recently he worked with the street artist Smash 137, General Motors sued after the company used the artist’s works for its advertisements. Smash 137 claimed the car company did this without their consent.
In an interview, Gluck said the new platform was the first of its kind. CXIP essentially provides the means for verifying NFTs and offers buyers and artists alike more security. The platform could “integrated into every NFT marketplace, auction house, etc., âsaid Gluck ARTnews. âThe idea is for all market participantsCustomers to adopt this better, standardized coinage solution to create consistency and compatibility across the industry. “
CXIP Labs is already working with a wide variety of creators hoping to protect their digital assets, including artists Lucien Smith and Jen Stark, streetwear designer Darren Romanelli, and musician Arca. With the recent appointment of artist Daniel Arsham as Chief Brand Officer, CXIP is set to officially launch in July.
Much like street performers, digital artists are often faced with the possibility of their work being stolen or copied by others. Glucks’ new initiative could potentially fix this problem. The inspiration for CXIP Labs was the outcome of the Supreme Court of 2019 ruling Fourth stand pub. Benefit Corp. against Wall-Street.comwhich requires works of art to be copyrighted in order to be legally protected by them.
Finding the traditional copyright system obsolete and difficult to use, Gluck began creating a simplified online portal for artists to easily copyright their works. He quickly realized that this could be used as a verification service for NFTs and used it as the basis for starting CXIP Labs.
CXIPs authenticated NFTs would be displayed with a verified icon, similar to Twitter’s blue check mark, signaling to buyers that the work is from artists directly, no matter where the pieces appear. Minting processes in which a digital asset is recorded on the blockchain, creating a smart contract. These types of contracts are currently offered by different platforms, but they can vary widely and provide opportunities for counterfeiters.
Factors such as the quality of access to the work, license agreements, ownership and more will change depending on which platform the NFT was minted on. The resulting contracts are often not compatible with other marketplaces, which makes cross-platform trade in works of art difficult. CXIP, on the other hand, enables cross-platform trading, and its system can be used to reduce fraud and invalid contracts to ensure that Artists continue to receive royalties as their NFTs are copied and distributed online.
Verifying an NFT through CXIP could legally empower artists. “If you do not register your work, you have no way of legally enforcing your rights against someone who uses your work without permission,” said Gluck. But that doesn’t mean it offers full protection in court. âYou can’t go into a courtroom and say, ‘I’ll put this on the blockchain, I can enforce my rights because it’s not recognized.’ [as proof of ownership]. ‘”
Other startups are trying to create authentication processes as well, but Gluck claims they fall short: âEven if you tied a separate authenticity token to an incorrectly minted NFT, these bugs are still there and the NFT is still vulnerable. “