What are CC0 NFTs, and why are they important?

As nonfungible tokens (NFTs) rose to fame over the last couple of years, they were hailed as the solution to digital ownership and intellectual property (IP). However, a new class of NFTs and founders who believe in them have emerged in CC0 NFTs.

CC0 nonfungible tokens are to NFT creators as open source software is to developers. However, the digital ownership and IP protection was the design principle behind NFTs when they first launched. Several projects, including Bored Ape Yacht Club and CryptoPunks, have benefitted from the holders of these NFTs owning the IP to their art. 

Nonfungible tokenholders could create revenue opportunities for themselves by allowing creators, businesses and brands to use their NFT artwork for a fee. Other creators, NFT collections and even traditional businesses could use nonfungible token images as a brand-building exercise if they had the permission of the NFT holders.

Recently, a movement termed CC0 NFTs has taken the nonfungible token world by storm. The term CC0 NFTs was inspired by the “Creative Commons Zero” licensing model. As per this model, creators can waive their rights to their art, allowing others to use the artwork freely to build more art, a product or a brand on top of it.

This is akin to the open source movement in operating systems, as Linux chose to open its ecosystems for free use. Similar to the Linux operating system, which has a market cap of $15.95 billion and powers over 85% of smartphones, CC0 NFT collections expect a larger base of projects, artwork and brands using their NFT artwork.