Mark Cuban Backs Nifty’s NFT Hire as CLO

Mark Cuban Has Backed Nifty. Olta Andoni will be the first chief legal officer of the upcoming NFT centric social media platform.

Olta Andoni will be the first chief legal officer of the upcoming NFT centric social media platform.


In brief

  • Nifty’s is a freshly announced social media platform for NFTs.
  • It’s hired Olta Andoni, a copyright lawyer who focuses on blockchain technology, as CLO.

Nifty’s, an upcoming NFT social media platform backed by Mark Cuban, has actually hired its first chief legal officer.

The startup announced today that Olta Andoni, a copyright legal representative who concentrates on cryptocurrency and blockchain technology, will take the function.

Nifty’s, not to be confused with Nifty Entrance, was revealed on March 23. Dallas Mavericks owner Mark Cuban and ConsenSys CEO Joseph Lubin were amongst those to invest in the startup in a pre-seed round.

Nifty’s, which is set to debut this spring, is billing itself as a platform that “allow [s] anyone to gain access to, share and delight in digital collectibles while connecting directly with creators and other neighborhood members.”NiftyNifty

Andoni, previously with the Chicago-based law office of Zlatkin Wong, recently appeared on the Unchained podcast with Laura Shin together with fellow blockchain IP legal experts Stuart Levi and Tonya Evans.

” Under United States copyright law, the purchaser of the NFT is simply purchasing that NFT,” she informed Shin. “They’re not getting ownership of the hidden possession of underlying work. And I need to emphasize this since I believe there is a great deal of misunderstanding out there.”

Fixing NFT’s intellectual property puzzles– and making certain the platform is framing them correctly for consumers– will be a huge part of Andoni’s role at Nifty. The platform was built by meme fans familiar with the reasonable usage teaching, which enables copyrighted material to be replicated in certain scenarios, such as for parody and commentary. However NFTs, or special digital properties backed by a blockchain, open brand-new copyright concerns.

As Decrypt reported in March, NFT buyers are essentially getting “a license that lets them do little beyond the screen or transfer the work.” Adjustments and models are normally of concern, something for a fast-moving social network to consider.

Nifty’s is partially an outgrowth of $MEME, a DeFi job led by Jordan Lyall, Chris Your, and Eric Tesenair.

$MEME, you might keep in mind was a joke. Lyall brought it to life while making fun of meme coins in August, as decentralized finance transitioned into a multi-billion dollar organization with hockey-stick development and new tasks appearing every day. Lyall’s “The Degenerator” assured to let users “spin up a brand-new #DeFi job in as little as 5 minutes.” Someone then minted a token based on the joke. A day later on, it was doing $1.2 million in trading volume, and selling for $40.

The Meme procedure developed into a platform for staking tokens and making rewards points that can be redeemed for NFTs.

Lyall, Your, and Tesenair will act as CPO, VP of style, and VP of engineering, respectively. While MEME offers the technological basis, Jeff Marsilio, the NBA’s previous head of digital licensing who played an active role in making NBA Top Shot a reality, will be chairing the business.

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