Music mogul Pharrell Williams has teamed up with other NFT creators and NFT minting platform CXIP to launch a decentralized autonomous organization (DAO). Dubbed CXIP DAO, the organization seeks to create the largest coalition of NFT creators. In so doing, CXIP DAO intends to let artists govern and oversee the future of the NFT market, stripping power from centralized marketplaces like OpenSea.
Reportedly, Pharrell Williams, alongside Daniel Arsham, Chad Knight, and Jen Stark, will become CXIP DAO’s advisory board. Justin Aversano, whose Twin Flames collection has recorded a volume of around $18.4 million in trading volume on OpenSea, will also be part of the advisory board.
To ensure inclusivity, CXIP noted that anyone that has ever minted an NFT using Ethereum (ETH) would be able to claim CXIP tokens and join CXIP DAO. Per CXIP, DAO members will be able to vote on proposed features and innovations. They will also be able to manage the community treasury, NFT royalties, metadata, and contracts.
Commenting on the DAO’s launch, CXIP founder Jeff Gluck said,
Minting is the spark that powers the Web3 ecosystem and the metaverse, the fundamental technology used to create all NFTs.
He added that minting NFTs should not be a complex process and creators should not be tied to a specific marketplace or service provider to mint NFTs. According to him, minting should be a free and open activity. Additionally, Gluck believes creators should be free to move their collections and NFTs seamlessly between marketplaces.
Addressing problems with NFTs
Looking to give creators a seamless experience, CXIP noted that plans to integrate with leading NFT marketplaces are underway. On top of this, the marketplace is planning to roll out a feature that lets creators register their work with the US Copyright Office.
This news comes as CXIP continues striving to address problems associated with the NFT sector. In June this year, CXIP said it was looking to curb NFT-related issues, such as hacking, plagiarism, and the creation of unauthorized NFT versions of art. To achieve this, the marketplace rolled out a system that allows creators to authenticate their work before listing the art for sale.
At the time, Gluck, who is also an intellectual property lawyer, said,
The quality of an NFT is a direct result of how it was minted. The only way to have real provenance and verifiable authenticity is to mint an NFT properly and securely.
He pointed out that most marketplaces have a fragmented, flawed, and inconsistent minting approach, which opens a gateway for malicious actors to create counterfeit NFTs.
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