As non-fungible tokens (NFTs) continue to make headlines, a startup is trying to ensure that artists are protected by verifying their artwork.
NFTs have become all the rage lately with auctions routinely reaching into the seven-figure range. This rise of NFTs has also brought about a number of issues that continue to hang over the industry such as gas fees, a confusing process, as well as theft are a few examples.
A new startup, CXIP Labs, is committed to solving the latter issue by providing minting services that can be used across different marketplaces.
Providing peace of mind to artists
The startup’s goal is to create a new verification process for NFTs that offers a higher level of security for both artists and the collectors who invest in their work. The platform is planned to have the ability to integrate with various digital marketplaces and auction houses. Jeff Gluck, an intellectual property lawyer specializing in art, is the founder of the project.
In an interview with ARTnews, Gluck stated that “the idea is for all market participants to adopt this better, standardized minting solution, creating consistency and compatibility through the industry,” Gluck added that the platform is the first of its kind that attempts to solve the problems plaguing NFT digital artists.
Gluck was recently a part of a lawsuit from artists Smash 137 against General Motors, who sued the car company after using the artist’s work for advertisements without proper consent.
The idea for the project is a result of Gluck’s reaction to a Supreme Court ruling that required artwork to be copyrighted before it can be legally protected. Gluck decided that the traditional system to copyright a piece of art was outdated and fairly difficult to use.
He decided to build an easier-to-use online portal for artists to copyright their creations without the headache. This led to Gluck shifting gears and using the platform to serve as a verification service for NFTs.
The company has already begun to work with digital artists and creators who wish to protect their digital assets. Two such notable artists are Lucien Smith and Jen Stark. CXIP Labs is not only pairing with digital artists, the project is also currently working with musician Arca and streetwear designer Darren Romanelli.
Another artist, Daniel Arsham, will serve as the Chief Brand Officer for CXIP. The platform is officially slated to launch in July 2021.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.