Please describe your proposed solution.

Our proposed solution is to establish a set of licensing standards for NFTs on NMKR, encompassing various use cases such as limited use rights, 1099 contracts, and special purpose vehicles (SPVs). We will work closely with legal experts to develop legally enforceable contract templates that provide clarity and facilitate business transactions within the NMKR ecosystem. These licensing standards and contract templates will streamline the onboarding process for businesses, encourage adoption, and ensure compliance with relevant regulations.

How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Our solution addresses the challenge by providing standardized licensing frameworks and contract templates tailored specifically for NFTs on NMKR. By offering clear guidelines and legal frameworks, businesses will have a reliable and efficient way to license their NFTs, establish contractual relationships, and engage in transactions. This will enhance legal clarity, reduce friction, and increase confidence among businesses and investors operating within the NMKR ecosystem. It will also attract a wider range of businesses to leverage NMKR for their NFT offerings, fostering ecosystem growth and sustainability.

How do you intend to measure the success of your project?

The success of our project will be measured through the following key indicators:

• Adoption by Businesses: The number of businesses that adopt the licensing standards and utilize the provided contract templates for their NFT offerings.

• Transaction Volume: The increase in the volume of NFT transactions facilitated by the standardized licensing frameworks and contract templates.

• Legal Compliance: Ensuring that the licensing standards and contract templates align with relevant regulations and legal requirements.

• User Satisfaction: Gathering feedback from businesses and legal professionals to assess their satisfaction with the licensing standards and contract templates.

Please describe your plans to share the outputs and results of your project?

We are committed to sharing the outputs and results of our project with the NMKR community and beyond. Our plans include:

• Documentation: Creating comprehensive documentation detailing the licensing standards and contract templates, which will be made available for public access.

• Workshops and Webinars: Conducting workshops and webinars to educate businesses and legal professionals about the licensing standards and contract templates, as well as their practical implementation.

• Publications: Publishing articles and whitepapers highlighting the benefits and impact of the standardized licensing frameworks on the NMKR ecosystem.

• Engagement: Actively participating in community forums and social media platforms to answer questions, gather feedback, and address concerns related to the licensing standards and contract templates.

What is your capability to deliver your project with high levels of trust and accountability?

Our team consists of experienced legal professionals and blockchain experts with a strong understanding of the NMKR ecosystem and the complexities of NFT licensing. We have successfully delivered similar projects in the past, ensuring high levels of trust, transparency, and accountability. Our project management approach emphasizes clear communication, regular updates, and adherence to agreed timelines and milestones.

What are the main goals for the project and how will you validate if your approach is feasible?

• Development of Licensing Standards: Creating comprehensive licensing standards that address the various use cases and business requirements on NMKR.

• Contract Template Creation: Designing legally enforceable contract templates that align with the licensing standards and facilitate seamless business transactions.

• Legal Review and Compliance: Conducting thorough legal review and analysis to ensure the licensing standards and contract templates comply with applicable regulations.

• User Feedback and Adoption: Seeking feedback from businesses and legal professionals to validate the usability and effectiveness of the licensing standards and contract templates.

Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1: Research and Analysis (Months 1-2)

• Conduct comprehensive research on existing NFT licensing practices and legal frameworks.
• Analyze business requirements and use cases specific to NMKR.
• Define the scope and parameters for the licensing standards and contract templates.

Milestone 2: Standard Development and Template Creation (Months 3-6)

• Develop standardized licensing frameworks for NFTs on NMKR, including limited use rights, 1099 contracts, and SPVs.
• Create legally enforceable contract templates aligned with the licensing standards.
• Seek feedback from legal professionals and industry experts for refinement.

Milestone 3: Legal Review and Compliance (Months 7-8)

• Engage legal experts to review the licensing standards and contract templates for compliance with relevant regulations.
• Make necessary revisions and adjustments based on legal feedback and recommendations.

Milestone 4: User Testing and Feedback (Months 9-10)

• Collaborate with businesses and legal professionals to test the usability and effectiveness of the licensing standards and contract templates.
• Gather feedback and make further refinements based on user input.

Milestone 5: Documentation and Dissemination (Months 11-12)

• Create comprehensive documentation explaining the licensing standards and contract templates.
• Organize workshops and webinars to educate businesses and legal professionals about the standards and templates.
• Publish articles and whitepapers to share the benefits and impact of the licensing frameworks on the NMKR ecosystem.

Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1: Research and Analysis

• Research report on existing NFT licensing practices and legal frameworks.
• Detailed analysis of business requirements and use cases specific to NMKR.
• Clear scope and parameters defined for the licensing standards and contract templates.

Milestone 2: Standard Development and Template Creation

• Standardized licensing frameworks for NFTs on NMKR, addressing limited use rights, 1099 contracts, and SPVs.
• Legally enforceable contract templates aligned with the licensing standards.
• Feedback from legal professionals and industry experts for refinement.

Milestone 3: Legal Review and Compliance

• Legal review report confirming compliance of licensing standards and contract templates with relevant regulations.
• Revisions and adjustments based on legal feedback and recommendations.

Milestone 4: User Testing and Feedback

• User feedback report on the usability and effectiveness of the licensing standards and contract templates.
• Refinements made based on user input.

Milestone 5: Documentation and Dissemination

• Comprehensive documentation explaining the licensing standards and contract templates.
• Workshops and webinars conducted to educate businesses and legal professionals.
• Articles and whitepapers published to share the benefits and impact of the licensing frameworks on the NMKR ecosystem.

Please provide a detailed budget breakdown of the proposed work and resources.

Development (90,000 ADA): This budget allocation is dedicated to the development of the licensing standards and the creation of contract templates. It covers the costs associated with hiring skilled developers, conducting coding and testing activities, and ensuring the functionality and effectiveness of the licensing system.

Legal Review and Compliance (20,000 ADA): The legal review and compliance budget is designated for engaging legal experts to review the licensing standards and contract templates. It includes legal consultations, contract review, and ensuring alignment with relevant laws and regulations. This ensures that the licensing framework is legally sound and compliant.

Who is in the project team and what are their roles?

• Legal Experts: Responsible for conducting legal research, reviewing licensing standards and contract templates, and ensuring compliance with applicable regulations.
• Blockchain Specialists: Experienced professionals with in-depth knowledge of NFTs and the NMKR ecosystem, providing technical expertise for the project.
• Project Manager: Oversees the project, coordinates tasks, manages resources, and ensures timely delivery.

How does the cost of the project represent value for money for the Cardano ecosystem?

he cost of this project represents a valuable investment in the NMKR ecosystem. By establishing comprehensive licensing standards and contract templates, businesses operating on NMKR will have access to a clear and efficient framework for licensing NFTs. This will enhance legal clarity, facilitate business transactions, and attract a broader range of businesses to leverage NMKR. The resulting increase in ecosystem activity and growth will provide long-term value and sustainability for NMKR and its participants.