Vleppo, a Web3 blockchain solution provider, and Tokel, a blockchain-based NFT and token creation system, are excited to announce that NFTs rights are now legally enforceable in the courts of law around the world thanks to their innovation.
As per the announcement, Vleppo has developed a Blockchain Contract Management System (CMS) to help the NFT industry. The breakthrough procedure allows NFT owners to create a digital contact by embedding their NFTs on-chain ID directly into the Blockchain record of the same digital contract. This applies to any NFT on Ethereum, Solana, Polygon, or any other blockchain.
As a result, the procedure allows NFT to act as an immutable evidentiary anchor for the digital contract created, thus forever linking the two. Vleppo’s solution finally addresses current major concerns within the blockchain and NFT space about the legal enforceability of smart contracts related to NFTs. Note this link is readily observable through Vleppo’s Blockchain system, Alysides, which is a customized fork of the Komodo Protocol.
Chris Sloan, the Chair of the Emerging Companies Team at US legal firm Baker Donelson, explained during a panel discussion held on Thursday, 7th:
“The concept of, for example, embedding an NFT of a song into a Ricardian contract that defines a user’s rights with respect to that song is a nice marriage of the benefits of an NFT in terms of being able to track the distribution of a digital asset like that with traditional contract law.”
For any contract to be enforceable, it must fully satisfy five major elements: offer, consideration acceptance capacity, and an intention between the parties. While smart contracts can satisfy the first three elements, one can’t demonstrate the indent and the parties’ capacity to contract. However, smart contracts executed through Vleppo’s CMS ensures that the link between the NFT and the underlying contract cannot be broken.
Peter Coco, Vleppo’s CEO, remarked:
“It has been a long slog. But it is a big delight for the Vleppo Team to be able to savor the sweet smell of success. At long last, the problem that has posed a challenge to the blockchain world and NFT owners, concerning the distinct lack of legal clarity and legal rights in smart contracts, is finally resolved. We would welcome the opportunity to help all blockchain companies and NFT owners to enhance their existing digital and smart contracts as well as their NFTs to be recognized as legally binding contracts in courts of law.”
Note that Vleppo’s CMS has the potential to accommodate complete contractual arrangements due to the superior design of the Komodo Protocol. This will be done more affordably and efficiently than other popular protocols.