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Nick discusses the importance of open source software licenses and how they define the rights you have over the code. Not all licenses are equal - some are more permissive while others are more restrictive. He explores the most commonly used licenses for free and open source software and the rights they grant you. The video is sponsored by Linode, offering $100 to deploy your own Linux or gaming server easily through their app marketplace. It is a great choice for both development and production environments.