While non-fungible tokens (NFTs) were very popular in 2021, many issues in the ecosystem have also been raised. A recent report indicates that dozens of artists are planning to take legal action against the so-called NFT group Art wars Because their original artwork was sold as NFT without their consent.
NFT Group is intended to use works without permission
The non-fungible token asset (NFT) has generated billions of dollars in sales this year, and the term “NFT” was recently named “Word of the Year” in the Collins English Dictionary. Over the past seven days, NFT markets such as Opensea have generated $587 million in sales. Atomicwax saw over $20 million and Rarible over $3 million in weekly non-fungible token sales.
However, there have been some issues in the NFT industry recently, such as permanence, censorship, and insider trading issues, and now artists are frustrated with NFT being released without their consent. financial times (FT) reported that artworks by Aish Kapoor and David Bailey have been released as non-fungible tokens without their consent.
According to the report, helmets Stormtrooper from star Wars Produced by Kapoor, Bailey and others portrayed and sold as NFTs without permission. The NFT pool has sold for around 1,600 ETH, which is equivalent to more than $7.5 million at the time of writing.
Dozens of artists are said to have sued over their intellectual property
a report financial times Note that the group is called Art wars It has approximately 1,138 photos. The business attributed to Kapoor was resold for ETH 1,000, while Bailey’s business resold for ETH 120. FT’s Christina Creedel said NFTs have since been removed from Opensea:
” Legal representatives say about a dozen artists are considering legal action against the project‘, confirms the Criddle report. Criddle explains that Helen Downey, an artist who uses the name “unskilled worker,” could take legal action after noticing that two helmets were being sold as NFTs.
Problems similar to those faced by Kapoor and Bailey in the NFT industry have recently surfaced and made headlines. Legal representatives from comic book publishers DC Comics and Marvel have warned independent artists not to use copyrighted material and characters to sell them as NFTs.
Celebrity film director Quentin Tarantino in legal dispute with Miramax over NFTs from Pulp Fiction.
Record label Roc-A-Fella Records has also been involved in a legal battle with Damon Dash over NFTs related to Jay-Z’s debut album,reasonable doubt.
NFTs are objects with unique properties that enhance copyright retention. But what if the rights are already reserved in paper form? Can unauthorized NFTs be considered the result of misunderstanding or ignorance? Or is it just a deliberate fraud?
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