Non-fungible token (NFT) assets were very popular in 2021, but there were also many ecosystem-related issues. According to a recent report, about 12 artists are considering taking legal action against an NFT collection called “Art Wars” because the original artwork was sold as an NFT without permission.
NFT collection aimed at using artwork without the permission of the original artist
This year’s sales of non-fungible token (NFT) assets amounted to billions of dollars, and the term “NFT” was recently awarded the Collins English Dictionary Word of the Year. Over the past seven days, NFT markets such as Opensea have had sales of $ 587 million, Atomicwax has sales of over $ 20 million, and Rarible’s weekly NFT sales have exceeded $ 3 million.
However, issues such as persistence, censorship, and insider trading have recently arisen in the NFT industry, and artists are angry that NFTs will be published without permission. The Financial Times (FT) reports that the artwork by Anish Kapoor and David Bailey was issued as an irreplaceable token without their blessings.
Reportedly, Star Wars Stormtrooper helmets made by Kapoor, Bailey and others were photographed without permission and sold as NFTs. The NFT collection sold for millions or about 1,600 ETH. That’s more than $ 7.5 million at the time of writing.
Dozens of artists may seek legal action — a legal dispute over intellectual property and NFTs
According to the FT report, the collection called “Art Wars” has about 1,138 images. The artwork from Kapoor was resold for 1,000 ETH, while Bailey’s work was resold for 120 ETH. FT’s Cristina Criddle said the NFT was subsequently removed from the Opensea.
“According to legal agents, about 12 artists are considering legal action on the project,” the Criddle report emphasizes. Criddle explains that artist Helen Downie, who uses the name “Unskilled Worker,” may take legal action after noticing two helmets sold as NFTs.
Problems similar to those addressed by Kapoor and Bailey have recently been raised and talked about in the NFT industry. The statutory agents of both comic publishers DC Comics and Marvel warn freelance artists not to sell copyrighted materials or characters as NFTs.
Acclaimed film director Quentin Tarantino is in a legal battle with Miramax over the “Pulp Fiction” NFT. Roc-A-Fella Records fought a court battle with Damon Dash over the NFT associated with Jay-Z’s debut album, Reasonable Doubt.
What do you think of artists who are considering taking legal action against the NFT collection, which has sold over $ 7 million? Please let us know what you think about this subject in the comments section below.
Image credit: Shutterstock, AIXabay, Wikicommons
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