On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
While non-fungible token (NFT) assets have been extremely popular in 2021, there’s been a slew of issues tied to the ecosystem as well. A recent report indicates that roughly a dozen artists are considering taking legal action against an NFT collection called “Art Wars” because their original artwork was sold as NFTs without their consent.
NFT Collection Targeted Over Using Artwork Without Permission From the Original Artists
Non-fungible token (NFT) assets have seen billions of dollars in sales this year, and the term “NFT” was just recently awarded the Collins English Dictionary Word of the Year. During the last seven days, NFT markets such as Opensea have seen $587 million in sales, Atomicwax has seen over $20 million, and Rarible has seen over $3 million in weekly NFT sales.
However, certain issues in the NFT industry have been introduced in recent times such as problems with permanence, censorship, insider trading, and now artists are upset about NFTs being issued without consent. Financial Times (FT) reports that artwork by Anish Kapoor and David Bailey has been issued as non-fungible tokens without getting their blessing.
According to the report, Star Wars Stormtrooper helmets crafted by Kapoor, Bailey, and others were photographed and sold as NFT without permission. The NFT collection sold for millions or approximately 1,600 ETH which equates to more than $7.5 million at the time of writing.
A Dozen Artists May Seek Legal Action — Legal Tussles Rise Over Intellectual Property and NFTs
FT’s report notes that the collection called “Art Wars” is approximately 1,138 images. Artwork attributed to Kapoor was being resold 1,000 ETH, while work by Bailey was on resale for 120 ETH. FT’s Cristina Criddle said the NFTs were since removed from Opensea.
“About 12 artists are considering legal action against the project, according to legal representatives,” Criddle’s report highlights. Criddle explains that Helen Downie, an artist that uses the name “Unskilled Worker,” may take legal action after noticing two helmets that were sold as NFTs.
Issues similar to the problems Kapoor and Bailey are dealing with have been arising in the NFT industry in recent times and making headlines. Legal representatives from both comic book publishers DC Comics and Marvel have warned freelance artists not to use copyrighted material and characters to sell as NFTs.
The acclaimed film director, Quentin Tarantino, is in a legal tussle with Miramax over “Pulp Fiction” NFTs. Roc-A-Fella Records got into a legal battle with Damon Dash over NFTs tied to Jay-Z’s debut album, “Reasonable Doubt.”
What do you think about the artists thinking about taking legal action against the NFT collection that made over $7 million in sales? Let us know what you think about this subject in the comments section below.
Comments
Post a Comment