While non-fungible token (NFT) assets were hugely popular in 2021, there have also been a host of ecosystem issues. A recent report indicates that about a dozen artists are considering taking legal action against an NFT collection called “Art Wars” because their original works of art were sold as NFT without their consent.
NFT collection targeted at the use of works of art without the permission of the original artists
Non-fungible token (NFT) assets recorded billions of dollars in sales this year, and the term “NFT” has just been awarded the Collins English Dictionary Word of the Year. Over the past seven days, NFT markets like Opensea have seen $ 587 million In sales, Atomicwax has over $ 20 million and Rarible has over $ 3 million in weekly NFT sales.
However, some issues in the NFT industry have been introduced lately, such as issues of permanence, censorship, insider trading, and now performers are unhappy with NFT broadcasting without consent. The Financial Times (FT) reports that the artwork of Anish Kapoor and David Bailey was issued as non-fungible tokens without obtaining their blessing.
According to report, Star Wars Stormtrooper helmets manufactured by Kapoor, Bailey, and others have been photographed and sold as NFT without permission. The NFT collection sold for millions or around 1,600 ETH which equates to over $ 7.5 million at the time of writing.
Dozen artists could take legal action – Legal wrangling escalates over intellectual property and NFTs
The FT report notes that the collection entitled “Wars of the ArtsâIs approximately 1,138 images. The artwork attributed to Kapoor was sold for 1,000 ETH, while Bailey’s work was on resale for 120 ETH. FT’s Cristina Criddle said NFTs have since been pulled from Openea.
âAbout 12 artists are considering legal action against the project, according to legal representatives,â Criddle’s report points out. Criddle explains that Helene downie, an artist who uses the name “unskilled worker” can take legal action after noticing two helmets being sold as NFT.
Problems similar to the issues Kapoor and Bailey face have popped up in the NFT industry lately and made headlines. Legal representatives for both comic book publishers DC Comics and Marvel have cautioned independent artists not to use copyrighted material and characters for sale as NFT.
Acclaimed director Quentin Tarantino is in a legal battle with Miramax over NFT âPulp Fictionâ. Roc-A-Fella Records entered a legal battle with Damon Dash on NFTs related to Jay-Z’s debut album, “Reasonable Doubt”.
What do you think of the artists who are considering taking legal action against the NFT collection which has made over $ 7 million in sales? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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