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 focuses on using artwork without permission from 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. NFT markets like Opensea, Atomicwax, and Rarible have all seen sales of $587 million or more in the past seven days.
However, there have been some issues with the NFT industry in recent years. These include problems with permanence and censorship as well as insider trading. Artists are now upset that NFTs were issued to them without their consent. Financial Times reports that Anish Kapoor artwork and David Bailey’s work were issued as non-fungible tokens, without the approval of their owners.
The report states that Star Wars Stormtrooper helmets made by Bailey, Kapoor and other artists were taken and sold without their permission. NFT’s collection was sold for over $1 million or 1,600 Ethereum, which is more than $7.5 Million at the time this article was written.
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. Kapoor artwork was being resold at 1,000 ETH while Bailey work was up for resale at 120 Ethereum. 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.
Recent headlines have focused on NFT issues similar to those facing Bailey and Kapoor. Both Marvel Comics and DC Comics have issued warnings to freelancer artists to not use copied material or characters in order to market 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.”
How do artists feel about the idea of taking legal action against NFT’s collection, which has grossed more than $7 million? Comment below and let us know how you feel about the subject.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.