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 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. In the past seven days, NFT markets such as Openea have seen $ 587 million in sales, Atomicwax over $ 20 million, and Rarible have over $ 3 million in weekly sales from NFT.
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 made by Kapoor, Bailey and others have been photographed and sold as NFT without permission. The NFT collection has sold for millions or around 1,600 ETH, which equates to over $ 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 points out. Criddle explains that Helen Downie, an artist who uses the name ‘unskilled worker’, may take legal action after noticing two helmets being sold as NFT.
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.
Acclaimed director Quentin Tarantino is in a legal battle with Miramax over NFT “Pulp Fiction”. Roc-A-Fella Records has engaged in a legal battle with Damon Dash over NFTs related to Jay-Z’s debut album, “Reasonable Doubt”.
