Art theft an emerging issue on NFT platforms like OpenSea, is there a solution in sight

NFT

NFTs often become punchlines, with countless “right-click and save” memes flowing from them. On the other hand, however, mainstream artists speak out against the pain of having their work stolen and stamped as NFT without their permission.

Thou “Art” a thief

On 18 December, Liam Sharp, a British comic artist who has worked on both Marvel and DC Comics, claimed that someone had stolen his art and minted it as an NFT on OpenSea. Naturally, he had some feedback for the NFT marketplace.

The part in question was a Minotaur that had been put on OpenSea by a user called 7D03E7. Minted two days earlier and based on the Polygon blockchain, the artwork was priced at 0.0008 ETH [$3.14 at press time]. Users pointed out that other NFTs in the creator’s collection were also stolen pieces that still had the names of other artists on them.

As many called for OpenSea to address what was happening, the founder and lead developer of ENS, Nick Johnson replied,

“It sounds like a massive overreaction. The whole collection has no sales. It’s the equivalent of someone posting your work on their Facebook without attribution: crappy, and probably illegal, but not a real threat of any kind.

Another “paint” of view

While traditional artists have complained that their work was being minted as NFTs and sold without their permission, this exploded after the NFT boom of 2021. In fact, DeviantArt – a popular platform for sharing creations – decided to use artificial intelligence to try and clamp down on the problem.

So are unauthorized NFTs an occupational hazard of the DeFi space, or an active threat to traditional artists? Well, take a look at the facts. According to ConsenSys’ Web 3 report, 97% of the marketplace volume was netted by OpenSea in the past quarter. In terms of revenue, OpenSea caught more than $16 billion in crypto in this year alone, according to Chainalysis.

Simply put, this isn’t easy to ignore.

More than crypto and crayons

OpenSea is a major player in the NFT industry, but with the official launch of Coinbase NFT there will be two. Coinbase has already reached out to mainstream artists to form partnerships and help them get paid in crypto. But that’s not the only one – other companies interested in NFTs include Visa, Fortune, Twitter, and TikTok.

In the future, the protection of artists will undoubtedly be a major asset for the next ruling NFT market. Additionally, if NFT marketplaces are to attract more traditional artists, these are issues that will need to be addressed quickly.

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