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Art theft is an emerging problem on NFT platforms like OpenSea, is there a solution?

December 20, 2021 - Around 3 mins mins to read

NFTs often prove to be annoying as countless “right click and save” memes are spawned as a result of the same result. However, traditional artists, on the other hand, speak out about the pain when their work is stolen and molded into NFTs without their permission.

You “art” are a thief

On December 18, Liam Sharp, a British cartoonist who worked for both Marvel and DC Comics, to explain that someone stole his work and stamped it as an NFT on OpenSea. Of course, he had feedback for the NFT market.

The piece in question is a Minotaur posted on OpenSea by a user named 7D03E7. The artwork was dismantled two days earlier and is based on the polygon blockchain. The price is 0.0008 ETH [$3.14 at press time]. The user pointed out that other NFTs in the creator’s collection with the names of other artists on them were also stolen.

Art theft, an emerging problem on NFT platforms like OpenSea, is a solution in sight 3

Source: openea.io

With many calling for OpenSea to deal with the events, ENS founder and lead developer Nick Johnson said answered,

“That looks like a huge overreaction. The entire collection has no sale. This is the equivalent of someone posting your work on their Facebook without credit: it’s awful and possibly illegal, but under no circumstances a real threat. “

Another “picture” of the scene

While traditional artists complain that their work was molded in NFT and sold without their permission, it boomed after the NFT boom in 2021. In fact, DeviantArt – a popular platform for sharing creativity – decided to use artificial intelligence to hold back the matter.

So are unauthorized NFTs an occupational hazard to the DeFi space or an active threat to traditional artists? Let’s look at the facts. According to ConsenSys’s Web 3 report, 97% of the market volume was captured by OpenSea in the last quarter. In terms of revenue, OpenSea has raised over $ 16 billion in crypto this year alone, according to Chainalysis.

Put simply, this is not easy to miss.

More than cryptocurrencies and colored pencils

OpenSea is a big player in the NFT space, but it will be two with the official launch of Coinbase NFT. Coinbase previously reached out to traditional artists to partner with and have them pay in crypto. But it’s not unique – other companies interested in NFT include Visa, Fortune, Twitter, and TikTok.

In the future, artist protection will certainly be an important success factor for the next dominant NFT market. Also, if the NFT marketplaces are to attract more traditional artists, these issues need to be addressed quickly.

Market

Art theft is an emerging problem on NFT platforms like OpenSea, is there a solution?

NFTs often prove to be annoying as countless “right click and save” memes are spawned as a result of the same result. However, traditional artists, on the other hand, speak out about the pain when their work is stolen and molded into NFTs without their permission.

You “art” are a thief

On December 18, Liam Sharp, a British cartoonist who worked for both Marvel and DC Comics, to explain that someone stole his work and stamped it as an NFT on OpenSea. Of course, he had feedback for the NFT market.

The piece in question is a Minotaur posted on OpenSea by a user named 7D03E7. The artwork was dismantled two days earlier and is based on the polygon blockchain. The price is 0.0008 ETH [$3.14 at press time]. The user pointed out that other NFTs in the creator’s collection with the names of other artists on them were also stolen.

Art theft, an emerging problem on NFT platforms like OpenSea, is a solution in sight 3

Source: openea.io

With many calling for OpenSea to deal with the events, ENS founder and lead developer Nick Johnson said answered,

“That looks like a huge overreaction. The entire collection has no sale. This is the equivalent of someone posting your work on their Facebook without credit: it’s awful and possibly illegal, but under no circumstances a real threat. “

Another “picture” of the scene

While traditional artists complain that their work was molded in NFT and sold without their permission, it boomed after the NFT boom in 2021. In fact, DeviantArt – a popular platform for sharing creativity – decided to use artificial intelligence to hold back the matter.

So are unauthorized NFTs an occupational hazard to the DeFi space or an active threat to traditional artists? Let’s look at the facts. According to ConsenSys’s Web 3 report, 97% of the market volume was captured by OpenSea in the last quarter. In terms of revenue, OpenSea has raised over $ 16 billion in crypto this year alone, according to Chainalysis.

Put simply, this is not easy to miss.

More than cryptocurrencies and colored pencils

OpenSea is a big player in the NFT space, but it will be two with the official launch of Coinbase NFT. Coinbase previously reached out to traditional artists to partner with and have them pay in crypto. But it’s not unique – other companies interested in NFT include Visa, Fortune, Twitter, and TikTok.

In the future, artist protection will certainly be an important success factor for the next dominant NFT market. Also, if the NFT marketplaces are to attract more traditional artists, these issues need to be addressed quickly.

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