Chinese court rules marketplace guilty of minting NFTs from stolen artwork
A user of the NFT marketplace NFTCN allegedly poached a creation of an artist and sold it as an NFT for $137 to another user. A court in the Chinese city of Hangzhou ruled a one-of-a-kind judgment against a nonfungible token (NFT) marketplace for allowing a user to create (or mint) NFTs of stolen artwork.As reported by South China Morning Post, the court verdict toward the NFT marketplace was made after Shenzhen-based company Qice filed a lawsuit against NFTCN’s parent company, BigVerse.The lawsuit claimed that an NFTCN user stole a copyrighted artwork of Ma Qianli, a Chinese artist....
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Nonfungible tokens would be problematic without the validation and verification of copyright ownership in the NFT-minting process. Everyone is wild about nonfungible tokens (NFTs). The first half of 2021 alone saw NFTs from Andy Warhol, NFTs of the code for the World Wide Web, the first-ever Tweet and, of course, the famous $69 million NFT sale of Beeple’s “Everydays.” Whether this explosive rise of NFTs is a flash in the pan or the future of art and beyond is a hot topic of conversation. An emerging theme from that conversation is whether NFTs have a copyright problem. Copyright is....
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