Abstract
The treachery of images: non-fungible tokens and copyright
Highlights
In April 2021, a sketch by celebrated neo-expressionist artist Jean-Michel Basquiat drew considerable press coverage due to a potential copyright dispute
non-fungible token (NFT) are the latest hype in the art world, which bring together smart contracts and blockchain technology, so this would not have generated a lot of interest if it were not for the fact that their announcement included the statement that the NFT would transfer the ownership of the digital file, but the new owner would be given the choice to destroy the original work if they so desired
Down are other less exclusive platforms such as Rarible and OpenSea, with a bottom pile of other platforms such as Mintable and Cent with very little user verification. There is another advantage in using a platform that has some sort of verification mechanism, and it is that it may be possible for hackers to seemingly replicate an NFT, even making it look like it came from an address, this is what is known as “sleepminting”, in which a third party can mint a work without authorisation making it appear as if it came from the author.[89]
Summary
In April 2021, a sketch by celebrated neo-expressionist artist Jean-Michel Basquiat drew considerable press coverage due to a potential copyright dispute. NFTs are the latest hype in the art world, which bring together smart contracts and blockchain technology, so this would not have generated a lot of interest if it were not for the fact that their announcement included the statement that the NFT would transfer the ownership of the digital file, but the new owner would be given the choice to destroy the original work if they so desired This drew the ire of art enthusiasts and prompted several legal questions as to whether this was possible under copyright law.[4] There is something decidedly distasteful in the destruction of a physical work of an important 20th Century African American artist, and there was the fact that this was done to generate interest and scarcity in a ploy to boost the price of the auction. 11 Fadilpašić S, ‘Ethereum Burning Thousands of USD a Minute, While Miners Face the Change’, Cryptonews (August 06, 2021), https://cryptonews.com/news/ethereum-burning-thousands-of-usd-aminute-while-miners-face-11340.htm
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