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NFT and copyrights : the tribune of a collective of artists shakes the art market

NFT and copyrights : the tribune of a collective of artists shakes the art market

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The new modern phenomenon of NFTs is sometimes a source of litigation, as it flirts with laws and legislators, who have difficulty understanding these digital assets. On May 31st, a collective of artists has thus warned via the diffusion of a tribune, against the non-respect of the copyright in the field of the digital art.

 

Since the advent of NFT in recent years, thousands of digital artworks of all kinds have emerged that have benefited brands, luxury houses and artists.

 

The popularity of NFTs has given rise to a debate about copyright and infringement issues. It is particularly within the art market that disputes related to these two issues have been the most frequent.

 

Which legislation for cases of copyright infringement?

 

The virtual art market, which has given rise to original works of art such as those by Beeple or Matt Hall and John Watkinson that have been sold for millions of dollars, is notably the place where many copies of world-famous works of art come to life.

 

Beeple’s work “Everydays: the First 5000 Days”.

 

On May 31, a collective of artists warned via the dissemination of a forum, against the non-respect of copyright in the field of digital art. Indeed, on the OpenSea platform, a platform specializing in the sale of NFT, many digital works have been created “in a wild way” by copying pre-existing works of famous artists such as Pablo Picasso, Marc Chagall, Joan Miró and Rene Magritte. “A wild world, deregulated both in terms of intellectual property and tax law,” said Claudia Andrieu, the legal manager of Picasso Administration.

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This marketplace had even deliberately assumed it, admitting that 80% of the images transformed into “NFT” that were on its platform were false or stolen.

 

In November 2021, Picasso Administration had filed a lawsuit against the litigious site Picassol.io for copyright infringement, which offered for sale NFTs of Picasso’s works. The organization won the case, as the fraudulent site has since been blocked and the works removed from the market.

 

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