This past 2021 the digital economy was impacted by the growing boom in NFT projects and cryptocurrencies. Situation that also opened the way to a greater acceptance of technology in different areas of this world. Based on an idea of security, transparency and decentralization, more and more people choose to enter this new digital ecosystem. However, during these festivities a controversy has arisen that casts doubt on the said security of this ecosystem, thus affecting the assets of the users.
Controversy in OpenSea: They steal an estimated 1.95 million euros in NFTs
From the beginning, one of the most striking characteristics of NFT projects has been the exorbitant prices for which these digital goods are sold. As an example, we have Jack Dorsey who sold his first tweet as an NFT for an estimated €2 million. Just like this, there are many other digital goods that reach large sums of money, being the most expensive so far «Everydays: The First 5,000 days» by Beeple, which was sold for a total of 61.4 million euros.
Considering the amounts of money that users invest, it is to be expected that the security of NFTs will be guaranteed. And, initially, it is so because the blockchain technology on which the exchange platforms are supported minimizes this kind of risk. Still, in recent days OpenSea, one of the largest NFT marketplaces on the internet, has been involved in a debate about the limits of decentralization.
It all started with Todd Kramera digital art collector, who reported through his Twitter account the 15 NFTs stolen from Bored Ape Yacht Club (BAYC) collectionone of the most recognized and expensive in the digital world, and asking the exchange platform to withdraw said NFTs from its exchange pool.
Although there was no official confirmation from OpenSea, it froze transactions on these specific NFTs, which, beyond providing closure to the issue, has fueled a new controversy. Since, internet users brand this behavior as an affront against the idea of decentralization on which the blockchain is built.
«Who was able to freeze NFTs?» a user replied to Kramer’s now-deleted tweet. “It feels quite anti-crypto asking third parties to do this and ideally they shouldn’t be able to. In true decentralized ownership no one should be able to intervene«. Although the end of this story is not yet known, it seems that some people helped Kramer to find a solution to his problem, after it was known that he was the victim of a hack of his passwords, which is why they were able to access his wallet. and “steal” the NFTs.
Plagiarism on the OpenSea platform: PHAYC and Phunky Ape Yacht Club, the inverted version of Bored Ape Yacht Club
Beyond the controversy over the theft, OpenSea has also been immersed in another problem related to the BAYC collection. On this occasion, the platform has removed from its marketplace the assets sold by both collections PHAYC Y Phunky appe yacht Club. These NFTs represent a copy of the BAYC apes and mutants, with the only difference being that they face in the opposite direction.
Now, imitation is a fundamental part of the art, and something common within the world of non-fungible tokens. However, in the case of BAYC, the creators of the collection yuga Labs, own the copyright to the images of their apes. Therefore, plagiarism on these comprises an illegal action on which action could be taken. In this way, although there are not many legal precedents on the management of NFTs, the copy made by PHAYC and Phunky Ape Yacht Club implies a breach of copyright regulations, thus earning the removal of their collections from the main exchange marketplaces.
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