MCS | Heated Debate on the NFT

MCS | Heated Debate on the NFT

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Recently, the world's largest NFT (Non-Fungible Token) exchange, 'OpenSea' (https://opensea.io/), featured the 100 faux fur Birkin Bag, a representative product of French luxury brand 'Hermès' digital work has been registered. Mason Rothschild has combined a picture with a Birkin bag photo and registered the work under 'MetaBirkins,.' Starting at 0.1 ETH (about $450), this Birkinback NFT generated a total volume of $800K.

Source: OpenSea

However, Hermes, who owns the Birkin Bag's actual copyright, criticized and made their position clear through their statement, "Hermes has never agreed to the production of the Birkin Bag NFT." 'MetaBerkins' seems to lose its value after the bold statement by Hermes. "The people who bought those [NFTs], they can't get that money back," said Mason Rothschild, "The blockchain is pretty relentless — you can't call your credit card company and get it returned, once a transaction goes through, it's a done deal.”

Recently, hackers and insider trading has become an issue. In September, a hacker who hacked the official website of Banksy, known as a 'street artist,' bought and sold Banksy's work 'The Great Redistribution of the Climate Change Catastrophe' NFT. Pest Control, the official agency that certifies Banksy's works, denied the NFT's issuance, saying, "The artist Banksy has not created any NFT artworks.”

Source: OpenSea

In the same month, Nate Chastain, an executive at OpenSea, was caught using insider information to trade. NFTs set to be displayed on the first screen of the homepage are pre-purchased before being exposed to the public. There were also suspicions that there were additional similar insider transactions.

Source: Blockworks

As NFT copyright or trademark issues surfaced, warnings towards NFTs began to appear. This is because not only is it difficult to check the copyrights of NFTs, but it is also almost impossible to get a refund from the seller even if there are copyright issues. Most of the transactions are made anonymously in overseas online markets, and since there are no related laws or regulations, there is no feasible way to undo the damage once it is done. The ownership of the product is designed to be authenticated, but it isn't easy to verify the seller's identity who registered the work online. At the moment, it seems to be no clear answer on how to solve the seller's identity authentication.

When cryptocurrency exchange was first introduced to the world, many issues were raised and controversial. However, cryptocurrency has now been recognized as a stable industry. Based on this alone, it would be safe to assume that NFT is going through the same 'tough process' that would be the catalyst to the future development of NFTs by resolving the issues one at a time. We can expect that NFT will also occupy one of the biggest axes of the metaverse industry in the future when stable transactions are possible due to the introduction of related laws and regulations.

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MCS Team

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