Valulables, an NFT minting platform which sold an NFT of Jack Dorsey’s first tweet for approximately $3 million has limited many most transactions because user were minting tokens of content that did not belong to them. As a quickly growing trend, many self-serve, peer-to-peer marketplaces, and NFT minting companies are imposing IP rights of original content creators.
Companies like OpenSea, another a peer-to-peer web3 service company that helps users discover and directly interact with each other and NFTs available on public blockchains. These companies neither have custody or control over the NFTs or blockchains buyers are interacting with nor do they execute or effectuate purchases, transfers, or sales of NFTs. Consequently, peer-to-peer web3 service companies are not party to any agreement between any users. The burden falls on the purchases of the NFT to bear full responsibility for verifying the identity, legitimacy, and authenticity of NFTs that the buyer purchases from third-party sellers.
As sales of NFTs continue to skyrocket, soared to around $25 billion in 2021, many NFT minting platforms are actively monitoring their platform and removing fraudulent content as soon as it is discovered or reported by users.
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