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The letter further points to DC’s intent to work out a fair solution for all parties including fans and creators.
A letter sent by DC Comics to its artists warning them against auctioning its intellectual property in the form of NFTs has leaked. In it, the publisher further reveals plans to participate in the industry.
NFTs have become a major crypto trend in 2021. Its popularity has seen the involvement of top influential individuals who have bought or sold. Jack Dorsey is currently selling his first tweet, Mark Cuban has bid on artwork and Canadian singer Grimes has made over $6 million selling collectibles. The industry has fetched millions of dollars over the last couple of months. One of those to get a share of this is former DC comics artist José Delgo best known in the 70s and 80s for his Wonder Woman sketches. Last week, Delgo earned $1.85 million dollars from his drawings which featured Wonder Woman which is currently DC Comics’ intellectual property.
DC Comics Warning to Artists on NFTs
In response, DC sent out letters warning artists not to use any of its licensed characters as NFTs. The company is concerned that a trend could rise with artists exploiting its characters to sell NFTs. In the letter leaked online, it further hinted at maybe getting into the industry:
“Non-Fungible Tokens (NFTs) are becoming the newest fan collectables and have generated significant press and buzz in the digital space. DC is exploring opportunities to enter the market for the distribution and sale of original DC digital art with NFTs including both new art created specifically for the NFT market, as well as original digital art rendered for DC’s comic book publications.”
The letter further points to DC’s intent to work out a fair solution for all parties including fans and creators. It also advises the artists to talk to Lawrence Ganem, DC’s VP, Talent Services if contacted by anyone wanting to include any of their DC art in an NFT program. The letter reads:
“We expect the participation of DC’s freelance talent will be an integral component of the NFT program that DC puts into place. We’ll share further information as it becomes available, and we appreciate your cooperation and partnership.”
NFT Bubble
As NFTs continue to fetch millions, there is still much concern if they are in a bubble. Some, including Beeple who set the record for selling the most expensive NFT at $69 million, are skeptical of the trend. In an interview with the BBC, the artist whose real name is Mike Winkelmann revealed that he thinks the market is currently in a bubble. Much like the 2017 ICO boom, some critics expect NFTs to burn out.
Though the industry has been legitimized by big names, it continues to draw controversy. But so did crypto as a whole a few years ago and DeFi when it was getting started. The two remain strong and have seen their value grow to the tune of billions. For NFTs, only time will tell.
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Kiguru is a fine writer with a preference for innovation, finance, and the convergence of the two. A firm adherent to the groundbreaking capability of cryptographic forms of money and the blockchain. When not in his office, he is tuned in to Nas, Eminem, and The Beatles.
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