HomeCrypto NewsHoskinson Responds To Critics After Using Someone Else's NFT As PFP

Hoskinson Responds To Critics After Using Someone Else’s NFT As PFP

Date:

Written By:

Latest News

- Advertisement -

The Cardano founder had come under fire from some NFT enthusiasts after using someone else’s NFT as his Twitter and Facebook profile picture.

Charles Hoskinson, the founder of Cardano, has responded to critics who reprimanded him for putting someone else’s NFT on his Twitter and Facebook display pictures. Blakelock Brown, co-founder and CEO of Cardano’s largest NFT marketplace JPG Store noted that Hoskinson should have properly purchased the NFT.

After acknowledging Hoskinson’s efforts at Cardano development and paying his respects to the American entrepreneur, Brown mentioned that Hoskinson should buy any other NFT he wishes to use as a PFP next time. According to Brown, this is a way of supporting the artists.

In response, Hoskinson disclosed that he does not feel it is necessary to purchase the NFT, as he highlighted concerns about the lack of clarity on the rights of NFT holders. 

“Buy an NFT? I’m not buying the IP nor am I signing a contract giving me royalty free use to display. I don’t think Blake is getting my broader point about the contractual relationships and rights of the purchaser,” he said in a tweet today.

Responding to Hoskinson’s tweet, Brown cheekily asked if the Cardano founder would be willing to pay the artist next time, supposing the IP rights to the image are embedded in the metadata. He noted that he’s willing to do that if it is what it takes. 

Are IP Rights Transferred to the Buyer of an NFT?

- Advertisement -

Hoskinson’s recent comments mirror his previous remarks on the matter in the wake of the criticisms. He noted that the Intellectual Property (IP) rights to the image are not transferred to the buyer of an NFT at the point of purchase. According to him, the artist who created the image retains the IP rights despite selling the NFT to the buyer.

“When you buy an NFT, it’s not really clear what you’re buying. You don’t necessarily own the intellectual property associated with the image of the NFT; you own a digitalized object that is embedded in blockchain,” Hoskinson said in a live broadcast yesterday.

He noted that he sometimes makes these moves to bring exposure to the artists. The NFT is an artistic representation of Hoskinson by Jar Head Studio. The NFT sold for 10,000 ADA yesterday.

Meanwhile, Todd Benn, a fundamental analyst and the self-acclaimed owner of the NFT, has revealed that he does not mind seeing Hoskinson use the image as his PFP. Benn has vehemently made arguments defending Hoskinson’s action. Charles Hoskinson’s claims resurrected an age-old debate on the rights transferred to the purchaser of an NFT. The Crypto Basic previously highlighted the issue in a report last year. 

- Advertisement -

Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

More from Author