The issue of plagiarism and intellectual theft seems to be on the rise, Huobi’s NFT trade zone has been accused of two different copyright breaches on entertainment star projects.
The NFT trade and exchange platform of Huobi has been accused of two breaches in a row on projects involving celebrities. Huobi has been informed that legal action could be taken against its NFT platform in the near future.
Users are now requesting a statement detailing how the purchased and acquired NFT will be handled after the breached data has been removed from Huobi’s NFT platform.
Colin Wu, a Chinese journalist, tweeted about Huobi’s infringement, making it the second copyright infringement case in a day.
Huobi NFT platform has been accused of infringement on two consecutive entertainment star projects, and they even threatened to take legal action. Information on Huobi has been deleted, and users do not know how the purchased or acquired NFT will be handled.
— Wu Blockchain (@WuBlockchain) July 14, 2021
Huobi has formed a $100 million investment arm to devote to the burgeoning Non-Fungible Tokens trend (NFT). In May, the Huobi Group announced the project’s start.
The investing arm was established in order to broaden the market for the trade and exchange platform and to expand into the trading of digital assets.
Huobi’s latest fund is planned to invest in early-stage NFT venture capital and acquire blockchain companies that can be seamlessly integrated into Huobi’s existing trade and exchange ventures.
This includes $10 million set aside expressly for the purpose of investing in NFTs and trading platforms.
“What we see in the market today is only a fraction of what’s possible with NFTs,” Huobi Group CFO, Lily Zhang who will head up the new Huobi Ventures unit, told Reuters.
Huobi X Center hatched iBox, a new NFT platform that will offer premium NFTs to Asia, last month. The Huobi ECO Chain (HECO), an EVM-compatible blockchain that provides developers with an efficient and low-cost on-chain ecosystem for decentralized apps (dApps), smart contacts, and digital assets, has been made available with iBox services.
“We plan on integrating iBox with several public chains in the future while still ensuring secure, low-fee transactions,” said Leo Qin, the head of iBox.
NFTs are being chastised for failing to protect digital artwork from intellectual property violations such as plagiarism and copyright fraud.
Plagiarists published Non-Fungible Tokens (NFT) of a photograph owned by Caixin and reporter Dinggang on OpenSea yesterday.
OpenSea is a new trading and exchange platform for unique digital objects and cyber OpenSea treasures. Plagiarism scams appear to have risen in frequency in the NFT market recently, exposing a slew of fraudulent activities and causing consternation within the NFT community.