Squid Game NFTs Are Being Traded On OpenSea

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Last Updated on 15 October 2021 by CryptoTips.eu

Jeroen Kok

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Red light, green light. By now the world can be divided into two parts: those who have watched Squid Game and those who haven’t. To let you know how popular the South Korean series has become, consider this: it has topped the charts of Netflix in all the Western and Asian countries where it was launched. In doing so, the South Korean Netflix series has spun off a variety of both officially licensed and fan made merchandise and content.

Advertentie.

Copyright infringement

It has also attracted many copycats and people just wanting to cash in on its fame. OpenSea, the world’s largest NFT platform that was recently hit by a frontrunning scandal, has been overwhelmed by the interest of artists aiming to sell Squid Game merchandise.

As of today, more than 32,000 items are up for sale.

Problem is that the developer’s OpenSea accounts don’t show any affiliation with Netflix or the producers of Squid Game for that matter. Back in June, the Korea Copyright Commission published a report on NFTs and copyright issues, saying infringement of copyright may occur in issuing NFTs that are created or owned offline by another person.

Nevertheless, there is no law that currently regulates copyright infringement in NFTs or other digital artworks as theses technologies are simply too new and governments have had no time yet to catch up.

Asked for a reaction, the Ministry of Culture, Sports and Tourism of South Korea declared it would examine such cases with experts and actively monitor the situation if Squid Game continues to dominate the NFT space (just as it does the streaming space).