BitClout Creates And Sells Celebrity NFTs Without Consent: Report

BitClout, an alleged open-source blockchain created celebrities NFTs and sold them without their consent so let’s read more in our latest cryptocurrency news today.

The decentralized social network and marketplace dubbed Bitclout sold off some celebrity-backed NFTs without getting their consent or approval. The platform dubbed “iFan-Esque” claimed to be backed up by the top venture capitalist can no longer be accessed via the website. There’s a lot of steam around NFTs as of late like Beeple’s art being sold for the record price in history and later we saw EVerydays: The First 5000 days that was purchased by Metakovan for $69 million. On the same day, CryptoPunk alien was purchased for $15K in 2018 and sold for $8 million recently.

The company named BitClout orchestrated the sale of the celebrity NFTs without obtaining permission with Billboard’s report explaining that the company created NFTs using the identities of 15,000 Twitter influencers without their consent. They allowed users to buy and sell these NFTs dubbed as creator coins and each one carried the identity of the public personality in its value that is tied to their social evaluation and reputation. The buyers were then able to speculate and gain from the actions of these personalities with prominent personalities like Kanye West, Billie Elish, Jake Paul, and more.

Billboard reported that prices for Billie Elish and Elon Musk soared with the activity going through the roof despite each of the native token selling for $88. For a long time, NFTs remained synonymous with authenticity and rarity because they are not interchangeable. The prestige that comes with owning them, made people break the bank. The dynamics however are hanging in the balance as the NFT market became more saturated and the con artists stepped to make so much money in the rush. They brought in some maniacs into spending huge amounts of money on fake Banksy art pieces. Banksy’s authenticator Pest Control denied having any affiliations with the NFT project but then it was too late. The imposter made up to $1 million in sales before OpenSea deleted the account.

As recently reported, A recent partnership between Veve and DC Comics is opening a new phase in the comic book studio’s merch strategy as the company announced a collection of digital Batman statues with a black and white color scheme. The collection has 4 different designs and each design has a limited number of copies so the value will vary depending on their rarity. The most expensive token is a digital state of Nightwing which will cost $89.99 and has $1850 copies.