Yang Ga Questions NFT Distribution Rights and NFT Value of Andy Warhol’s Three Self-Portraits Recommended by Justin Sun

It is reported that the NFT auction platform Binance NFT, together with Wavefield TRON and APENFT Foundation, has just announced on June 22 that it will hold a “Genesis” themed NFT auction on the 24th, and the auction items include Andy Warhol’s “Three Self-Portraits” generated by NFT works and many other pieces. The auction will include a number of heavyweight artworks, including Andy Warhol’s Three Self-Portraits.

Yang Ga Questions NFT Distribution Rights and NFT Value of Andy Warhol's Three Self-Portraits Recommended by Justin Sun

As soon as the news was released, it attracted much attention, and Yang Ga, a famous crypto art curator, expressed his flagging views on his Weibo (the following textual views are quoted from Yang Ga’s Weibo), questioning the NFT distribution rights and NFT value of Three Self-Portraits.

Yang Ga Questions NFT Distribution Rights and NFT Value of Andy Warhol's Three Self-Portraits Recommended by Justin Sun

Pictured is a screenshot of a Weibo post by crypto art curator Yang Ga expressing his views

Lawyers who work in copyright protection have been informed that the information presented by Yangga about the protection period of copyright rights being for the life of the author and seventy years after his death in the United States and Europe (life plus fifty years in China) is accurate. Since the artist Andy Warhol died in 1987, his works are still under copyright protection. Justin Sun who auctioned Three Self-Portraits from Christie’s in March this year, donated the paintings to the APENFT Foundation, which has the physical rights to the works and enjoys the right to exhibit and sell the original works, but whether the copyright of the works is authorized to be transferred or sold, and whether it is authorized to generate digital works depends on whether Andy Warhol’s works are protected by copyright. Is it authorized to generate digital works for auction in the name of Andy Warhol’s creator? At the time of writing, the APENFT Foundation has not yet issued a statement of authorization for Three Self-Portraits. Further confirmation of the copyright of the work is required.

Yang Ga Questions NFT Distribution Rights and NFT Value of Andy Warhol's Three Self-Portraits Recommended by Justin Sun

The picture shows the details of the work of Three Self-Portraits on Christie’s auction website

Yang Ga Questions NFT Distribution Rights and NFT Value of Andy Warhol's Three Self-Portraits Recommended by Justin Sun

The picture is a screenshot of the news that Golden Finance reported that APENFT Foundation made Andy Warhol’s self-portrait into NFT

It is true that Justin Sun, as the participant of the auction of Three Self-Portraits, the work he auctioned was a physical original work with canvas, acrylic and screen prints as the creation tools, the copyright of the painting did not belong to him, and the donation to APENFT Foundation only transferred the physical rights of the work, without the authorization of Andy Warhol Foundation, the successor of Andy Warhol’s work, no one has the right to go to the auction or sell Andy Warhol’s work as NFT. Warhol’s works are cast as NFT for auction or sale without the authorization of the Andy Warhol Foundation, the successor to Andy Warhol’s works.

Yang Ga Questions NFT Distribution Rights and NFT Value of Andy Warhol's Three Self-Portraits Recommended by Justin Sun

The Andy Warhol Foundation for the Visual Arts website statement on the authorization of works

The famous crypto art curator Yang Ga’s article “Underlining: “Everything” about crypto art” published in China Art News on June 16 this year, clearly mentions that non-original crypto art works are artworks created by the original creator using non-digital technology tools, which are originally acquired by the original creator, the subject of successive acquisition, the authorized The original creator, or other subjects with legitimate rights, converts the physical work into digital files and stores them in IPFS or other distributed storage through digital technology conversion tools, and generates NFT through smart contracts on the chain, which involves the exercise of copyright rights such as reproduction rights, distribution rights and network dissemination rights of the work.

Yang Ga Questions NFT Distribution Rights and NFT Value of Andy Warhol's Three Self-Portraits Recommended by Justin Sun

Photo: Statement from the Andy Warhol Foundation on NFT and original source

In early June 2021, five NFTs of Andy Warhol’s works were sold at Christie’s for a total of $3.38 million, with a statement that the works were selected by the Andy Warhol Foundation and generated as NFTs. corresponding to Andy Warhol’s Three Self-Portraits, it is also the Andy Warhol Foundation, the authorized subject, that should have the right to generate NFTs of his non-original encrypted artworks works.

Moreover, if the Andy Warhol Foundation owns a copy of Three Self-Portraits, it can generate NFT works for auction or sale in Andy Warhol’s name without Justin Sun’s authorization. Even if Justin Sun has the authorization, in another twenty years or so, Andy Warhol’s copyright protection will expire, and then the work will enter the public domain, and anyone can use his work without permission and without compensation, such as generating NFT works, so whether the works that are auctioned now still have the value they have today is a matter of opinion.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/yang-ga-questions-nft-distribution-rights-and-nft-value-of-andy-warhols-three-self-portraits-recommended-by-justin-sun/
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