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Companies like Konami were successful in betting on NFTs, as their collection of non-fungible tokens of Castlevania generated thousands of dollars in a very short time. This led other studios to consider the idea of rescuing part of their legacy and launching digital collectibles from their respective franchises.
The MetaGravity Studio company loved the idea, so they decided to create a series of NFTs based on various classic games, many of them dormant for years. This is how the Retro Arcade Collection was born, a project that failed almost instantly.
The reason? MetaGravity Studio did not have the rights to the games or franchises in its collection, so it had to withdraw many of them from popular stores like OpenSea.
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NFT collection of classic games fails badly
Rashin Mansoor, CEO of MetaGravity Studio, believed he could get away with it, choosing now-free retro games or demos with a mission to “preserve” supposedly abandoned software to design his collection of NFTs.
The point is that, despite the passage of time, the rights to the games still belong to their developer studios. Additionally, MetaGravity Studio offered the material as paid NFT titles. The project included, for example, Death Rally (Remedy) y Blackthorne (Blizzard).
The company tried to shield itself at the end abandonware, but the problem is that he was actually profiting from material that is copyrighted. So the developers can make all kinds of claims, because they still own the franchises even though they don’t work with them.
MetaGravity Studio had no choice but to remove and delete all of its NFT games. Buyers will no doubt be disappointed as their titles will no longer work. Mansoor in the end assured that it was an experiment, but it is clear that his project failed because he did not know everything related to copyright.
It is not the first time that a case similar to this has happened, since previously a site stole music from games and movies to sell it as NFT. In addition, some youtubers have also been victims of this, as material has been stolen from them to convert it into non-fungible tokens. This makes evident the lack of regulation in this market that, apparently, has its days numbered.
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