Leading artists, Red Hong Yi & Namewee cash in on hot 2021 NFT market2021 saw the rise of Non Fungible Token in Malaysia. Malaysian artists Red Hong Yi reported sold her NFT art, known as Doge to the Moon for 36.3 ETH which was valued at RM325,000. The successful bidder of the NFT owns both the physical and digital artworks. Malaysian singer, Namewee
The United States Courts are now dealing with NFT disputes. In Roc-A-Fella Records, Inc. v. Dash, 1:21-cv-05411-JPC , the plaintiff owns all rights to the album Reasonable Doubt, including its copyright. It alleged that the defendant —a minority shareholder in the company — unlawfully stole and attempted to auction the copyright to Reasonable Doubt as an NFT.
The accused pleaded guilty to an offence under s. 420 of the Penal Code and was sentenced to a one month imprisonment and RM8,000 fine, in default of payment two months imprisonment. On another note, Facebook, Inc changed its name to Meta Platforms, Inc. Any legal action filed against Facebook, Inc in Malaysia should now be against Meta Platforms, Inc and served on to them with an order to serve out of jurisdiction to their office in California, United States.Last year, I reported that one Loh Guet Ching filed an action for judicial review after Minister of Transport refused to refer the matter to the Industrial Court.