A number of highly valuable NFTs were lost when actor and creator of Robot Chicken Seth Green's wallet was compromised.
NFTs being stolen by hackers are not new. This year alone, thieves have stolen millions of dollars worth of NFTs.
Green's case is unique. His new animated series has been put on hold because of the theft of his NFT.
A new show called White Horse Tavern features a number of different characters from various NFT collections. The main NFT piece is Green's Bored Ape Yacht Club, which he had named Fred Simian. The rights to the Bored Ape NFT may no longer be owned by Green, meaning he doesn't have permission to use the character in an animated series.
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The trailer for the series was released last weekend at the NFT conference, where Green was also in attendance to talk about it.
Green said that he bought the ape in July of 2021, and spent the last several months exploiting the intellectual property to make it into the star of the show.
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According to Green, the Bored Ape along with two other animals were stolen after he fell victim to a scam. The current owner of Green's Bored Ape doesn't plan to give it back to the actor. The name DarkWing84 paid $200,000 for the NFT.
Intellectual property experts pointed out that a chain of title can't be passed to a buyer of stolen property. The person who originally owned the artwork would still be the legal owner of the piece if you purchased it from a thief.
NFTs are different in this regard. The Bored Ape Yacht Club is owned by Yuga Labs. Yuga Labs grants a license to the holder of the NFT, which allows the buyer to use the Bored Ape image however they want. There are no exceptions for stolen NFTs in the terms of Yuga Labs. The current holder of the Bored Ape Yacht Club is not Seth Green, according to the license.
White Horse Tavern is in limbo as Green works out how to get his ape back.