For those who are not aware of MyClips.tv, let’s start by explaining what the website was. Or is, albeit you can’t see it right now. Up until last week, the URL hosted a Twitch clip NFT marketplace — essentially selling clips of Twitch streams as non-fungible tokens. There was a pretty significant problem, though: those who created the original content didn’t know their work was being resold.
The website was exposed when one streamer — Mizkif — was told by his Twitch viewers that the site existed. Curiosity being what it is, the online influencer visited the site, only to find his streams up for sale without permission. Suffice to say, he wasn’t impressed, and likely quite confused over the legalities involved.
How Did the Twitch Clip NFT Marketplace Get Taken Down?
Understandably angry at the idea of someone else profiting from his work, Mizkif managed to contact the owner of MyClips.tv. The unnamed individual then tried to argue all content for sale as NFTs had been ‘whitelisted’ by the original owners. Clearly this wasn’t true, although some creators were reportedly compensated in Ether.
Soon a legal team issued a cease and desist warning, advising that while NFTs are a new technology copyright law remains copyright law. MyClips.tv was taken down, so anyone attempting to log on to the address now will be shown a blank screen.
It’s a story that makes it clear just how much of a wild west non-fungibles currently are. Despite the safeguards and the basic premise behind NFTs — completely unique and impossible to copy or tamper with — fraud and fakes exist. The most recent example being a fake Banksy NFT artwork that sold for $336,000. Nevertheless, the technology is fundamentally focused on legally selling proof of ownership. The new marketplace set up by Alibaba is a good example of this use, with copyrights sold and traded as NFTs.