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In May 2021, a phenomenal IPilogue submission by Keir Strickland-Murphy (Osgoode Law ‘22) touched on the recent boom of Non- fungibleTokens. In this piece, I will recapitulate Strickland- Murphy’s exploration of IP ownership of Non-fungibleTokens and expand on recent developments since May.
To be clear, this isn’t the first time blockchain and crypto promised that they would make artists’ lives easier or open up new opportunities, only to fail completely. NFTs (Non-FungibleTokens), for example, were originally billed as a way for digital artists to create scarcity and enable them to charge more for “unique” works.
Few issues in the world of intangible rights contain as many legal uncertainties as do non-fungibletokens. Non-FungibleTokens (NFTs), ranging from art and literature to fashion and cinema, remain among the hottest legal topics in the world of intangible rights, despite the lack of clear legal regulation.
NFT stands for non-fungibletoken. Non-fungible basically means unique. By way of comparison, a $10 note is an example of a fungible asset, because it can be replaced with another $10 note, or two $5 notes. Until now, the sale of digital art has been a difficult proposition. We’re glad you asked.
Whether you are looking to make your own nonfungibletoken to sell or you’re looking to buy an NFT as an investment, you need to be aware of copyright and trademark laws that might apply to your NFT. Are NFTs (NonFungibleTokens) Considered Intellectual Property? What is a NonFungibleToken?
The advent of state-of-the-art technology has especially brought this tussle to the fore, exacerbating the conflict between the two competing rights. Secondly, it refused to recognize those nonfungibletokens as an ‘Art’ and held them disentitled for any protection under the ‘First Amendment’. 2] Melanie J.
Grimaldi ) whereby the right to protect a registered trade mark (a protection given in the USA law essentially by the Lanham Act ), under some circumstances, cannot be enforced to detriment of “the right of others to express themselves freely in their own artisticwork” (from the Rogers v. Grimaldi case). Coming back to the Hermès v.
The last couple of years has seen the emergence of Non-FungibleTokens (NFTs) as an important medium for the creation, sale and collection of art, with numerous instances of big money purchases of NFTs. The emergence of NFTs has been disruptive to the world of art. Image by Riki32 via Pixabay. Conclusion.
Interestingly, StockX contends that it is not selling the NFT as digital art but rather as a “claim ticket” to the authentic Nike sneakers that the brand sells and holds in its facilities. The “MetaBirkins” have made roughly $450,000 so far, with the average selling price of these digital bags being around $3,000.
As recently in 2022 Hermès, a fashion house sued Manson an NFT (non-fungibletoken) creator for trademark infringement who marketed a digital asset called “Metabirkins”, which was a digital copy of a bag created by Hermès, which sold at many high prices. This right is given to literary and artisticwork like music, etc.
In his motion, Rothschild argued that he used “MetaBirkins” as a title to an artisticwork as opposed to a source-identifying trademark. Therefore, it constituted free expression protected under the First Amendment pursuant to the Second Circuit’s seminal case Rogers v. Grimaldi , 875 F.2d 2d 994 (2d Cir.
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