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Back in January, the crypto group Spice DAO (decentralized autonomous organization) made headlines for spending approximately $3 million to acquire a physical copy of the book Jodorowsky’s Dune , a bible for a planned Dune move that would have been made in the 1970s. . The payment beyond excessive.
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. Multiple pieces of copyright material may exist in a single digital work. What are NFTs?
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. Although the order does not resolve any of Hermes’ claims on the merits, it does offer a first glimpse at how courts may treat trademark claims involving NFTs moving forward.
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).
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 reproduction right includes the right to prevent the copying of the underlying work in any manner.
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