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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.
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.
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?
Ripps [v] , which involves trademark infringement concerning the Bored Ape Yacht Club NFTs, and Hunley v. Instagram [vi] are two further intriguing cases to study that are currently ongoing (copyrightinfringement case involving embedded photographs).
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. CopyrightInfringement. Later it was settled.
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.
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. Image by Riki32 via Pixabay. The Bigverse case before the Hangzhou Internet Court in China is here relevant.
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