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Successful NFTs that were lucrative for the seller include, for example, Kings of Leon who reportedly generated $2million from NFT sales of their album, which was minted alongside other benefits including artwork, a vinyl, and for six buyers even lifetime front-row seats to Kings of Leon headline gigs.
On 24 June 2022, BAYC sued Ryder Ripps, a conceptual artist and NFT creator for trade mark infringement, unfair competition, falseadvertising, cybersquatting and other cause of actions before the Central District of California. A digital file (an artwork, a song, etc.), This is a U.S
WPI counterclaimed against Restellini and third-party Institut Restellini SAS – Documentation Centre alleging copyright infringement and falseadvertising. But WPI’s allegations still went to contested ownership of the information contained in the Modigliani Material, rather than the Modigliani Material as a physical product.
Chiusa also has a registration for a brochure, stating that he created “text, photograph(s), [and] artwork on p.1” Likewise, at this stage only, the court rejected the argument that plaintiffs failed to plead ownership of the copied elements. 1” therein.
However, in order to have legal proof of ownership, it is always advisable to register for copyright registration. If the Artist had registered his work as Copyright, he would have had legal proof of ownership in this situation. Obtain legal ownership verification. Falseadvertising should be avoided when defaming a product.
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