legal / 3 posts found

What the Proposed Crypto Bill Could Mean for NFTs

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After months of teasing a new U.S. regulatory entity focused on crypto, U.S. Senators Cynthia Lummis (R-WY) from the Senate Banking Committee and Kirsten Gillibrand (D-NY) from the Senate Agriculture Committee introduced bipartisan legislation on Tuesday. While the 69-page bill doesn’t address NFTs, it does provide crucial information that will help determine whether a token is considered a ‘commodity’ rather than a ‘security.’  Defining ‘digital assets’ and ‘virtual currencies’ In its current form, Lummis’ and Gillibrand’s bill defines a ‘digital asset’ as a natively electronic asset that confers economic or proprietary access rights or powers and includes virtual currency and […]

The Nike v. StockX Lawsuit Could Determine What Type of NFTs Can Be Created

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Dubbed the “Sneaker Wars,” Nike’s ongoing lawsuit against online shoe retailer StockX will likely end up dictating how intellectual property law is applied to NFTs. The case, which was filed by Nike in February 2022, alleges that StockX engaged in the unauthorized and infringing use of Nike’s famous marks in its Vault NFT collection. Who is StockX? Launched in 2016, StockX is an online resale sneaker retailer. However, its subsidiary business also allows individuals to sell other items  – designer clothes, Pokémon trading cards, Playstation 5 consoles, and so on.  As of 2021, the company is valued at over $3.8 billion. […]

NFT Licenses: How Can Creators Legally Protect Their IP When They Make NFTs?

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Valued at over $99.7 billion by 2021’s end, the global entertainment industry has started to dip its toes into NFTs — today’s newest revenue stream. While the art world is primarily responsible for some of the most expensive NFTs ever sold, the NFT space is still nascent enough that there is plenty of room for household entertainment conglomerates like Warner Bros., Disney, Marvel, DC, and the like to find their place in what many have started to reference as the future of entertainment, or Entertainment 3.0. By leveraging billions of dollars worth of intellectual property, production companies and entertainment studios […]
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