legal / 19 posts found
Shaq Faces Legal Challenges Over Crypto Endorsements and NFT Project
Shaquille O’Neal, the basketball legend turned TV analyst, is now embroiled in two separate lawsuits related to the cryptocurrency sector. These legal cases came to light in a dramatic fashion on Tuesday, May 23, during a live NBA broadcast. O’Neal, a ubiquitous presence in the broader digital assets industry, was handed legal documents concerning his association with the now-defunct cryptocurrency exchange FTX and his NFT initiative, Astrals, at Miami’s Kaseya Arena. Notably, the venue was previously known as FTX Arena, named after the collapsed cryptocurrency exchange. The two lawsuits The first lawsuit involves O’Neal and other celebrities, such as former […]
Hermès Wins NFT Trademark Lawsuit
The Alpha: It’s a big day for legal precedent in Web3, as the lawsuit between luxury brand Hermès International SA, and Mason Rothschild, the artist behind the controversial MetaBirkin NFT project, has been settled. After six days of proceedings in a Manhattan courtroom, the ruling came back that Rothschild’s sale of handbag-inspired NFTs violated Hermès’ rights to the “Birkin” trademark. A nine-person jury issued a verdict on Wednesday, February 8, awarding Hermès $133,000 in total damages and finding that Rothschild’s NFTs aren’t protected speech under the First Amendment. With regulation surrounding crypto and NFTs still vastly unestablished, this case will likely […]
The Rise and Demise of CryptoZoo: A Deep Dive Into Logan Paul’s NFT World
The start of 2023 has been rocky for Logan Paul and his NFT escapades. It seemingly all started with a multi-part video expose created by a YouTuber known as Coffeezilla (whose real name is Stephen Findeisen). In the series, Findeisen chronicles the rise and ultimate demise of Paul’s once-popular NFT project CryptoZoo, offering evidence that Paul and his team may have scammed investors. After a short spat between Paul and Findeisen, the accused celebrity eventually opted to take accountability, pledging to pay back 1,000 ETH (around $1.3 million at the time) to those who lost money on the project. But […]
The Biggest Lawsuits Dominating the NFT Space Today
To say the past few months have been utter chaos in Web3 would be a massive understatement. It’s almost as if the crypto and NFT bear market hasn’t been enough of an existential threat. With thefts, rug pulls, and even insider trading dominating the worst of 2022’s Web3 headlines, it’s no wonder that one word has been trending to dangerous heights in the space over the past months. That word? Lawsuits. Even the threat of one has been enough to cause a stir in Web3, considering how a potential suit against crypto exchange Binance flooded recent headlines. With so many […]
The CC0 Party Is Growing: a16z’s “Can’t Be Evil” License Drops
The Alpha: Venture capital firm a16z’s crypto arm just dropped a set of free, public NFT licenses eligible for any NFT creator to use. The licenses are designed to aid creators in protecting or freeing the intellectual property rights of their projects. Additionally, the “Can’t Be Evil” licenses hope to help NFT holders understand what they can and can’t do with NFTs bearing these licenses. Why it matters: In the last few months, several high-profile NFT projects went CC0. The movement, dubbed “CC0 summer” by NFT community members on Twitter, was headlined by Moonbirds’ shift to this new licensing agreement. […]
Contracts Are Still Crucial for NFT Sales of Real-World Objects
When blockchain technology went mainstream in 2016 and Bitcoin hit its then-record high of $20,000 the following year, entrepreneurs and visionaries were eager to leverage the crypto-mastermind Satoshi Nakamoto’s vision for decentralization for as many real-world applications as possible. And the list of innovations is seemingly endless. IBM went all-in on the blockchain, launching its program to speed up the development of blockchain-based applications for businesses. The Sacramento Kings became the first NBA team to mine Ethereum. Even Walmart expressed interest in employing blockchain centers to help bring transparency to the supply chain and reduce instances of foodborne illness. Clearly, […]
What the Proposed Crypto Bill Could Mean for NFTs
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
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?
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 […]