In this week’s newsletter, read about how eBay’s nonfungible token (NFT) platform launched a new creator smart contract. Learn how OpenSea plans to win back its users from its competitor, Blur, and check out why Yuga Labs was accused of intellectual property (IP) theft over the wolf skull logo. In other news, find out how NFTs will act as “high-end properties” during the market booms, and don’t forget this week’s Nifty News, featuring an NFT artist receiving $150,000 for a meme on Ordinals. eBay NFT platform KnownOrigin launches creator smart contract EBay’s NFT marketplace KnownOrigin announced the launch of creator …

The number of companies filing trademarks for nonfungible tokens (NFTs), metaverse-related virtual goods and services, and cryptocurrencies has grown rapidly in 2022. According to data compiled by licensed trademark attorney Mike Kondoudis, the number of trademark applications filed for digital currencies, as well as their related goods and services, has reached 4,708 as of the end of October 2022 — surpassing the total number filed in 2021 (3,547). Thru October, 4708 US trademark apps have been filed for digital/cryptocurrencies + related goods/services Jan: 481 Feb: 541 Mar: 612 Apr: 589 May: 561 June: 461 July: 416 Aug: 345 Sep: 378 …

What are the future possibilities with CC0 NFTs? The world of NFTs is in its infancy. As artists and creators explore ways to create and monetize their content, products and platforms are emerging to offer frameworks for creators to operate and build their brands, and monetize them. It is still the early days for the nonfungible token world. The last couple of years have seen an economic model emerge for artists and creators. With every new business model, there needs to be new distribution strategies that emerge. NFTs have shown how brands can be monetized. However, relying on a small …

Intellectual property (IP) rights will continue to be a growing area of tension within Web3 and NFTs, as IP rights often rely on a single "identifiable entity," while Web3 is more often decentralized. Speaking to Cointelegraph, David Kappos, a partner at Cravath, Swaine & Moore LLP said that IP is traditionally “owned by an identifiable entity, which makes it necessarily centralized from a legal viewpoint.” Kappos suggested that the tension between IP and decentralization does not have a clear solution, asking “how does a DAO really own the IP of the protocol it is supposed to govern?" Over the last …

The music industry continues to find inventive ways to integrate decentralized technology into new releases to benefit both artists and their fans. Electronic dance music (EDM) artist R3HAB and blockchain-based music community anotherblock released a single on Aug. 19 with the idea of “democratizing music rights.” The nonfungible token (NFT) included in the drop allows holders to earn royalties based on streaming popularity. The single, “Weekend on a Tuesday,” debuted bundled with an exclusive NFT. Each of the 250 NFTs available entitles the holder to a 0.02% share in the streaming revenue. Anotherblock’s platform provides a value tracking tool so …

As nonfungible tokens (NFTs) continue to garner interest, the United States Patent and Trademark Office and U.S. Copyright Office are set to launch a study into their impact on intellectual property rights. The examination of NFTs comes after a request from Senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights. The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, conducting preliminary discussions to plot a plan of action tha will include consultations with various stakeholders …

While critics use the bear market as an opportunity to pounce on crypto and belittle its value, some projects take this chance to develop and launch industry-disrupting platforms on the blockchain. In July, firms launched or revealed their intentions to construct blockchain-based music licensing platforms that aim to change the way songs are licensed by reducing costs, removing intermediaries and bringing all of blockchain’s inherent benefits to the music scene. Commenting on the topic, Mehmet Eryılmaz, the CEO of Web3 entertainment firm Faro Company, said that blockchain provides new frameworks for traditional industries. He explained that: “Blockchain offers an opportunity …

Although nonfungible tokens (NFTs) are most commonly known in the form of digital art, they exist in many other forms and represent much more than just art. In the creative industry, NFTs have been used by musicians such as Kings of Leon to release their latest album. In the sports industry, NFTs are created to record the highlights of major sporting events such as the NBA. In the consumer product industry, Nike, Gucci and many others are selling their digital branded products in the form of NFTs. A lot more real-world applications of NFTs are still to be explored and …

While the most common way to earn money in the nonfungible token (NFT) space is by flipping the tokens for profit, there are other opportunities to earn money with NFTs as the market continues to develop. In a Cointelegraph interview, Bill Starkov, the founder of Apocalyptic Apes and a Bored Ape Yacht Club (BAYC) member, talked about how NFT holders can license the intellectual property (IP) rights of the tokens. Citing BAYC as an example, Starkov noted that “holders can generate thousands of dollars by licensing out their apes for commercial use.” He explained that this can also happen with …

Lawyers for Dfinity Foundation, a Switzerland-based nonprofit behind the Internet Computer blockchain, have filed a lawsuit against Facebook’s parent company Meta for trademark infringement over its infinity logo. In a Friday court filing with the United States District Court for the Northern District of California, Dfinity’s legal team claimed Meta Platforms was registering the use of its logo, which also uses the mathematical symbol for the concept of infinity, “in some of the same or similar areas in which Dfinity has already obtained registration for its mark.” According to the blockchain firm, Meta filed an application with the U.S. Patent …

The Dogecoin Foundation announced on Twitter on Wednesday that it had registered “Doge,” “Dogecoin” and its associated logos as trademarks in the European Union. The certificate displayed in the tweet was dated Jan. 13, 2022. Foundation executive board member Jens Wiechers said in the tweet thread, “The issue isn't (and has never been) use in memes, etc, but attempts by people completely unaffiliated with Dogecoin to register them, which only really makes sense if they want to then extort either the community or the Dogecoin project, devs, foundation, etc. directly.” Much success. It's a small victory that seems so very …

During its initial release, 10,000 CryptoPunks were sold and made it to the secondary market before users discovered a critical smart contract exploit that made it possible for Punks' buyers to withdraw their Ether (ETH) post-purchase. As a result, creator Larva Labs withdrew recognition of the V1 collection, fixed the exploit, and released the V2 Punks collection we have now. Though, they've also sent mixed messages about the collection by selling off dozens of their own V1 Punks. The battle over the copyright of the CryptoPunks V1 collection is heating up as the images recently gained in market value, with …