NFT based trademark infrigenment.pdf
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Interest in blockchain technologies, cryptocurrencies, and particularly non-fungible tokens (NFTs) is steadily increasing. According to Eric Anziani, COO of Crypto.com, “NFTs really started initially with the digital art side. But it’s going to be a lot more powerful. It will be the tool that represents any digital type of assets in virtual worlds going forward. So the applications are tremendous1.”
![NFTs and Trademarks: General Overview
Interest in blockchain technologies, cryptocurrencies, and particularly non-fungible tokens (NFTs) is
steadily increasing. According to Eric Anziani, COO of Crypto.com, “NFTs really started initially with
the digital art side. But it’s going to be a lot more powerful. It will be the tool that represents any
digital type of assets in virtual worlds going forward. So the applications are tremendous1.”
Basically, an NFT is a (i) cryptographic on the blockchain; (ii) representing an asset; (iii) that is unique
and non-interchangeable. For instance, Finzer D. describes NFTs as: “unique, digital items with
blockchain-managed ownership2.” Indeed, NFTs, powered by blockchain, have unique qualities which
can be applied in different industries and businesses including fine arts, gaming, digital identity,
certification, licensing, etc. In this respect, the sudden economic growth of the NFT market is
understandable. Businesses also tend to use NFTs as marketing tools and as a creative way for
building the brand’s image.
In the meantime, the rise of the NFT market poses new legal challenges, including those in the realm
of intellectual property and especially trademark law. Two main trends are worth highlighting. First,
there is a significant increase of trademark filing activity around NFT brands. Second, the number of
new NFT-related enforcement cases is constantly increasing, including a number of high-profile
litigation cases.Prosecution: How to Trademark your NFT and Avoid Infringing Third-Parties
Trademarks.With increased media coverage and popularity, U.S. NFT trademark applications
skyrocketed during the past year.
According to open sources, there was a 552% increase in NFT trademark applications with the U.S.
patent agency between August 2021 and January 20223. In January alone, about 450 filings for NFT-
related trademarks were received4. [Graphical representation of the data is below.]
1.
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- 1. LAW FIRM OF DAYREL S SEWELL Best Service NFT-based Trademark Infringements: Trends and Risk Mitigation Strategies Contact Us : s e w e l l n y l a w . c o m 347-787-6824
- 2. NFTs and Trademarks: General Overview Interest in blockchain technologies, cryptocurrencies, and particularly non-fungible tokens (NFTs) is steadily increasing. According to Eric Anziani, COO of Crypto.com, “NFTs really started initially with the digital art side. But it’s going to be a lot more powerful. It will be the tool that represents any digital type of assets in virtual worlds going forward. So the applications are tremendous1.” Basically, an NFT is a (i) cryptographic on the blockchain; (ii) representing an asset; (iii) that is unique and non-interchangeable. For instance, Finzer D. describes NFTs as: “unique, digital items with blockchain-managed ownership2.” Indeed, NFTs, powered by blockchain, have unique qualities which can be applied in different industries and businesses including fine arts, gaming, digital identity, certification, licensing, etc. In this respect, the sudden economic growth of the NFT market is understandable. Businesses also tend to use NFTs as marketing tools and as a creative way for building the brand’s image. In the meantime, the rise of the NFT market poses new legal challenges, including those in the realm of intellectual property and especially trademark law. Two main trends are worth highlighting. First, there is a significant increase of trademark filing activity around NFT brands. Second, the number of new NFT-related enforcement cases is constantly increasing, including a number of high-profile litigation cases.Prosecution: How to Trademark your NFT and Avoid Infringing Third-Parties Trademarks.With increased media coverage and popularity, U.S. NFT trademark applications skyrocketed during the past year. According to open sources, there was a 552% increase in NFT trademark applications with the U.S. patent agency between August 2021 and January 20223. In January alone, about 450 filings for NFT- related trademarks were received4. [Graphical representation of the data is below.] 1. KNOW MORE 347-787-6824 https://sewellnylaw.com/