Non-fungible tokens (NFTs) are creating new economic opportunities in old, familiar spaces. To capitalize on the current popularity of NFTs, some retailers are turning to the timeless art of nostalgia: reworking old media or products into an NFT collection to advertise a brand in an online space or bring new attention (and customers) to a vintage product.Continue Reading NFTs: For Many Retailers, the “N” Stands for Nostalgia
LCX AG, a cryptocurrency exchange based in Liechtenstein, recently lost nearly $8 million in digital assets from a cyberattack. The perpetrator’s identity was unknown. Through the public ledger, LCX found the blockchain address that received the stolen assets, and quickly filed a complaint in New York to freeze certain of those assets. Without any other way to contact the perpetrator, the court permitted LCX to serve the wallet address with an NFT containing a hyperlink to the required legal notice documents. This may be the first example of service-by-NFT.Continue Reading You’ve Been Served… By NFT?
In a June 9, 2022 letter to the Directors of the US Patent and Trademark Office (USPTO) and US Copyright Office, Senators Thom Tillis (R-NC) and Patrick Leahy (D-VT) requested that the agencies jointly undertake a study of intellectual property (IP) rights considerations with respect to non-fungible tokens (NFT or NFTs).Continue Reading Senators Dive Into the World of NFTs, Asking US Patent and Copyright Offices to Consider Questions Regarding Related IP Rights
On June 1, 2022, the Department of Justice announced its first criminal indictment for insider trading of nonfungible tokens, or NFTs. The case opens yet another front in the Government’s efforts to police the burgeoning marketplace for digital assets and NFTs.Continue Reading DOJ Announces First NFT Insider Trading Prosecution
Please join Hunton Andrews Kurth LLP for a webinar:
Intellectual Property and the Blockchain, Part 1
Cryptocurrency, NFTs, and Retail: Protecting Your Brand With Trademarks
Tuesday, April 26, 2022
12:30 pm ET
It is well-known that a trademark is a word, name, symbol, design, or phrase used to identify and distinguish a product or service, and to indicate the source of the product or service. But, do you know whether your cryptocurrency brand may function—or receive protection—as a trademark? Or how you may use your existing retail brand in connection with an NFT?
In this presentation, the first of a series, we will discuss the intersection of trademark law and cryptocurrency, NFTs, and retail, a collection of seemingly unrelated topics that are growing increasingly interconnected in the digital age.
You can expect to learn about:
- Cryptocurrency – what it is and how it may be protected by trademark law;
- NFTs (non-fungible tokens) – what they are, how brands are using them, and related trademark (and copyright) issues;
- The link between retailers and NFTs; and
- Best practice takeaways.
Who Should Attend: In-house IP counsel, general counsel, and other legal professionals and brand owners.
- Sherli M. Furst, Associate, Hunton Andrews Kurth LLP
- Mayme Beth F. Donohue, Associate, Hunton Andrews Kurth LLP
- Omid Malekan, Associate in Business, Columbia Business School
Hunton Andrews Kurth LLP will seek CLE credit for this program in CA, FL, GA, MA, NC, NJ, NY, TX and VA only. Credit hours are not guaranteed and are subject to each state’s approval rules.
On March 24, 2022, the US Attorney for the Southern District of New York announced charges against two defendants and alleged an ongoing fraud involving the sale of nonfungible tokens (NFTs). The federal criminal case is among the first involving NFTs and foreshadows further regulatory scrutiny of the popular digital asset class.
Two leading international brands have filed lawsuits in 2022 to prevent the sale of digital NFTs depicting their physical products, and both cases will test existing trademark law and impact online retailers of NFTs. Continue Reading Rising Trend in NFT Litigation Over Popular Brands
A recent rulemaking petition to the SEC requests that the agency issue a concept release on nonfungible tokens, or NFTs. The petition is hopeful that an SEC rulemaking paired with an opportunity for public input will resolve regulatory uncertainty for parties looking to create NFTs and facilitate their sale. Continue Reading Rulemaking Petition Seeks SEC Guidance on NFTs
In a series of parallel actions announced on July 21, 2022, the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) initiated criminal and civil charges against three defendants in the first cryptocurrency insider trading case.Continue Reading Government Brings First Cryptocurrency Insider Trading Charges
On February 28, 2022, the Emirate of Dubai enacted Law No. 4 of 2022 on the Regulation of Virtual Assets (“VAL”) and established the Dubai Virtual Assets Regulatory Authority (“VARA”). By establishing a legal framework for businesses related to virtual assets, including crypto assets and non-fungible tokens (NFTs), this landmark law reflects Dubai’s vision to become one of the leading jurisdictions for entrepreneurs and investors of blockchain technology. Continue Reading Dubai Issues Its First Crypto Law Regulating Virtual Assets