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.
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NFT (non-fungible token)
You’ve Been Served… By NFT?
By Sherli M. Furst on
Posted in Cryptocurrencies
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.
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DOJ Announces First NFT Insider Trading Prosecution
By Scott H. Kimpel on
Posted in Regulatory
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.…
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Dubai Issues Its First Crypto Law Regulating Virtual Assets
By Hunton Andrews Kurth LLP on
Posted in Regulatory
On February 28, 2022, the Emirate of Dubai enacted Law No. 4 of 2022 on the Regulation of Virtual Assets and established the Dubai Virtual Assets Regulatory Authority. By establishing a legal framework for businesses related to virtual assets, including crypto assets and non-fungible tokens, this landmark law reflects Dubai’s vision to become one of the leading jurisdictions for entrepreneurs and investors of blockchain technology.
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DOJ Brings Criminal Charges Against Two Defendants in NFT Fraud
By Scott H. Kimpel on
Posted in Regulatory
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. The federal criminal case is among the first involving NFTs and foreshadows further regulatory scrutiny of the popular digital asset class.
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Rising Trend in NFT Litigation Over Popular Brands
By Hunton Andrews Kurth LLP on
Posted in Retail
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.
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Treasury Targets Nonfungible Tokens
By Scott H. Kimpel on
Posted in Regulatory
The red-hot market for nonfungible tokens, or NFTs, continues to draw regulatory scrutiny. A Department of the Treasury report issued on February 4, 2022, is the latest to focus on potential regulatory issues associated with this digital asset class.
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How Retailers Can Make the Blockchain Work for Them in the IP Space
By Sherli M. Furst & James E. Rosini on
Posted in Retail, Smart Contracts
The intersection of retail sales and blockchain technology is a current “hot” topic. But what does this actually mean for retailers? Is the time and money needed to invest in new technology worth the cost? What intellectual property protection is available?
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