SHOW ALL

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Hermès wins MetaBirkins Creator in first NFT trademark trial

Hermès wins MetaBirkins Creator in first NFT trademark trial

The luxury brand’s triumph over an unauthorized digital Birkin bag creator may create a precedent for IP protections in the world of NFT.

Hermès International S.A., a French luxury goods company, won its case against the creator of unauthorized MetaBirkin NFT collectibles, which the company said were made without permission and broke its trademark for Birkin handbags.

According to Bloomberg Law, a Manhattan federal jury ruled in favor of Hermès on Wednesday. They gave the company $133,000 in damages and said that digital artist Mason Rothschild’s 100 MetaBirkin NFTs minted on Ethereum were not protected speech under the First Amendment.

More details

The unofficial tribute to Hermès’s expensive handbags came out at the end of 2021. In December of that year, the firm said that the “NFTs infringe Hermès’s intellectual property and trademark rights.” In January 2022, the company sued Rothschild.

People think that this case could be an important early example for the NFT world, which is built on decentralized, permissionless platforms that anyone can use to sell digital items. An NFT is a blockchain token that can be used as a proof of ownership for both digital and physical items, like artwork and collectibles.

This model has presented new challenges for brands attempting to protect their IP from unlicensed NFTs that have flooded marketplaces as the industry has grown to generate approximately $25 billion in organic trading volume in each of the last two years.

Hermès is not the only company that is fighting back against unauthorised NFT duplicates of its real-world assets. Nike, for example, sued sneaker seller StockX last year for making unauthorized Nike-branded NFTs that could be redeemed for real shoes. These NFTs were digital claim tickets.

In some circumstances, centralized markets like major NFT platform OpenSea have had to develop copycat detection techniques to automatically stop claimed infringing goods from being sold through its storefront. NFTs are permanently on the blockchain and may be accessible through various marketplaces.

Rothschild said in court last week that the MetaBirkin bags were a “artistic experiment.” He said that he had made about $70,000 in royalties from the second sales of the digital bags, on top of the $450 in ETH he made from each sale of an NFT.

Hermès said in court that it plans to get into the NFT market, just like luxury brands like Louis Vuitton and Dolce & Gabbana. It also said that the MetaBirkin NFTs had caused confusion about its brand and products.

Content Source: decrypt.com

Cover Image Source: pymnts.com

About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

SHARE:
Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts