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Non-fungible Tokens: Commercializing Exclusive Digital Art- A Companion Piece

IPilogue

In May 2021, a phenomenal IPilogue submission by Keir Strickland-Murphy (Osgoode Law ‘22) touched on the recent boom of Non- fungible Tokens. In this piece, I will recapitulate Strickland- Murphy’s exploration of IP ownership of Non-fungible Tokens and expand on recent developments since May.

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Around the IP Blogs

The IPKat

Copyright IPLens blog looked at several recent decisions of the Court of Milan, to see how the CJEU Cofemel decision has impacted on the copyright protection of industrial designs [see also an IPKat post the Kiko case, where the Italian Supreme Court applied Cofemel to Kiko store layout]. The current battle is over a U.S.

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“Murky Terms of Purchase and Ownership”: Nike Sues StockX Over Virtual Sneaker NFTs

IPilogue

and requiring someone to repeat their answer after you zoned out, here is the definition: Non-fungible token (“ NFT ”): a digital asset that represents real-world objects like art, music, in-game items, and videos. The mega shoe brand alleges that these sales will confuse customers.

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Trademarks and the Metaverse: Imaginary Rights or Real Wrongs?

SpicyIP

Her previous posts on the blog can be viewed here, here , here , here and here. It may also be possible that virtual goods may be compared to toys (smaller, non-functional versions of the real thing) and consumers may not assume that these virtual toys / collectibles originate from the manufacturer of the actual / functional product.

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Around the IP Blogs

The IPKat

We say goodbye to 2021 with the most interesting posts and articles from the surrounding IP blogs of the past week! Creator Mason Rothschild revealed in an open letter to Hermès, which he posted on his Instagram account on December 22, that he received a cease-and-desist letter from the French luxury goods brand.

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The EU resolves doubts surrounding the protection of trademarks in relation to NFTs

Garrigues Blog

Non-fungible tokens, or NFTs, have come to hold a fundamental place in the digital universe and, specifically, in the so-called Web3. Although at present NFTs are scarcely used beyond mere collectibles, the growing interest in the metaverse is making non-fungible tokens extremely useful assets in our virtual lives.

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What legal lines can’t NFTs cross? The Nike v StockX lawsuit may provide answers

IPilogue

Nike alleges that StockX is selling unauthorized non-fungible tokens (“NFTs”) of Nike sneakers. NFTs are unique digital assets that are digital representations of ownership of real-world items. StockX has sold over 500 Nike-branded NFTs which can be redeemed for the physical shoes “in the near future.”