NFT
NFT Sales Soar: January 2023 Reaches Nearly $1 Billion in 30 Days With 41% Increase
Non-fungible token (NFT) sales increased 41.96% from the previous month, according to data recorded on Feb. 1, 2023. NFT sales reached nearly $1 billion in 30 days, with an approximate total of $997.53 million. Additionally, the number of digital collectible transactions rose more than 22% in the past month. Bored Ape Yacht Club Dominates, Ethereum […]White Hearts, Wolf Game – Farmer, Dooplicator, Cryptobirbs by Vodnik and more collections added to Kraken NFT
NFT Fantasy Game Sorare Partners With Premier League for Multi-Year Licensing Deal
Sorare, a Paris-based NFT (non-fungible token) fantasy game startup, has closed a deal with the Premier League, the first soccer division in the U.K., to make teams and players of the league part of its roster. According to reports, the multi-year agreement involves payments of tens of millions of pounds per year to the league. […]Hermes v MetaBirkin: NFT trademark stoush heads to trial in Manhattan
Luxury brand Hermès filed a suit against digital artist Mason Rothschild after the artist released his Metabirkins NFT collection depicting the company's Birkin bag product without permission.
The trademark infringement trial between French luxury brand Hermès and digital artist Mason Rothschild is set to go ahead on Jan. 30 in a Manhattan federal court.
The luxury brand accused the nonfungible token (NFT) artist of trademark infringement for promoting and selling MetaBirkins, an NFT collection said to be inspired by the group's Birkin bags.
The trial and its related lawsuit in the United States District Court for the Southern District of New York can be first traced back to Jan. 14, 2022, when Hermès first filed a complaint against Mason Rothschild after the artist allegedly refused to stop selling his NFT collection.
According to court documents filed on Jan. 23, Hermès argues the collection has improperly used the Birkin trademark and potentially confused customers into believing the luxury brand supports the project.
Meanwhile, the court docs also reveal Rothschild believes his work is protected under the First Amendment — which allows for no limits on free expression.
Getting big life experience points this week. Putting my big boy pants on — fighting for myself and everyone who believes in the freedom to create art.
— Mason Rothschild (@MasonRothschild) January 26, 2023
A number of intellectual property lawyers and legal experts have commented in the days coming up to the trial, noting the case could have implications for the NFT industry.
Laura Lamansky, an associate with law firm Michael Best & Friedrich LLP, called the case a "momentous turning point for Web3 and digital goods," in a Jan. 18 post discussing the trial and its possible implications for the future of the NFT industry.
"The question remains: to what extent are real-world trademarks enforceable in the digital world? We'll be watching this case closely to determine how best to bolster rights in the digital sphere," she said.
"It will hopefully shed some light on how artwork and the First Amendment interact with consumer goods and NFTs and how far a brand's rights in its trademarks or products extend in the digital space," Lamansky added.
Related: ‘Wave of litigation’ to hit NFT space as copyright issues abound
Blockchain and tech lawyer Michael Kasdan has also been following the case, but he does not appear to think the result will be overly significant.
This case focuses on the line between expressive artistic reuse and infringing commercial use. Both sides have excellent counsel. In the end it’s just going to be one district court case data point but definitely an interesting one. #metabirkins #hermes #NFT #TM
— Michael Kasdan (@michaelkasdan) January 28, 2023
"In the end it's just going to be one district court case data point but definitely an interesting one," he said.
Brands and companies have begun to crack down against NFT projects which claim to violate copyright, intellectual property and trademarks.
On Feb. 4, 2022, Nike filed a lawsuit against StockX for trademark infringement as the online reseller allegedly created NFTs in the likeness of Nike’s sneakers.
In September 2022, film director Quentin Tarantino had to settle a Miramax lawsuit after base-layer blockchain provider Secret Network announced the auction of “uncut screenplay scenes” from Tarantino’s 1994 film Pulp Fiction as NFTs.
Nearly $13 Billion in Sales: Breaking Down 5 NFT Collections by Sales Volume
Non-fungible token (NFT) assets have existed since at least 2014, but interest in them began to rise in January 2021, according to Google Trends data. Approximately one year later, the search term “NFT” reached its highest score on Google Trends. During that time the top five NFT collections, in terms of all-time sales volume, have […]Crypto Asset Aptos Soars to All-Time High, Increasing 391% in 30 Days
During the past 30 days, the layer one blockchain asset aptos (APT) has risen 391.8% against the U.S. dollar. In the past seven days, Aptos has increased 123.7% after reaching an all-time high of $19.92 per unit on Jan. 26, 2023. The Role of Decentralized Finance, Infrastructure Support, and NFTs in Aptos’ Recent Surge in […]Scottie Pippen SP33, Murder Head Death Club, Kanpai Pandas, Claynosaurz and more collections added to Kraken NFT
Porsche NFT trading volume nears $5M despite launch woes, minting halt
Developers of the nonfungible tokens had halted minting on Jan. 25 in response to user complaints.
German luxury car manufacturer Porsche's nonfungible token (NFT) collection reached 2,839 Ether (ETH) ($4.5 million) in total sales volume, according to data from NFTScan at the time of writing on Jan. 26. The collection had a floor price of 2.74 ETH and a high price of 9.18 ETH, with over 1,705 total sales.
Originally meant to have a total supply of 7,500 NFTs, Porsche abruptly halted the minting process on Jan. 25 after some users complained of high minting prices and lack of utility for NFT holders. The supply has since been reduced to 2,363. The NFTs originally had a minting price of 0.911 ETH — referencing the namesake “911” NFT collection — but many users complained that they wanted the price reduced to 0.0911 ETH instead.
After community feedback, Porsche announced that it would expand holder benefits to behind-the-scenes access to the world of Porsche, co-creation of ”Porsche's future of Web3,” an exclusive physical capsule collection beginning Q2 2023, the opportunity to attend “money-can't-buy Porsche experiences,” and a "private airdrop" in March 2023. First unveiled during Art Basel Miami in November 2022, the Porsche NFTs were created by Hamburg-based designer and 3D artist Patrick Vogel and his studio Alt/Shift. Lutz Meschke, Porsche’s deputy chairman and member of the executive board for finance and IT, wrote at the time:
“This project is an additional element of our digitalization strategy. We’ve made our commitment for the long haul and our Web3 team has the autonomy to develop innovations in this dimension as well. Innovation management at Porsche also sees potential in the purchasing experience, the metaverse and the supply chain. Vehicle and sustainability issues are also being considered.”
Blur NFT Marketplace Surges in Volume and Market Share, Rivaling Industry Leader Opensea
Blur, the non-fungible token (NFT) marketplace, has seen a significant increase in volume since its launch in October. According to statistics from Dune Analytics, Blur has captured about 30% of the market share in terms of sales volume. The NFT marketplace leader, Opensea, commands 48% of the market share. Blur NFT Marketplace Captures 30% of […]