Non-fungible tokens (“NFTs”) – what are they, anyhow? Technically, they are a digital asset. Again, what does that mean?
On Monday, May 16, 2022, SoCal IP Law Group LLP partner Marina L. Lang will lead a discussion on defining the nature of these novel digital assets and discuss the growing litigation over whether these assets are considered “real” goods for the purpose of trademark and copyright protection.
Ms. Lang, a mother of 4 gamers, discovered what NFTs were the hard way, from multiple charges to her credit card emanating from the likes of Xbox and Nintendo (among others), giving said unnamed gamers, respectively, ownership of various “rare” digital goods, including unique character avatars and unique weapons and pets for these avatars (sold in limited quantities of course!).
NFTs are, at the very least, a form of digital art. But is this technology, these non-fungible tokens, considered actual real property, real goods, for the purpose of intellectual property protection?
Nike answers this question in the affirmative in its current lawsuit against StockX alleging trademark infringement and related claims against StockX for their selling of NFTs in the form of Nike footwear. The Nike v StockX Complaint will be discussed at our meeting at noon on Monday, May 16,
Also joining the spike of NFT lawsuits, is Miramax LLC who recently sued filmmaker Quentin Tarantino regarding his sale of NFTs related to the classic 1994 film hit “Pulp Fiction.” The Miramax v Tarantino Complaint will also be discussed at our meeting at noon on Monday, May 16.