Quoted

February 3rd, 2023

Trademark Lawsuits from Hermès and Yuga Labs Could Shape the Future of NFTs

Blockchain Technology Co-Chair Jeremy S. Goldman is quoted in the article, “Trademark Lawsuits from Hermès and Bored Ape Yacht Club Could Shape the Future of NFTs” published by Observer. The article discusses two trademark trials that are set to define what can be classified as artwork or assets. Hermès is suing digital artist Mathon Rothschild over his collection of 100 digitally depicted Birkin handbags as NFTs. Yuga Labs is suing artist Ryder Ripps, who created his own collection of Bored Ape NFTs. Jeremy says a central question at the heart of these cases is whether NFTs are assets or works of art. He is quoted saying, “Are they more like merchandise or a product, or more like art? Where NFTs fall on that spectrum is an open question and will depend on the NFT, but also could help define what NFTs are.”

Jeremy notes, “If defined as artwork, NFTs would be granted much more leeway when it comes to trademark infringement.” He said that it’s more likely that Ripp’s defense in the Yuga Labs case will focus on the argument that his collection didn’t cause consumer confusion and was different enough from the Bored Ape NFTs to not compete with them. In conclusion Jeremy says, a decision for Rothschild or Ripps could see digital artists feeling more emboldened to use appropriation in their work and push the envelope, with companies being more conservative in moving to protect their rights.

Read the full article here.