Hermes Vs. NFT Artist Could Help Define Legal Landscape For Digital Assets – The Motley Fool
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Help! He stole my purse… ‘s intellectual property rights.
Starting today, a blockchain entrepreneur whose MetaBirkins NFTs look strikingly similar to the ultra-expensive actual Birkin handbag will be going head-to-head in court with luxury designer Hermès. The case could create a precedent for digital assets and copyright law in a burgeoning world of cryptocurrencies, metaverses, and all those other things your nephew is somehow still into.
How Do You Solve a Problem like NFT?
Mason Rothschild debuted the MetaBirkin NFT, digital images of furry handbags sporting designs like the Mona Lisa, zebra hide, and smiley faces, in 2021. And despite not being able to physically carry your phone, wallet, or compact, one of the most expensive MetaBirkins goes for 100 ethereum – that’s more than $160,000 and comparable to some actual Birkin bags. Hermès is suing Rothschild for trademark infringement. His defense: The First Amendment and artistic expression.
Like many aspects of the internet and digital currencies, NFTs are not highly regulated. What guidelines exist are influenced by previous federal laws, but there’s not one solid framework. Experts are hoping the Birkin case will create m