Non-Fungible Insights: Blockchain Decrypted

Winston’s “NFT Litigation and Regulatory Proceedings Tracker” on Lexis+ provides timely updates on significant litigation and administration proceedings involving NFTs brought by U.S. regulatory agencies and private litigants.

On April 21, 2023, United States District Judge John F. Walter ruled for Yuga Labs, Inc. (Yuga) and its Bored Apes Yacht Club (BAYC) NFT collection in its trademark infringement suit against conceptual artists Ryder Ripps and Jeremy Cahen (collectively, the “Artists”).

On February 22, 2023, the Southern District of New York denied a motion to dismiss by blockchain company Dapper Labs and its CEO Roham Gharegozlou. Dapper Labs is behind the “NBA Top Shot Moments” Non-Fungible Token collection and also controls the private Flow blockchain network, on which the NFT transactions occur via the exclusive FLOW tokens.

On April 20, 2022, the Hangzhou Internet Court held a Chinese NFT-trading platform responsible for copyright infringement for the conduct of one of its users in Case No. (2022) Zhejiang 0192 Minchu No. 1008, the first publicized NFT infringement case in China.

The Securities and Exchange Commission (SEC) and its Chair Gary Gensler are making good on their promise to increase oversight of the crypto markets.

A pair of suits from designers Nike and Hermes are raising new questions regarding how Non-Fungible Tokens (NFTs) intersect with trademark protections. On January 14, 2022, luxury designer Hermes filed suit against artist Mason Rothschild, creator of the popular “MetaBirkins” NFTs.