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A judge bans Mason Rothschild from displaying his MetaBirkin NFTs

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A judge bans Mason Rothschild from displaying his MetaBirkin NFTs

A US federal judge has banned digital artist Mason Rothschild from displaying a series of digital artworks in the form of non-fungible tokens at a museum in Sweden. The NFTs feature 3D representations of Hermès’ famous fur-covered Birkin bags.

Rothschild was involved in a legal battle with the luxury house after Hermès sued him on NFTs in 2022. A unanimous jury considered him responsible for trademark infringement and cyber-speculation, ordering it to pay the fashion giant $133,000 in damages following a nine-day trial in February 2023. The court issued a permanent injunctionpreventing the artist from further infringing the Hermès trademark with his NFTs.

U.S. District Court Judge Jed Rakoff later criticized Rothschild in an order as an “outspoken conman” who tried to cover up his fraud by “posing as an artist to mint his “MetaBirkin” tokens.” In response to the verdict, Rothschild insisted in a statement that “the First Amendment gives me the right to make and sell art that depicts Birkin bags.”

Earlier this year in January, the artist asked the court for clarification on whether the injunction would prevent him from giving the Spritmuseum in Stockholm permission to display the NFTs in an upcoming exhibition about Andy Warhol and corporate art.

Hermès filed a response seeking to block it in February. The court then heard from two witnesses: Mia Sundberg, a representative of the museum, and Blake Gopnik, a critic who helped organize the planned exhibition. (Gopnik previously wrote a Washington Post opinion article titled “A Misguided Jury Failed to See Mason Rothschild’s MetaBirkins Art.”)

Court documents show that the museum planned to note the case against Rothschild in a descriptive text accompanying the MetaBirkins if permission to display them was granted.

The judge ultimately agreed with Hermès’ legal arguments that Rothschild did not provide details about the permissions it would grant the museum, including whether the exhibition would include merchandising or how it planned to promote the show.

“We do not know, for example, whether the license will cover the sale of products with MetaBirkins in the museum store or elsewhere,” argued the fashion giant. As such, the court determined that there is a risk that the exhibit would circumvent the injunction.

“Without a clear and concrete statement that, as the jury unanimously decided, [Rothschild] designed the MetaBirkins NFTs to deceive the public into believing that Hermès was somehow behind the images, there is little reason to expect those who visit the exhibition to understand that [his] the creation and distribution of MetaBirkins NFTs was a fraudulent enterprise in which Hermès had no role,” the judge said.

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NFTs

NFT Market Flourishes With 11.62% Surge This Week; Largest Ordinary Registration Hits Record 8 BTC – Bitcoin Markets and Prices News

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NFT market flourishes with an increase of 11.62% this week;  Largest Ordinal Enrollment Gets Record 8 BTC – Markets and Prices Bitcoin News

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Bitcoin.com Announces Launch of Verse Voyager NFTs with Exclusive Airdrop — Public Sale Begins April 24 – Press Release Bitcoin News

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Bitcoin.com Announces Launch of Verse Voyager NFTs with Exclusive Airdrop – Public Sale Starting April 24 – Bitcoin News Press Release

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Exploring NFT Royalties: New Mechanisms and Challenges

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Exploring NFT Royalties: New Mechanisms and Challenges



Timothy MoranoJune 27, 2024 11:30 AM

Learn about the innovative mechanisms and challenges of NFT royalties, including staking and claim rights, as proposed by a16z crypto.




According to a16z cryptoThe evolution of NFT royalties is a critical area of ​​focus as the NFT ecosystem continues to expand. The article delves into the pros and cons of existing royalty designs and presents two innovative approaches that leverage incentive mechanisms to encourage royalty payments.

Current Challenges in NFT Royalties

Creators are grappling with the complexities of enforcing royalties in the NFT space, often relying on blocklists and whitelists. These methods can stifle innovation and composability, leading to the need for more flexible and effective solutions.

Introducing staking mechanisms

One proposed mechanism involves integrating staking with the whitelisting model. Traditionally, creators manually add marketplaces or apps to their whitelists, which can be time-consuming and delay adoption. By introducing a staking model, new apps can add themselves to the whitelist by staking money or resources as a commitment to enforce royalties. If an app misbehaves, the creator can cut the stake and remove it from the whitelist.

This mechanism aims to simplify the process, making it more open and encouraging permissionless innovation on top of NFTs. However, it raises questions about slashing arbitrage, stake size, and how to aggregate stakes across multiple NFTs.

The Mechanism of the Right to Complaint

The second approach, known as “claiming rights,” introduces a new ownership model where each NFT has an asset owner and a title owner. If these two owners are different, the title owner can claim the NFT at any time. To avoid this risk, the asset owner can pay a title transfer fee to the creator, becoming the new title owner.

This mechanism incentivizes royalty payments without restricting composability. It also differentiates between sales and non-sales transfers, ensuring that royalties are paid during actual sales transactions.

Impact on markets

Marketplaces may need to adapt to these new models to ensure a positive user experience. For example, they could bundle the payment of the title transfer fee with the sale transaction, transferring ownership of the title to the buyer and ensuring that royalty payments are made.

Both mechanisms aim to balance the need for royalty enforcement with the desire for open, permissionless innovation in the NFT space. They offer new ways to ensure creators receive fair compensation without compromising the flexibility and composability that make NFTs so appealing.

Future considerations

Claims rights and staking mechanisms are not without challenges. For example, involving NFTs to circumvent royalties remains an issue. However, these models provide a framework to address such challenges and expand the design space for NFT royalties.

As the NFT ecosystem continues to grow, the industry must work collectively to develop and refine these royalty mechanisms. The goal is to preserve composability, maintain digital property rights, and ensure creators are fairly compensated for their work.

In conclusion, a16z crypto’s exploration of new NFT royalty mechanisms highlights ongoing efforts to innovate and address challenges faced by creators. As more use cases for NFTs emerge, these mechanisms could play a crucial role in shaping the future of digital ownership and compensation.

Image source: Shutterstock

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Gala Games Introduces NFT Tradability, Empowering Gamers Through Web3

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Gala Games Introduces Tradability of NFTs, Empowering Players Through Web3



Rebecca MoenJune 28, 2024 1:59 PM

Gala Games leverages Web3 to empower players with tradable NFTs, increasing player freedom and control through platforms like OpenSea.




Gala Games is revolutionizing the gaming industry by leveraging Web3 technology to empower players with true ownership of their in-game items. This innovative approach enables the tradability of in-game assets on secondary marketplaces like OpenSea, increasing player freedom and control.

Limited-time primary sales and secondary market dynamics

Gala Games’ primary item sales are often limited in supply and time, creating a sense of urgency and exclusivity. However, these items don’t disappear once the primary sales are complete. Thanks to secondary markets, players can continue to buy and sell these coveted assets. Platforms like OpenSea make this easier by allowing players to list and purchase Gala Games NFTs, providing access to items that are no longer available through primary sales.

GalaChain Bridge to Ethereum

Gala Games’ NFTs are initially minted on GalaChain for use in their game titles. These NFTs are designed for seamless interoperability and can be easily bridged to Ethereum, making them tradable on OpenSea and transferable via Ethereum wallets. This flexibility ensures that players can maximize the utility and value of their assets across different platforms and applications.

When players are ready to use a secondary market item in a game, they can bridge the Ethereum item to GalaChain via their Gala account using their connected Ethereum wallet. More details on how to connect an Ethereum wallet can be found here here.

A new era of player freedom and control

The traditional gaming model often locks players into a single title, especially when significant time and money has been invested in acquiring in-game assets. With Web3 ownership, this is no longer the case. Players now have the freedom to explore new games without losing their accumulated assets, even if they decide to leave a game behind entirely. This paradigm shift promotes player freedom and control, breaking the cycle of being entrenched in a single game and encouraging exploration within the gaming ecosystem.

Unlock Web3 Ownership

Gala Games is committed to transforming the gaming industry through the power of Web3. The tradability of in-game items is a cornerstone of this transformation, providing players with unprecedented freedom and control over their digital assets. By leveraging platforms like OpenSea and the interoperability of GalaChain and Ethereum, Gala Games is creating a vibrant and dynamic marketplace that empowers players like never before.

For more details, visit the official source.

Image source: Shutterstock

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