David Leichtman, a managing partner at law firm Leichtman Law PLLC, says there are legal considerations that creators and users of NFTs should know before creating a digital item that veers closely to another company's product. _franvela reports
) that closely reflects something created by a brand may not be enough to keep some creators from facing legal ramifications, said David Leichtman, a managing partner at law firm Leichtman Law PLLC.with over 20 years of experience, said on CoinDesk TV’s “First Mover” on Tuesday that under trademark law what a brand is protecting “is the value of the brand,” including its name or logo.
Ripps' project, considered to be a copycat, is a series of 10,000 NFTs that replicate the same names, features and traits as the Bored Ape Yacht Club’s NFTs.in June by Yuga Labs alleging trademark infringement looks to getting “the cooperation of the defendant,” according to Leichtman. He said the lawsuit was filed to gather more evidence against Ripps. The pending case focuses on whether Ripps and Lehman purposely used Yuga Labs’ logos and Board Apes names to sell Ripps' products.
In Yuga Labs’ case, he said, the company carefully crafted its trademark complaint so as to focus on the company’s name and the use of its logo, not the underlying ape art. The situation would be different if Ripps’ images “were just painted,” Leichtman said. He pointed out that NFTs can be “tradable like a stock or security,” but they operate under a different trading system than the stock market.
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