Innovative Manufacturing Solutions

Whether you are a lawyer or are very curious about intellectual property and cryptocurrencies, here, you can know legal issues, fungible tokens (NFTs), crypto assets, and trademark-related NFTs. They are becoming important nowadays.

Trademark attorneys are much more familiar with working with their clients. And also prepared to handle questions regarding blockchain, cryptocurrencies, etc. NFTs are digital files having a unique identity, which the blockchain will verify. So, trademark attorneys must know these terms.

Overview Of Cryptocurrencies, Bitcoin, And NFTs

Risk Involved with NFT And Blockchain

Trademark attorneys representing brands and IP owners must be aware of two things. First are the opportunities and the potential risks inherent in the marketplace.

If you talk about marketing or advertising campaigns, sometimes things can go wrong; then, which will negatively impact a brand’s or IP’s value. It especially works when the transaction is on the blockchain because it may be irreversible.

If you want to avoid risk, you should think twice about your possibilities and downside risk that may come hand-in-hand due to the client’s involvement in this new and exciting technology.

Conclusion

For the trademark attorneys or other people using these cryptocurrencies, NFTs, and many more. They must know all the consequences when they are doing transactions.

Blockchain and NFTs have new opportunities for IP attorneys to work with their clients or new audiences to grow their brands on a large scale. You can learn many new things that help fight uncertain and indeterminate consequences. Contact us to know more about this. So, here we are, there to help you solve your doubts. Take help from us in your IP work!

Nowadays, the prevalence of Non-fungible tokens (NFTs) is increasing across the world. An NFT is a token based on blockchain technology that uniquely represents digital assets like arts, music, games, animations, etc. An NFT should be distinctive and shouldn’t resemble any other NFT. However, how can we patent an NFT, and what are the uses of patenting an NFT? Read more to learn about the importance of patenting your NFTs.

Patents and NFTs  

We all know that patents protect intellectual property or an asset, preserve the inventor’s ownership, and prevent illegal usage by a third party. Likewise, it is now necessary to protect your properties in the virtual world too. Yes, you can patent your NFTs to guard them against illegal infringements. Since the usage of NFTs is expanding, the USPTO (United States Patent and Trademarks Office) has been providing more patents for blockchain-based inventions and properties.

Advantages of tokenizing the patents  

Nowadays, patent owners are tokenizing their patents to manage their patent ownership effectively. In addition to protecting your inventions from infringements, there are multiple benefits of creating NFTs for your patents. Some of them are listed below:  

  1. Since information stored using blockchain technology cannot be forged or hacked, the patents and the associated data will be safer and stored forever. And no one can copy your inventions easily as NFTs are unique. It also maintains the records of the patent owners and their information.  
  2. If patent ownership changes, the information will be automatically updated in the blockchain records.  
  3. Tokenizing the patent assets paves effective ways for the patent owners to monetize them.  
  4. Apart from monetizing, NFTs make it easier for the patent owners to sell, commercialize, and trade their patents.  
  5. Since patent costs are huge, not everyone can invest entirely. Some may want to invest in them partially, which is also possible because of the tokenization. Because of this, NFTs have made patent ownership much more cost-effective.   

Things to be aware of while tokenizing the patents  

Since the adaptation of NFTs is new and emerging gradually, patent owners should know the rules and laws before tokenizing their patents. Patent owners should learn more about the privacy concerns of blockchain technology since every record about the patent and patent owners must be maintained digitally. In addition to patenting your NFTs digitally, make sure they are legally registered in the USPTO to avoid future rejections.

Facing problems in patenting the NFTs? Brealant limited will help you with it!  

Patent registration plays a major role in protecting the rights and ownership of inventors. Non-fungible tokens (NFTs) are also significant for their distinctiveness and security because of their blockchain technology. Nowadays, most popular organizations are also aiming to tokenize their patent assets. It is believed that there will be much more transparency about the regulations of tokenizing patents soon. If you are confused or don’t know anything about it, we will help you throughout the process. So, please don’t wait; contact us and start your process for patenting the NFTs.

Block Inc., a facilitator of digital payments, is legally pursuing Bitcoin.com for alleged trademark infringement concerning the recently launched Verse token, which successfully concluded a $33.6 million private sale in May 2022.

Jack Dorsey founded Block in 2009, renaming it from Square in December 2021 when its emphasis turned to blockchain technology and Bitcoin. Since leaving his position as CEO of Twitter in November 2021, Dorsey has shifted his attention more and more to Bitcoin hardware and payment systems.

CEO of Bitcoin.com Dennis Jarvis and legal counsel Joseph Collement, attorneys for Block, claimed in a letter to Bitcoin.com that the use of “Verse” by Bitcoin.com violates German trademark law. The letter on August 10 responded to a notice sent on July 4 by Block’s legal representatives, Bird & Bird, outlining the details of its trademark infringement claim in Germany.

According to Block’s legal counsel, the VERSE app by Block is accessible on both Apple and Android devices across Europe, including Germany. Block’s rights over a figurative mark containing the word “Verse” and the “VERSE” word mark were outlined in the letter the legal advisors delivered, with priority given to computer and application software for mobile devices. According to German trademark law, using the designation “VERSE” violates the Block’s trademarks.

Verse Technologies Inc. and Decentralized Global Payments S.L. were acquired in 2020, the source of the alleged trademark infringement.

A peer-to-peer payment application called “VERSE” is also part of the Verse and Decentralized Portfolio. Since the takeover, this program has been run by our customers.

Why did the conflict take place?

Block’s legal team informed Bitcoin.com via letters in July and August 2022 that its use of the name “Verse” and the stylized all-caps word “VERSE” violated German trademarks. Block Inc. sought a written commitment from Bitcoin.com to stop using the Verse/VERSE names in the E.U. It also threatened additional legal action and a fine of EUR10,000 for each “contravention” that occurred after the deadline.

The Block has claims against Bitcoin.com to stop the infringements, according to the letter delivered to the company. Additionally, the former has claims for disclosure of the extent of the infringing activities and for payment for all losses the business has experienced or will subsequently incur due to the infringement. The Block is also entitled to compensation for the expenses they incurred.

What is the final take?

Trademark infringement occurs when another person uses your trademark without permission, thus creating confusion among consumers and tarnishing your reputation.

According to Block’s legal counsel, Bitcoin.com was asked to sign a statement of discontinuance and undertaking by August 17 or risk further legal action. Additionally, it demanded that Bitcoin.com stop operating its Verse token in the E.U. or risk a contractual fine of $10,400 (10,000 euros) for each infraction.

Conclusion

Answer keys purchasing Decentralized Global Payments S.L. and Verse Technologies Inc. two years ago, Block Inc. launched the project with the same name. In this instance, Chainlink’s Verse ecosystem competes with Chainlink’s mobile payments app, VERSE, in a related-yet-different market space.

With over 35 million wallets and 5 million active users, the Bitcoin.com/ Chainlink VERSE project is part of the Chainlink BUILD initiative. The VERSE “utility token” serves as the ecosystem’s currency and comprises the BUILDS development framework, several decentralized applications (DApps), and DeFi services.