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Hermès reveals plans for Metaverse fashion shows, crypto and NFTs – Cointelegraph

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The trademark application comes months after filing a lawsuit against NFT project MetaBirkins for allegedly using its Birkin brand to sell digital collectibles.
Luxury brand Hermès is laying the groundwork for its entrance to Web3 after filing a trademark application covering nonfungible tokens (NFTs), cryptocurrencies and the Metaverse. 
According to an Aug. 26 filing to the United States Patent and Trademark Office (USPTO), the trademark covers downloadable software to view, store and manage virtual goods, digital collectibles, cryptocurrencies and NFTs “for use in online worlds.”
It also filed trademarks for “retail store services featuring virtual goods” as well as fashion and trade shows in “online virtual, augmented or mixed reality environments” and for “providing an online marketplace for buyers and sellers of virtual goods.”
Luxury brand Hermès has filed a trademark application for its name claiming plans to expand into

▶️NFTs + Virtual currency
▶️Crypto + NFT trading
▶️Virtual good marketplaces
▶️Virtual clothing, footwear, and fashion shows
… and more#NFT #Metaverse #Web3 #Crypto #Hermes_Paris pic.twitter.com/hdvsXeQtrC
The new trademark application comes months after filing a lawsuit against Metabirkins founder Mason Rothschild in January for allegedly using the brand’s Birkin name to make money from sales and resales for his NFT Metabirkins collection.
In a 47-page legal complaint against Rothschild, Hermès alleged that the “MetaBirkins brand simply rips off Hermès’ famous Birkin bag trademark by adding the generic prefix ‘meta’ to the famous trademark Birkin,” thereby creating the illusion that the MetaBirkins brand was a part of the luxury Hermès’ Birkin brand.
Related: Metaverse is a key factor in long-term NFT success, says new research
The lawsuit against Rothschild could be one of the reasons why the company has gone ahead to file its own protections that will cover the Metaverse, crypto and NFT-related products and tokens.
The luxury brand is neither the first or the likely the last to make moves in the Metaverse.
Earlier this year, Decentraland’s Metaverse Fashion Week, a four-day digital fashion event featuring wearables on virtual runways, saw the appearance of luxury brands including Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder and Elie Saab.
Last month, data from Dune Analytics revealed that leading brands including Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany & Co. had amassed a combined $260 million worth of sales from NFTs.

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Tyler Hobbs' Fidenza NFT Project Gets $1M Pump Over 48 hours – CoinDesk

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DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk – PYMNTS.com

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Down at the very bottom of the crypto crime report the Justice Department issued last week was a request that could make it a lot harder to buy and sell NFTs.
Citing examples of criminals using the sale of the popular nonfungible tokens that hold art, video, music and collectibles to launder funds, the Justice Department asked Congress to define some of all NFTs as “value that substitutes for currency” under the Bank Secrecy Act (BSA).
Doing so, it said in “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” would “make clear that its key [anti-money-laundering (AML) and countering the financing of terror (CFT)] provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
See also: DOJ Seeks to Double Jail Time for Money Transmission Crimes
The impetus, the department said, is the “explosive growth in the demand and corresponding markets for NFTs, perhaps most notably in the area of digital art.”
Substantial Risk
This “presents substantial money-laundering risks,” it said, citing a February Treasury Department study on money laundering in the broader art market.
“NFTs can be used to conduct self-laundering, a sequence in which criminals purchase an NFT with illicit funds and then resell to a purchaser who pays for it with clean funds unconnected to a prior crime,” that report noted.
It also found that in most cases, “digital assets that are unique, rather than interchangeable, and that are used in practice as collectibles rather than as payment or investment instruments … are generally not considered to be virtual assets under [international regulations].”
The “nonfungible” part of NFT means that each is unique and cannot substitute for any other, as opposed to cryptocurrencies like bitcoin which all have the same uses and value.
NFT marketplaces “may take the view that this definition [of a ‘value that substitutes for currency’] does not apply to their activities — and that they are thus not subject to the BSA’s anti money-laundering and anti-terrorism laws, the department said.
Justice is asking Congress to amend the BSA “to make clear that its key AML/CFT provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
Already There
Redefining NFTs as “value that substitutes for currency” would allow the Treasury Department’s Financial Crimes Enforcement Unit (FinCEN) to “potentially seek to regulate such activity under its money transmission regime,” a trio of lawyers at Skadden, Arps, Slate, Meagher & Flom wrote in an April blog post.
That, according to Jamie Boucher, Eytan Fisch and Javier Urbina, would require NFT marketplaces to register as money services businesses (MSB) with FinCEN.
Some types of NFTs — notably those used to fractionalize tangible assets like physical artworks and real estate, but also other valuable art or collectible tokens — are likely securities, the Securities and Exchange Commission (SEC) has said.
See more: How Did NFTs Become SEC’s Newest Crypto Target?
In FinCEN’s view, the trio noted, those can be repurposed to fit the definition of “value that substitutes for currency” and thus may already require MSB licenses.
 
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FTX Talking With Investors for $1B Fundraising at $32 Billion Valuation – NFTgators

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Quick take:
Although Binance maintains its number one spot in terms of crypto transaction volume, FTX is catching up quick after rising to third, behind Coinbase. This could change soon given the steps FTX is taking in web3.
According to reports, Sam Bankman-Fried’s company is seeking $1 billion in a new round of funding at a valuation of about $32 billion. That values FTX twice the value of Coinbase— whose market cap stands at just over $14 billion, and at least 7-fold Binance’s most recent valuation of $4.5 billion.
And there is a good reason for the disparity in market share (volume-wise) and overall valuation. FTX is more than just a crypto exchange platform. 
The company has expanded its ecosystem to include stock trading, NFTs, crypto lending services and more, all forming significant operational synergies for the rapidly growing web3 company.
It explains why investors are placing such value on FTX. According to sources close to the $1 billion fundraising talks, the figure could change by the time the round is closed, CNBC reported, citing people who did not want to be named.
FTX has been one of the most active investors in the web3 space during the crypto winter. The company is in the process of acquiring the crypto lending platform Blockfi for a reported amount of $240 million.
Last year, it acquired crypto derivatives platform LedgerX allowing it to offer derivatives trading alongside traditional crypto exchange services.
Earlier this year, the company purchased Good Luck Games, the developer of the card battle game Storybook Brawl for an undisclosed amount. The acquisition added another perspective to FTX’s business pouncing on the rapidly growing web3 gaming sector.
The company also recently announced a partnership with online game retailer Gamestop to onboard the gaming community to web3.
In July, Bankman-Fried refuted claims that FTX was planning to buy retail stock brokerage platform Robinhood after Bloomberg published a report suggesting discussions were underway.
News about the new fundraising come hot on the heels of the company’s $900 million raise announced in July. FTX also raised $420 million in October 2021.
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New NFT Marketplaces Bid to Dethrone OpenSea From Top Spot
Space Runners Ramps Up the Development of Its Metaverse-Only Fashion House with $10M Round

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