Why should you Trademark the name of your NFT?

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The prevalence of NFTs (Non-fungible tokens) is increasing; still, people are unaware of their importance. Protecting the name of your NFTs is as essential as growing your brand. We use “trademark” to protect our businesses and brands. Likewise, we can also protect our NFTs using trademarks. Read more about NFTs and how to safeguard them by trademarking their names.

What is an NFT?

An NFT is a digital asset that can be of any form, such as an image, video, music, or digital representation of physical goods such as clothes, shoes, etc. The NFTs are unique because they are stored and recorded using blockchain technology. Creating NFTs, otherwise known as “minting,” helps businesses extend their presence to the world of the metaverse. If you are a brand creating NFTs for your products and goods, you should be aware of the infringements in the metaverse. To protect your brand and stand unique in the digital world, you should trademark the names of your NFTs.

How do trademarks protect NFTs?

We all know that infringements and unauthorized usage of a brand’s name have happened worldwide. The same can happen in the metaverse too. To extend your business in the digital world, your brand’s identity should be protected, and no one else should produce an NFT similar to yours. To prevent this, you can trademark the names of NFTs and protect them from illegal usage. By trademarking your NFTs, their names and designs are legally protected, keeping them unique in the metaverse.

Other IPs and NFTs

In today’s world, Intellectual property protections such as trademarks, patents, and copyrights help us protect our IPs from unauthorized usage by others. Similarly, they also protect your NFTs in the digital metaverse. Trademarks, copyrights, and patents are also applicable for protecting NFTs in the metaverse. Copyrighted NFTs preserve the owner’s rights; no one else can modify or use them without permission. NFT transactions refer to the selling and buying of metadata of the products that come under the NFT and not the actual ownership. The ownership of an NFT can be transacted only when the creator or owner agrees to transfer the copyright to the buyer. Likewise, patenting the NFTs can protect them from infringements and help your business assets stand unique.

To Sum Up

There are various benefits of tokenizing your assets and minting NFTs for your business. Apart from extending your business, NFTs play a major role in increasing sales, growing your customer base, earning royalties, and more. Trademarking your NFTs helps you stand unique and keep your business succeeding for a prolonged period.

Contact Brealant and manage all your legal property protection!

Brealant helps you manage all kinds of IP protection, assist you in the registration processes, and makes you aware of the regulations and policies. Contact us now to keep your properties protected with legal property protections.

Everything you need to know about Copyrights and NFTs

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As blockchain technology evolves rapidly, a significant advancement named Non-fungible token (NFT) has been rising since 2021. In this world where we are experiencing digital shifts every year, tokenizing our assets has become the new trend nowadays.

Whenever we create, invent, or own any intellectual property, we try to protect them from infringement by others. However, about the NFTs and their ownership? Does intellectual property protection, such as copyrights, patents, and trademarks, apply to NFTs? Yes, they do. Let us look at how we can safeguard our NFTs using copyright protection and the confusion associated with it in this article.

Know about NFT and Copyrights

NFTs (Non-fungible tokens) are digital units that represent the metadata of anything. An NFT can depict digital goods such as images, memes, videos, animations, or even physical products such as clothes, footwear, etc. Any product you wish can be converted into an NFT and traded. These NFTs are stored in the blockchain like cryptocurrencies. The only difference is that cryptocurrencies are fungible, and NFTs are non-fungible, meaning unique and unchangeable. To tokenize (creating NFTs), you should digitally represent your products or creations.

Since NFTs are stored in the blockchain, they have little to do with copyrights. However, tokenized products or creations under NFTs can be copyrighted. One primary benefit of NFTs is that the information about the tokenized products and their owners is securely recorded under the blockchain. Copyrights protect one’s ownership and rights of his creation, but an NFT is not an actual product itself. It is a digital representation of the work. This is where the confusion arises.

Copyright Issues with the NFTs

An Author or Inventor of a creation is the one who owns it. The copyrights registered for that creation protect the owner’s exclusive rights and prevent others from infringing them. Some parties believe that only the owner of the creation can tokenize them, and anyone else trying to do the same will lead to copyright infringement.

However, some may consider that the NFTs only digitally represent the work. People other than the owners trying to tokenize them will not result in copyright infringement because NFTs are just the metadata of creation, not the creation itself. Since tokenizing the work does not intrude on exclusive rights such as publication, reproduction, authorization, etc., tokenization is believed to not cause copyright infringement.

In addition, NFTs are sold and bought using cryptocurrencies, and the person who buys an NFT is buying only the metadata of a work and not the actual work and its rights.

Get help from brealant professionals in creating the agreement!

Buying and selling NFTs refers only to the metadata in most cases. However, in some cases, the transfer of the copyrights takes place. In such circumstances, a separate agreement will be made between the buyer and seller listing all the copyright information. Our experts are always available for your help. You will get guidance in every step. Contact us and get things done correctly.

McDonald’s Enter Metaverse: Filed Trademark For A Restaurant

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McDonald’s enters the Metaverse to open a restaurant.

Yes, you read it right!

The burger empire submitted trademark applications for items including virtual restaurants and non-fungible tokens (NFTs), which seem connected to the Metaverse, a virtual reality environment.

Now the question must arise in your mind: what is Metaverse?

Let’s understand it first, and then we move further.

Metaverse

You’ll see quite a complex meaning if you search for a metaverse definition online. The following is a simple version of a description from a Forbes Q&A article. At the same time, the meaning may change significantly over time: The Metaverse is a collection of virtual and mixed reality environments connected by a computer browser or headset. Using avatars, participants can engage in real-time conversations and govt jobs experiences in the Metaverse even if they are geographically distant.

McDonald’s enters Metaverse: What exactly will Mcdonald’s do

What would McDonald’s most likely do in the Metaverse?

The company has submitted patent applications that hint at creating virtual restaurants that appeal to youngsters, increasing the fast-food franchisor’s sustainability for many years.

According to the Forbes article concentrating on McDonald’s, the company now anticipates customers to virtually gather there and purchase real meals that will be delivered to their houses. Moreover, users of the Metaverse are probably placing orders for products from other brands as well.

According to Forbes, the burger chain will also offer virtual products like branded clothes for avatars to wear and furniture for their customers’ virtual homes.

Is there an NFT at McDonald’s?

The patent filings also reveal McDonald’s interest in developing non-fungible tokens (NFTs), limited or unique collecting objects from the digital world. The business launched an NFT to raise awareness of McRib’s 40th birthday.

On February 4, the business submitted ten trademark applications to the US Patent and Trademark Office, including McCafe and McDonald’s applications.

One trademark covered “running a virtual restaurant online with home delivery,” while another covered “virtual food and beverage goods,” including NFTs. Additionally, it trademarked entertainment offerings such as “online actual and virtual concerts” using the McDonald’s and McCafe trademarks.

According to trademark lawyer Josh Gerben on Twitter, the trademarks would defend the concept of McDonald’s entering Metaverse in the area of restaurants that can serve both virtual and actual meals.

He also tweeted, ” If you become hungry when hanging out in the Metaverse. You are not required to remove your headset. You can enter a McDonald’s and make a purchase. It arrives at your door after some time.”

Is there only one McDonald’s food franchise that enters Metaverse?

No, the rival burger chain Wendy’s already has a presence in the Metaverse.

Conclusion

As McDonald’s enters Metaverse, others are also trying to enter it to be in a race of rapidly changing technology. Smaller businesses are also ready to participate in the activity by purchasing their area on ready-made metaverse platforms like Decentraland, Sandbox, and Mirandus.