To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read article for precise information. In Brief NFTs gained popularity in 2024 amid the volatile cryptocurrency market, with high-profile court cases setting precedents for copyright and fair use, lawsuits against big labels, and U.
S. court rulings. NFTs became widely used in 2024 during a volatile cryptocurrency market, with the legal environment being established by a number of high-profile court cases.
Important precedents for copyright and fair use for NFTs produced from already-existing artworks were established by a Spanish court case. Lawsuits were filed against big fashion labels, and the founders of CryptoZoo were charged with undermining their venture. In a disagreement over a contract for the NFT marketplace, a U.
S. court granted the complaint. on the relationship between NFTs and copyright in January 2024.
The lawsuit included the acquisition of five artworks by Spanish artists between 1998 and 2008 by the global fashion business Mango, based in Spain. Without the artists’ permission, the business commissioned crypto-artists to produce NFTs that included these works. These parodies were never placed on a blockchain; instead, they were only shown in the shop, on social media, and in the Decentraland metaverse.
The court completely rejected the writers’ suit, ruling that Mango had not violated the writers’ moral rights .