A rare NFT from the CryptoPunk collection was recently sold for about $ 2.6 million, the fifth largest sale in the collection’s history. According to reports, the collection’s floor price has increased by 61 percent in the last 30 days despite a decline in the larger crypto markets. A derivative of the CryptoPunk collection, a free Saudi-themed NFT collection, also hit the market in July, topping the $ 7.7 million volume charts in its debut weekend. However, the debut was not without drama. According to reports, the Saudi team discovered an automated fine that was used to artificially create a lower floor price, and influencers who claimed that others were able to profit from early knowledge of the coin.
In other recent NFT developments, the US Patent and Trademark Office and the US Copyright Office have reportedly decided to launch a study aimed at examining the impact of NFTs on intellectual property rights. According to reports, the study is likely to consider potential intangible challenges with NFTs, the rights associated with the transfer of ownership to an NFT, licensing rights and infringements, and potential IP rights granted to NFT creators. The news about the study comes among a number of lawsuits from well-known brands that seek legal action against NFT marketplaces and NFT sellers who may have violated their IP rights.
In a recent remarkable development, a British court recently ruled that NFTs are a valid entity for litigation in a $ 2.1 million cryptocurrency fraud case. According to reports, the London judge approved the incorporation of a legal notice in an NFT to be sent to a digital wallet controlled by an anonymous defendant who was allegedly responsible for tricking the plaintiff into transferring his digital assets to a Hong Kong-based company disguised as a legitimate US online trading platform. The approval of this type of service comes after a court in New York similarly approved the use of an NFT to notify an anonymous defendant in a cryptocurrency theft case.
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