- The problem has been resolved since infringing ENS domain names were removed.
- OpenSea recently stated that it would lay off 20% of its personnel.
Trademark objections from the Recording Industry Association of America (RIAA) have prompted NFT marketplace OpenSea to remove numerous tokens from its database. OpenSea has had a tough week. Recording Industry Association of America (RIAA) claims that OpenSea’s marketplace has many Ethereum Name Service (ENS) domains that relate to the RIAA and its members. The problem has been resolved now that the infringing ENS domain names have been removed from OpenSea’s non-fungible token marketplace.
“Dilution, confusion and/or tarnishment” of trademarks are the RIAA’s words, according to their complaint. Cybersquatting prohibitions, publicity rights under common law, and unfair commercial practices are all violated by selling such domains. Universal Music, Atlantic Records, Capitol Records, Warner Music Group, Parlophone Recordings and Virgin Recordings are the 89 domain names in the letter.
Trouble Continues For OpenSea
Several more domain names are dedicated to certain members of the music industry’s leadership. The CEOs of Sony Music Entertainment, Columbia Records, Alamo Records, and UMG are all represented by those domains owned by Rob String, Ron Perry, Todd Moscowitz, and Lucian Grainge.
OpenSea recently stated that it would lay off 20% of its personnel due to market circumstances, and today’s announcement follows suit. As a whole, the crypto market has seen a significant decline in value throughout the summer. This also includes a massive fall in NFT trading volumes.
Complaints from the RIAA are unlikely to have much of an impact on OpenSea, especially in light of the market decline as a whole. Although, trade volumes may be affected by the risk of legal action and delisting tokens.
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