THELOGICALINDIAN - The account comes anon afterwards OpenSeas accommodation to lay off 20 of its workforce
NFT exchange OpenSea accustomed brand complaints from the Recording Industry Association of America (RIAA) today and has delisted several behind tokens in response.
OpenSea Delists Offending NFTs
It’s been a asperous anniversary for OpenSea.
A letter from the RIAA asserts that OpenSea’s exchange appearance several Ethereum Name Service (ENS) domains with names that accredit to the recording affiliation and its members. OpenSea has now delisted the behind ENS area names from its non-fungible badge marketplace.
The RIAA said that the auction of the behind domains constitutes “dilution, confusion, and/or tarnishment” of trademarks. It added that affairs such domains violates cybersquatting laws, accepted law rights of publicity, and arbitrary trading practices.
The letter lists 89 area names including those apropos to Universal Music Group, Atlantic Records, Capitol Records, Warner Music Group, Parlophone Records, and Virgin Records.
Several added area names accredit to alone music executives. Those domains accredit to Sony Music Entertainment CEO Rob String, Columbia Records CEO Ron Perry, Alamo Records CEO Todd Moscowitz, and UMG CEO Lucian Grainge.
One alone called in the letter was RIAA administrator Mitch Glazier. In March, Glazier addressed the issue of trademarks in the NFT industry. He acclaimed that RIAA was demography activity adjoin the NFT belvedere HitPiece for its rights violations.
OpenSea Prepares for Downturn
Today’s account comes anon afterwards OpenSea announced that it will lay off 20% of its workforce in acknowledgment to bazaar conditions.
OpenSea CEO and co-founder Devin Finzer wrote on July 14 that the “unprecedented aggregate of crypto winter and broader macroeconomic instability” agency that OpenSea needs to adapt for a possibly “prolonged downturn.”
Overall crypto bazaar altitude accept acquired the amount of the NFT bazaar to drop dramatically this summer.
Compared to the massive bazaar downturn, the RIAA’s complaints are absurd to do ample accident to OpenSea on their own. Still, the achievability of acknowledged activity and the coercion to delist tokens will acceptable affect trading volumes to some extent.
This is not the aboriginal time that OpenSea has delisted items. It ahead delisted ENS domains apropos to appearance artist Calvin Klein, and it has additionally delisted a accumulating alleged Not Okay Bears, which apish addition NFT band alleged Okay Bears.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and added cryptocurrencies.
