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12 mar

Watch Skins Sues LVMH Over Alleged NFT Patent Infringement

According to Cointelegraph, Watch Skins Corporation has filed a lawsuit against luxury fashion conglomerate LVMH, accusing it of patent infringement related to non-fungible token (NFT) display technology. The complaint, submitted to a Texas federal court on March 10, alleges that LVMH misappropriated Watch Skins' innovative system, which enables the display of verified NFT artworks on smartwatches. Watch Skins claims to hold multiple patents for this technology.The lawsuit specifically targets the TAG Heuer Connected Calibre E4 smartwatch, among other products from LVMH's brands, asserting that these devices unlawfully utilized NFT display technology based on three patents owned by Watch Skins. LVMH, a multinational holding company, owns numerous luxury brands, including Louis Vuitton, Givenchy, TAG Heuer, Tiffany, Christian Dior, Hennessy, and Moët & Chandon.Watch Skins detailed its patents, stating that the first covers a system verifying NFT ownership before allowing display on a watch face. The second patent involves a system where an NFT must be verified through a blockchain wallet before being shown on a smartwatch. The third patent focuses on retrieving and displaying customized watch faces based on NFT ownership. The company accused TAG Heuer of encouraging patent infringement by providing instructions for using its NFT display features.The complaint elaborated that the smartwatch connects to a user's crypto wallet to ensure the authenticity of displayed works, allowing NFTs to be shown if owned by the user's wallet. Watch Skins is seeking a jury trial, compensation for lost profits and royalties, and a court order to prevent LVMH from further using the patented technology.Watch Skins had previously announced the launch of the world's first blockchain NFT watch face marketplace at the Consumer Electronics Show in Las Vegas in 2020. The mobile app offers consumers the ability to purchase authentic, licensed smartwatch faces from their favorite brands. Cointelegraph has reached out to LVMH for comment on the lawsuit.
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3 mar

DraftKings Settles NFT Securities Lawsuit For $10 Million

According to Cointelegraph, DraftKings has agreed to a $10 million settlement to resolve a securities class-action lawsuit involving its non-fungible tokens (NFTs). The lawsuit was initiated by buyers of NFTs sold through DraftKings' now-closed marketplace. On February 28, 2025, Judge Denise Casper of the Boston federal court granted a preliminary settlement motion filed by lead plaintiff Justin Dufoe and the class on February 26. The settlement will distribute $10 million among the class action members. Dufoe plans to request a $50,000 award for his involvement in the case, along with attorneys' fees amounting to one-third of the settlement fund plus litigation expenses. The lawsuit, which began in March 2023, alleged that the NFTs sold by DraftKings were investment contracts under U.S. law and were therefore unregistered securities. The settlement aims to avoid prolonged and costly litigation. DraftKings co-founders Jason Robins and Matt Kalish, along with Jason Park, the company's chief transformation officer, were also named in the suit. Dufoe claimed to have incurred a $14,000 loss by selling DraftKings NFTs at a loss and holding devalued NFTs. DraftKings attempted to dismiss the lawsuit in September 2023, arguing that the NFTs did not qualify as investment contracts under the Howey test. However, Judge Casper ruled in July that the NFTs could be considered securities. Following the closure of its NFT marketplace, DraftKings began settlement discussions with the class group, which culminated in an all-day mediation involving extensive negotiations before a neutral third party. The class group described the settlement as an "outstanding result" that would prevent further costly litigation. They estimated "realistic and supportable damages" to range from $18 million to $58 million, with the settlement representing 26% of the midpoint of potentially recoverable damages, which they considered an excellent recovery under the circumstances. This is the second NFT-related lawsuit DraftKings has settled in 2025. In January, the company reached a settlement with the National Football League Players Association over a lawsuit accusing DraftKings of not compensating for the use of NFL player likenesses in NFTs. The details of that settlement remain undisclosed, but the suit was stayed until March 28 to finalize the agreement.
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16 feb

NFT Market Sees Decline In Trading Volume But Rise In Participants

According to PANews, recent data from CryptoSlam indicates that NFT trading volume has decreased to $112.7 million over the past week, marking a 35.15% drop compared to the previous week. Despite the decline in overall value, market engagement has notably increased, suggesting growing interest from new traders. The number of NFT buyers surged by 624.41% to 203,994, while the number of sellers rose by 519.61% to 158,805. However, the total number of NFT transactions saw a slight decrease of 1.41% to 1,443,007. On the Ethereum network, trading volume fell by 41.25% to $56 million, although the number of buyers increased by 81.43% to 30,598. The Mythos Chain network ranked second with a trading volume of $13.9 million, reflecting a 4.66% increase. Despite a 32.56% decline, the Solana network maintained its third position with $11 million in trading volume. The Polygon network, formerly known as MATIC, showed strong performance, ranking fourth with a trading volume of $8.1 million, up by 10.76%. The Bitcoin network dropped to fifth place with a trading volume of $6.7 million, a decrease of 71.42%. The top-selling NFTs for the week included Uncategorized Ordinals #8912771, which sold for $7,749,449 (80.1296 BTC), followed by CryptoPunks #2550 at $331,955 (125 ETH), CryptoPunks #793 at $146,683 (53.5 ETH), CryptoPunks #9634 at $128,988 (47.5 ETH), and CryptoPunks #9701 at $122,883 (45 ETH).
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