18 July 2022
BakerHostetler
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A rare NFT from the CryptoPunk collection recently sold for
approximately $2.6 million, the fifth-largest sale in the
collection’s history. According to reports, the
collection’s floor price has increased 61 percent in the past
30 days despite a downturn in the larger crypto markets. A
derivative of the CryptoPunk collection, a Saudi Arabia-themed
free-to-mint NFT collection, also hit markets this July, reportedly
topping the volume charts with $7.7 million in sales in its debut
weekend. The debut was not without drama, however. According to
reports, the Saudi team discovered an automated bot being used to
artificially create a lower floor price and influencers claiming
others were able to profit from early knowledge about the mint.
In other recent NFT developments, the U.S. Patent and Trademark
Office and the U.S. Copyright Office have reportedly resolved to
launch a study aimed at examining the impact of NFTs on
intellectual property rights. According to reports, the study will
likely consider potential intellectual property challenges with
NFTs, the rights associated with transferring ownership of an NFT,
licensing rights and infringements, and the potential IP rights
given to NFT creators….
