Quick take:
- CounterFind has announced the first-ever NFT takedown solution for IP holders.
- The intellectual property firm has launched an automated solution for removing counterfeit NFTs.
- Counterfind has already onboarded leading brands in the music and entertainment industries to the solution.
CounterFind has announced the first-ever non-fungible token (NFT) takedown solution for intellectual property (IP). The IP firm has launched an automated solution for removing counterfeit NFTs.
CounterFind is creating a solution to give anyone with trademark, copyright or right of publicity rights the power to control how their brands are represented in the digital world.
The NFT marketplace has been likened to the “wild west” in terms of the legal framework surrounding the industry. Several brands have taken NFT project creators to court claiming infringement on their trademarks, the most popular being Nike’s lawsuit against StockX.
Some mainstream companies have gone on a trademark application binge in a bid to protect their brands in the world of NFTs and the metaverse.
However, NFT marketplaces are growing so fast, giving more digital creators to launch products that may infringe trademarks of real-world brands before they can establish counterfeit restriction policies.
CounterFinds claims its counterfeit solution can scalably prevent the influx of NFTs that are launched without any marketplace accountability or intervention.
“CounterFind is leading the path towards creating a safer, more reliable space for creators and consumers to buy authentic NFTs,” CounterFind Founder Darren Woodson says. “As a former professional athlete, I know first-hand how important it is to protect your brand in every aspect.”
According to the company’s statement, CounteFind’s ‘TokenTakedown’ solution has already helped in the removal of more than 500 counterfeit NFTs, worth about $400 million.
The company already has clients from leading brands in the entertainment, music, and sports industries, including the University of Southern California.
The company is building its NFT business vertical based on the fact that trademark, copyright, and right of publicity laws still apply to all items that are listed for sale. Even non-fungible tokens.
Liz Van Denburg Cohen, Director of Merchandise Licensing at BEN Group commented: “CounterFind’s solution allows us to consolidate all infringements across every major NFT marketplace for seamless review and removal of fakes. What would have taken us weeks to review and report, we can now do in seconds.”
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