Let's Talk About NFTs - Ubisoft Quartz, OpenSea, and the DMCA (VL599)

NFT. Three letters that have gotten more than their share of vitriol in the very recent past, for some good reasons, and for some...not so good. What *could* non-fungible tokens do in the world of video games (and the world at large), and what are they currently doing?

We take a look at the possibilities through the eyes of Ubisoft and their Quartz project, as well as how real artists are dealing with infringement claims and DMCA requirements at NFT marketplace OpenSea.

I'm pretty sure (but not certain) that we're non-fungible...in Virtual Legality.

CHECK OUT THE VIDEO AT: https://youtu.be/8XYQsBm9ATw

#NFT #OpenSea #Ubisoft

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CHAPTERS

00:00 Introduction
01:35 Ubisoft's Vision of the Future
06:56 Ubisoft's Reality of the Present (Quartz and Digits)
18:05 Securities Law Issues
23:04 Negative Reactions Abound
27:11 The Problem of Infringement (OpenSea)
34:05 Understanding the DMCA
42:45 Conclusion

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Discussed in this episode:

"The Non-Fungible Token Bible: Everything you need to know about NFTs"
OpenSea Blog - January 10, 2020
https://opensea.io/blog/guides/non-fungible-tokens/

Ubisoft Sites
https://news.ubisoft.com/en-us/article/kujZ0Njdh6cojf6rzlEN0/ubisofts-vision-for-blockchain
https://quartz.ubisoft.com/dashboard
https://legal.ubi.com/ubisoftquartzterms/en-US

"Framework for “Investment Contract” Analysis of Digital Assets"
SEC Website
https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets

NFT Reactions
https://kotaku.com/ubisofts-nft-announcement-has-been-intensely-disliked-1848182203
https://kotaku.com/ubisoft-devs-don-t-understand-company-s-nft-push-eithe-1848215633
https://arstechnica.com/gaming/2021/12/s-t-a-l-k-e-r-2-developer-quickly-cancels-nft-plans-after-fan-outcry/

Hoeg Tweets
https://twitter.com/HoegLaw/status/1468276678388506633
https://twitter.com/HoegLaw/status/1468712259186794499

"Building an open digital economy"
Open Sea Website
https://opensea.io/about

OpenSea Takedown Threads (Twitter)
https://twitter.com/CirenSong/status/1472502128467972102
https://twitter.com/NFTtheft/status/1471640210588852227

"Limitations on liability relating to material online"
17 USC 512 (DMCA)
https://www.law.cornell.edu/uscode/text/17/512

Designated Agent (OpenSea)
https://dmca.copyright.gov/osp/publish/history.html?search=OpenSea&id=e30495e1a260356f63b30abd98dedfc8

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"Virtual Legality" is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).

CHECK OUT THE REST OF VIRTUAL LEGALITY HERE:
https://www.youtube.com/playlist?list=PL1zDCgJzZUy9YAU61GoW-00K0TJOGnPCo

DISCUSSION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. INDIVIDUALS INTERESTED IN THE LEGAL TOPICS DISCUSSED IN THIS VIDEO SHOULD CONSULT WITH THEIR OWN COUNSEL.

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Twitter: @hoeglaw
Web: hoeglaw.com