Blockchain Domains – Lexology

Blockchain Domains – Lexology

[gpt3]rewrite

What is a blockchain domain?

A blockchain domain is a Web 3.0 digital identity that humans can easily read and remember. Therefore, it is an address, just like a regular domain name. However, crypto domains do not belong to the Domain Name System (DNS). A blockchain domain is a domain name imprinted on a distributed ledger technology (DLT, for example a blockchain). Blockchain domains are also called “NFT domains”, “decentralized domain names” or “crypto domains”.

What is a blockchain domain for?

A blockchain domain name has several uses, including the following: digital address for a website, digital identity, financial transactions and marketing.

Can I link a blockchain domain to a website?

Some browsers already support crypto top-level domains, such as Brave (supports .crypto), Opera (supports .crypto), Google Chrome Extension and Firefox Extension (both support .888, .bitcoin, .blockchain, .crypto, .dao, .nft , .wallet, x and zil).

What does embossing mean?

Minting an NFT or blockchain domain is the process of writing a digital object to a blockchain (such as Arbitrum, Ethereum, Polygon or Solana). Writing in a blockchain corresponds to four principles specific to NFTs and crypto domains: immutability, uniqueness, authenticity, and ownership.

Where are blockchain domains?

Blockchain domains do not belong to the centralized Domain Name System (DNS). They are stored in users’ wallets, on a blockchain (usually Ethereum and Polygon).

Do blockchain domains generate the same legal issues as DNS domain names?

Yes, blockchain domains are growing a lot. It can safely be said that the level of “cryptosquatting” is equivalent to the level of cybersquatting in the mid-1990s.

Can I monitor blockchain domains to detect potential brand violations?

IP Twins offers a crypto domain monitoring service to detect infringement of your trademark rights. Since blockchain domains are not created according to the DNS procedure, but imprinted on a blockchain, the monitoring service works differently.

See also  Bitcoin becomes second largest blockchain for NFTs as Ordinals volume rises

How can I enforce my trademark rights against a blockchain domain?

To date, there is no alternative dispute resolution system such as the UDRP. However, depending on the circumstances of the case, IP Twins can help brand owners enforce their trademark rights against blockchain domains, especially if the infringing blockchain domain is for sale on an intermediary platform such as OpenSea.

How can I definitively remove a blockchain domain or an NFT that infringes my IPR?

Due to the principle of immutability of crypto-assets, in the current state of technology and legislation, only the owner of the relevant blockchain domain or NFT has the power to “burn” the latter in a definite and definitive way. Therefore, the IPR owner must obtain a legal injunction against the holder of the crypto-asset in question. In turn, IP Twins can detect infringing blockchain domains/NFTs and help IPR owners remove offers to sell cryptoassets on brokerage platforms such as OpenSea.

What is OpenSea?

OpenSea is the largest brokerage platform connecting buyers and sellers of NFTs and blockchain domains.

[gpt3]

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *