The fashion industry has been witness to a major milestone with the recent verdict of a jury trial. The trial marked a victory for the French fashion house, Hermes, against the artist, De Rothschild, in a case related to the "meta-Birkin" non-fungible token. The case has brought to light the significance of the metaverse for the fashion industry and the need for protection of property rights in the digital environment.
The trial revolved around the issue of the first NFT inspired by Hermes' iconic Birkin bag, created by De Rothschild. The NFT was marketed as a meta-Birkin, and its creation had caused concern for Hermes, as it was seen as a threat to the brand's image and value. Hermes promptly took legal action against De Rothschild, asserting that the meta-Birkin was an infringement of their intellectual property rights and that it had the potential to harm their brand value.
The victory of Hermes in its case against De Rothschild, the creator of the first "meta-Birkin," sheds light on the protection of intangible assets in the new meta-economic environment and the critical role the metaverse will play in the classic economy.
Hermes on the metaverse
After a lengthy trial, the jury ruled in favor of Hermes, recognizing the fashion house's rights over the Birkin bag and the importance of protecting intangible assets in the digital environment. The verdict is a crucial step towards the protection of property rights in the metaverse, which has been growing in importance as more and more industries adopt digital technologies.
In a statement released after the trial, Hermes declared the metaverse to be "the future of luxury." The statement highlights the significance of the metaverse for the fashion house and the need to protect property rights in this digital environment. Hermes' decision to invest over 150,000 dollars to obtain an expert opinion in the case further underscores the brand's recognition of the importance of this new parallel world.
The outcome of the trial has far-reaching implications for the fashion industry and beyond. It has brought to light the need for protection of property rights in the metaverse and the critical role that it will play in the future. The verdict serves as a warning to artists and creators who may attempt to use the metaverse for commercial gain, without proper regard for the rights of established brands.
In conclusion, the jury trial verdict in the Hermes vs. De Rothschild case, underlines the strategic significance of the metaverse for the fashion industry and the need for protection of property rights in this digital environment. The verdict serves as a precedent for future cases and underscores the importance of the metaverse for the fashion industry and beyond.
Marco Gianni is a market manager italy for Equité brands