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Monday, December 6, 2021

A cryptocurrency named after the Lord of the Rings is considered a trademark infringement

The cryptocurrency, named after the Lord of the Rings trilogy, was successfully locked by JRR author Tolkien’s estate on Tuesday after judges deemed it a trademark infringement.

The JRR Token was created by Florida-based developer Matthew Jensen and launched in August 2021.

The accompanying website, jrrtoken.com, which later became thetokenofpower.com, was also launched to sell and promote cryptocurrency and contained images of wizards, including one that looked like Gandalf from The Hobbit, and other images related to the works Tolkien. – said lawyers representing real estate.

The sites also featured the phrase “One sign that rules them all”, apparently a play on words taken from the central element of the book, “one ring to rule them all”.

One of the websites, jrrtoken.com, is no longer available and thetokenofpower.com now leads to a blank blog page.

Tolkien’s family and estate sued the creator of the digital token on August 7 when they filed a complaint with the World Intellectual Property Organization (WIPO) Arbitration and Mediation Center a day after the cryptocurrency tokens went on sale.

They argued that Tolkien’s famous trademark could be recognized by the name of the website and that its content was being traded by the reputation of an English professor.

“The contested domain name is an imitation of Applicant JRR TOLKIEN’s trademark and domain names, including jrrtolkien.com, and can only be considered a fraudulent tool specifically designed to mislead Internet users into believing it and the web – the site to which he permits has legal commercial ties with the Claimant, ”the lawyers said.

“The defendant’s behavior in this regard is exacerbated by the use of the contested domain name for a website allegedly linked to cryptocurrency, which in itself is a highly controversial field of activity,” the lawyers continued.

“From the fact that Respondent selected the disputed domain name and its use in connection with a website linking to the works of Professor J.R.R. Tolkien, it is clear that Respondent registered the disputed domain name with knowledge of Complainant’s trademarks and with the intent make an unfair decision. commercial benefit from the huge reputation they have, ”they added.

A Journey Through Risk to Reward

The developer said that the name of the website is “not identical or confusingly similar” to the JRR Tolkien trademark and “the fact that the disputed domain name resembles the applicant’s trademarks indicates a spoof caused by the JRR Token mark, not some – or alleged bad faith. “

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Jensen also stated that “JRR” stands for Journey Through Risk to Reward, which means “a unique form of digital currency.”

The Epoch Times contacted Jensen and Tolkien’s estate lawyers for comment.

But on Tuesday, WIPO agreed with lawyers for Tolkien’s family and estate, explaining that “there is no doubt that the defendant was aware of Tolkien’s work and set up a website to trade the prominence of the work.”

“It is not clear to the panel of experts what the ‘journey through risk to reward’ really means and why the term ‘journey’ has to do with buying tokens,” the group said.

“The respondent does not indicate why the controversial domain name is humorous, funny or of interest, and not just a domain name chosen because of its similarity to [Tolkien estate’s] trademarks to take advantage of the commercial benefits of their mention. “

For these reasons, the group concluded that Jensen had no rights or any legitimate interest in the website’s domain name and ordered the developer to transfer it to Tolkien’s ownership.

As the cryptocurrency industry continues to flourish, there are more and more digital coins that sell themselves on popular and well-known brands.

The popular cryptocurrency known as “SquidGame Cash” or “SQUID” collapsed last month due to an apparent “pulling the mat” scam.

The digital token, which emerged in the wake of the success of Netflix’s South Korean survival drama Squid Game, has positioned itself as a “game-to-play cryptocurrency” on Binance Smart Chain (BSC).

The token has not been officially associated with Netflix.

Although the cryptocurrency was an immediate hit when it first launched at just $ 0.01 and its market cap quickly surpassed $ 174 million, a number of reports noted that users could not resell their tokens, meaning they held little value. …

Within 24 hours, the price of the SQUID cryptocurrency peaked at $ 2,861 and then dropped to $ 0, and it was widely believed that the creators of the digital token pulled out the “rug” – a scam in which currency developers cash out money. their fiat coins, taking everything out of the liquidity pool and in turn bringing the coin’s price to zero before abandoning the project.

To follow

Katabella Roberts is a reporter currently based in Turkey. She covers news and business for The Epoch Times with a special focus on the United States.

World Nation News Deskhttps://www.worldnationnews.com
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