The waiting list for a Birkin bag can stretch years, but for some, the only purse they want is one they'll never get their hands on.
Today, NFT creator Mason Rothschild is selling the MetaBirkins, a one-of-one digital bag for use in the metaverse that he calls "a tribute to Hermes' most famous handbag." The bags have traded for 200 ethereum (around $790,000) in sales as of Friday.
Now, Hermès is accusing Rothschild of intellectual property theft, colliding the burgeoning, decentralized world of NFTs and blockchain with the reality of real-world copyrights and trademarks.
"Hermès did not authorise nor consent to the commercialisation or creation of our Birkin bag by Mason Rothschild in the metaverse," the company said, adding that Hermès has not yet entered the NFT market because it values the "tangible expression of handcrafted physical objects."
Rothschild has yet to publicly comment on Hermes' accusations levied against him. But he did feel compelled to speak out against the NFT knockoffs of his own products, which have earned scammers around $35,000 so far.
"The people who bought those [NFTs], they can't get that money back," Rothschild said. "The blockchain is pretty relentless — you can't call your credit card company and get it returned, once a transaction goes through, it's a done deal."
It may seem silly, spending top dollar for luxuries you can never touch or hold, but gamers have long used clothes to proudly establish their online identity, just as people do in the real world. Called "skins," these outfits or shells are bought by players to painstakingly customize their appearance in an online game.
Mooers, any thoughts about MetaBirkins, intellectual property, and trademark rights? Would you spend money on "skins" in a virtual world? How much are you willing to pay?
Source: Financial Times, The Motley Fool