Nifty Times: NFTs in Legal Battles, Universal Music Group's Lawsuit, and Decentralized Randomness in Web3 Gaming
Summary:
This week's Nifty Newsletter by Cointelegraph highlights seemingly different aspects of the nonfungible tokens (NFTs) industry. Singapore High Court's decision that allowed cybersecurity firm Intelligent Sanctuary to attach NFTs to cold wallets involved in a hack focuses on the legal side, while the importance of decentralized randomness for fairness in Web3 gaming brings out technological concerns. On the other hand, Universal Music Group's lawsuit against Anthropic over copyright breaches demonstrates potential legal challenges faced by AI startups.
In this week's edition of the Nifty Newsletter by Cointelegraph, stay poised to attain the freshest intel surrounding the domain of nonfungible tokens (NFTs). Delivered every Wednesday, our newsletter provides a valuable resource for keeping in sync with the latest NFT trends and insights. For this week, expect coverage on a Singapore judicial issue revolving around an NFT, the significance of decentralized randomness in Web3 gaming, and the rationale behind Universal Music Group's lawsuit against Anthropic over copyright breaches.
In a landmark decision in Singapore, the High Court has permitted cybersecurity consulting firm Intelligent Sanctuary to associate NFTs that hold legal documents with a computer hacker's cold wallets, as reported by UK's iSanctuary alongside local media outlets. In this case, a globally imposed court freeze order was tokenized as soulbound NFTs and linked to the wallets in question. These NFTs serve not as a deterrent, but rather a signal for counterparts and exchanges that these wallets have been involved in illicit activities. Furthermore, iSanctuary has declared its capability to monitor outgoing funds from these wallets through the NFTs, which are permanently embedded in the wallets.
The realm of Web3 Games is increasingly recognizing the necessity of decentralized randomness for ensuring fairness. Many applications are dependent on random numbers, including games, security systems, decentralized autonomous organization regulation and NFT creation. A game without randomly generated numbers can become dull and predictable, a security system would lack security with easily predictable codes, and any system deprived of variation would lose its effectiveness.
The lawsuit filed on October 18 by Universal Music Group alongside Concord Publishing and ABKCO Music & Records against AI start-up Anthropic highlights another key issue in the industry. Anthropic is accused of copyright infringement in training its AI chatbot, Claude, by copying and disseminating extensive copyright-protected works, including the lyrics of numerous songs owned or managed by the plaintiffs.
Join us for the next edition of the Nifty Newsletter to stay up-to-date on major developments throughout the NFT landscape. Thanks for reading, and don’t forget to check out Cointelegraph’s NFT Steez Podcast.
Published At
10/25/2023 7:00:00 PM
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