TL; DR Breakdown
- Hermes launches an attack at the MetaBirkins NFT
- Hermes says Rothschild had no authorization
- The developer has sold about $900,000 worth of the art
The crypto market has grown rapidly over the last few years, with traders choosing new market sectors to make profits. Over the last few months, the NFT market has grown rapidly as people continue to buy and sell digital pieces. Ranging from music to videos to arts, people sell rare pieces to make profits in the market. However, in a recent move against an NFT in the market, famous handbag maker Hermes has called out MetaBirkins as an infringement on the company’s trademark.
Hermes has been popular over the years for their long line of Birkin bags collection, one of the most valuable in the market. According to a representative from the company, the MetaBirkins NFT was not an idea of the company, and it did not authorize the creator, Mason Rothschild. In his statement, the representative mentioned that products like the MetaBirkins steal ideas from real-life products and infringe on their intellectual property.
In putting it into perspective how costly one can get to buy a Birkin bag, a piece of the valuable handbag goes for about $9,000 in some cases, while some sell for as high as $500,000. The most valuable Birkin bag that Hermes has ever produced is worth $2 million. The bag, Sac Bijou Birkin, is encrusted with a diamond, one of the reasons it holds so much value in the market.
Rothschild has sold about $900,000 of the MetaBirkins NFT
The MetaBirkins NFT was developed and created by Mason Rothschild and put on sale on popular marketplace OpenSea. The piece brings together a list of Birkin bags produced by Hermes in different colorful variants. However, this is not the first Birkin bag collection NFT that Rothschild will create in the NFT sector. The one before MetaBirkins was called Baby Birkins and also had a collection of the most valuable bags produced by Hermes.
In the last few months, the OpenSea marketplace has dealt with a lot of complaints about the sale of arts that are not genuine. In a recent complaint from Rothschild, he told interviewers that some of his art collections were being doubled and sold off before they dropped. He said that the recent sale of a fake MetaBirkins collection cost him about $35,000 in market volume. In their argument, Hermes mentioned that MetaBirkins had convinced traders that they had something to do with the NFT drop, which is false.
Another issue is the amount that the MetaBirkins NFTs have generated in the last few months. According to records, the NFTs have raised about 230 Ethereum, worth $936,000 in today’s market. Putting it in terms of purchase, the amount is enough to purchase 100 high-value classic handbags from Hermes. Another issue is the several lawsuits floating around in the market, with most people accusing developers in the NFT market of intellectual theft.