Manoeuvring the Convergence of NFTs and Trademark Protection: Prospects of Fashion Industry in Digital Space

Abstract

The paper delves into the impact of non-fungible tokens on trademark in the fashion industry. NFTs are digital assets that offer evidence of ownership and authenticity and are stored in blockchain technology. In the emerging scenario, fashion brands are using NFTs to offer new opportunities to attract consumer attention, thereby enhancing marketing techniques in the digital space. New techniques have been introduced by NFTs to deal with fashion brands leveraging blockchain technology and providing an effective marketplace. Nonetheless, NFTs are also posing danger to trademark infringement, counterfeiting goods, and brand identity in the digital space. The lack of specific legislation regulating NFTs throughout the world has caused challenges for trademark laws and the fashion industry to safeguard their intellectual property. The research in this field suggests that even though there are limitations in the ever-growing sphere of NFTs, there are immense opportunities as well if regulated well. The paper analyses the prospects of the blockchain technology in securing fashion brands in the digital space. The paper also delves into ethical dilemma including artistic attribution and provides valuable insights for law students, professionals, and policymakers to explore the emerging field of digital ownership and trademark protection. Ultimately, the paper provides recommendations for better incorporation of effective legislation on NFTs in the Indian marketplace.