JRR’s “Lord of the Rings” theme label faced “anticipation” after being forced to close a store following a lawsuit brought by the family and property of the popular TV series author. J. Tolkien, who died in 1973.
Law360 reported Tuesday that Tolkien has reached an agreement with Florida developer Matthew Jensen over the JRR token, which was launched in August of this year. According to BSCScan, the BEP-20 token is stored at just 510 addresses with a market supply of $19 trillion.
Under the agreement, Jensen promised to shut down the code and remove all copyright infringing content against J.R.R. Tolkien’s name and intellectual property associated with The Lord of the Rings and The Hobbit. He also agreed to pay an undisclosed legal fee related to the property.
The JRR Tokens Twitter account, YouTube channel, and website have since been removed.
Real estate attorney Steve Meyer called the case a “particularly clear case of contravention,” adding that the estate was “convinced that it was reached on satisfactory terms.”
This came after the estate was able to recover the jrrtoken.com domain name after filing a complaint with the World Intellectual Property Organization (WIPO) on August 10 — just four days after Billy Boyd, the actor who played Pippen, approved the token. …in a 40-second YouTube video on August 4th.
At the time, WIPO determined that Jensen had registered and used the domain name “in bad faith”. The disputed domain name was registered on February 26, 2021.
After the ruling, Jensen changed his domain name to thetokenofpower.com. However, according to Tolkien’s Estate, the new site still includes photos of rings, hobbit burrows, and a wizard strikingly similar to Gandalf.
Jensen’s lawyers have argued that the disputed JRR Token domain name is “not identical or confusingly different” to the JRR Tolkien trademark, because it does not contain the extra letters “L” and “I” and is also pronounced differently. ”
Source: JRR Token
They also claimed that he chose the domain name because JRR stands for Journey Through Risk to Reward and jrrcrypto.com was not available.
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However, they failed to convince WIPO committee member John Swenson, who said “the site is clearly a company, a smart but not humorous company”. he added:
“There is no doubt that the defendant was aware of Tolkien’s work and created a website to replace the prominence of these works.”
On September 9, JRR Token announced plans to release a digital card game in early 2022 for players called Dawn Rising, where players will be able to bet their JRR tokens. The TRR Token project has already listed nine intangible tokens (NFTs) for sale on the OpenSea market with an account of 0.18 Ether (ETH), or about $4,200 at the time of reporting.