Iconic label Republic Records are suing Fintech firm Republic after NFT launch. Major awkward. Distributor Ditto Music’s spin-off company Opulous was planning to partner with Republic to sell music NFTs – we quote “the company is exploring that area further through a partnership with Republic".
As it turns out, what the lawyers for UMG’s Republic Records were imagining was potential confusion between the two companies – now the label is suing the investment platform alleging trademark infringement, and asking for Republic to be blocked from using its name for music-related services. Ouch.
The two companies were in discussions about a settlement in October, before Republic “dropped out of the talks and launched” its service in early November. That’s when Lil Pump raised $500k from selling a share of his music royalties as an ‘S-NFT’ using Republic and Opulous. A good lesson this – thinking of putting a name to your band, artist or business project? Make sure it's 'available' first! Via Billboard