NFT Company Takes on Fashion Giant LVMH in Explosive Lawsuit Over Alleged Patent Theft!

Jakarta, Pintu News – A company specializing in the design of smartwatch displays sold through non-fungible tokens (NFTs) has filed a lawsuit against luxury goods giant LVMH, alleging patent infringement.

Watch Skins Corporation, as the plaintiff, filed its complaint with a federal court in Texas on March 10, accusing LVMH of unlawfully using its patented NFT display technology.

The company claims to have several patents for systems that allow smartwatches to display verified NFT artwork.

Watch Skins Accuses TAG Heuer of Misusing NFT Technology

Watch Skins alleges that LVMH-owned watch brand TAG Heuer, as well as several other products under the conglomerate, have misused its NFT technology.

Read also: NFT Ordinals Launches, Taproot Wizards Collection Will Finally Be Released on March 25, 2025!

The company refers to three main patents: one for the verification of NFT ownership before display, a second for the process of authenticating NFTs through a blockchain wallet, and a third for the generation and display of custom watch designs based on NFT ownership.

The lawsuit also alleges that TAG Heuer actively encouraged customers to infringe the patent by providing guidance on how to use their NFT display feature.

In the lawsuit documents, it is mentioned that TAG Heuer’s smartwatch “connects to the user’s crypto wallet to guarantee authenticity” before allowing NFTs to be displayed.

As a multinational holding company, LVMH owns an extensive portfolio of renowned luxury brands, including Louis Vuitton, Givenchy, Tiffany, Christian Dior, and Hennessy.

TAG Heuer has previously been prominent in the integration of NFTs as part of LVMH’s strategy to expand their presence in the world of digital assets.

Watch Skins demands a jury trial, financial compensation for lost profits and royalties, as well as a court order to prohibit LVMH from using the patented technology.

The company first introduced its blockchain-powered NFT-based smartwatch display market at the Consumer Electronics Show in Las Vegas in 2020.

Through a mobile app, Watch Skins allows users to purchase officially licensed smartwatch faces from various brands.

NFT Trading Volume Plunged by Over 60% in February

According to Crypto News (13/3/25), NFT trading volumes reportedly plummeted by more than 60% in February, continuing a downward trend that dates back to early 2024.

According to DappRadar analyst Sara Gherghelas, the trading volume of NFTs reached $1.36 billion in December, but fell 26% in January before slumping another 50% in February.

Read also: Yuga Labs Escapes SEC Investigation, What’s the Impact on the NFT Industry?

“Although NFTs had shown signs of recovery in recent months, the momentum has slowed down since the beginning of the year,” it wrote in an industry report on March 6, 2025.

Interestingly, the NFT market closed 2024 on a positive note, recording annual sales of over $8.83 billion, up 1.1% from $8.7 billion in 2023, according to CryptoSlam data.

Ethereum ETH6.62%->Harga ETH Saat IniRp 33.348.0026.62%Market CapRp 0Volume TradingRp 0Suplai BeredarRp 0 and Bitcoin BTC1.54%->Harga BTC Saat IniRp 1.385.341.2751.54%Market CapRp 33.034 TriliunVolume TradingRp 1.590 TriliunSuplai BeredarRp 19.797.675 dominated the market with $3.1 billion in sales each, followed by Solana with $1.4 billion. Overall, Ethereum remains the leader in total all-time NFT sales with $44.9 billion, followed by Solana at $6.1 billion and Bitcoin at $4.9 billion.

Despite the slight recovery, the sales volume of NFTs in 2024 is still much lower than the peak years of the market.

In 2021, NFT sales reached $15.7 billion and jumped to $23.7 billion in 2022. With 2024’s total sales well below that figure, the market experienced a decline of 43.9% and 62.8% respectively compared to those peak periods.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Luxury fashion giant LVMH sued over NFT patent tech for watches. Accessed on March 14, 2025
• Crypto News. NFT Company Sues Fashion Conglomerate LVMH for Patent Infringement. Accessed on March 14, 2025