Target’s recent launch of a program to sell gift cards redeemable for Facebook Credits or in the virtual world Poptropica towards either membership fees or the purchase of virtual currency further blurs the line (to the extent there still was one) between in-worldcurrency and real-world currency. Facebook and Zynga agreed earlier…
In Gucci America, Inc. v. Frontline Processing Corp., No. 09 Civ. 6925 (HB) (S.D.N.Y. June 23, 2010), a New York court denied a motion to dismiss contributory trademark infringement claims brought against the defendant credit card processing companies by Gucci. The court held that credit card processing companies may be…
Often names can be misleading. So it is potentially the case with the federal CARD Act that will come into effect in August 2010. Although the name implies that it applies to cards such as stored value cards and gift cards, this Federal law will apply more broadly and has…
According to a report from Global Times, the Ministry of Culture (MOC) issued an explanation on new rules which prevent gaming-related virtual currencies such as Tencent’s Q-bucks from entering into circulation as real money. According to the report, the rules were released on June 3, 2010 and will go into…
In a recently filed complaint (Actus Complaint.pdf), a patent holding company has sued over a dozen major companies for alleged patent infringement. The suit alleges infringement of 4 patents that relate to virtual currency or “electronic tokens”. The patents include United States Patent No. 7,328,189; 7,249,099; 7,177,838; and 7,177,838. The…
Linden Research Inc. and its CE Philip Rosedale have been named as defendants in a class action lawsuit relating to the ownership status of virtual property in Second Life, the popular virtual world in which users can realize significant gains from buying and selling virtual real estate (land and buildings),…
On April 8, 2010, Zynga sued Playerauctions.com for operating a website that provides an unauthorized “Secondary Market” for enabling Zynga game users to post and sell “Virtual Currency” and “Virtual Goods” allegedly in violation of Zynga’s Terms of Service. According to Zynga, its Terms of Service prohibits users from selling…