Addressing legal issues with the latest technological developments and social media trends.
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Carolyn Toto recently joined host Joel Simon on his Industry Insights podcast continue the discussion of non-fungible tokens, related IP ownership issues and more.

Joel Simon: Our discussion today is part of a series on non-fungible tokens, known as NFTs. We will take a look at some specific issues that are somewhat unique to NFTs, and try to give you, our listeners, some interesting things to watch out for as you wade into this relatively new space. Carolyn, with the large sums of money involved in many NFT transactions, due diligence and proper transaction execution must be critical factors, yet I’ve heard about buyers getting tripped up on things that, once you hear about them, seem obvious. Can you shed some light on this for us?

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Women-Voices-in-Finance1080p-300x169In this 30-minute conversation, our colleague Liz Zimmer and State Street’s Nicole Olson will discuss innovation in digital assets and cryptocurrency, the impact of fintech on diversity and women in leadership, and paths toward greater representation and support of women in the fintech community.

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As California reopens from the COVID-19 pandemic and workers begin returning to work in-person, many employers have begun requesting their employees provide, sometimes on an ongoing basis, certain health information before returning to the workplace. This includes information such as temperature checks, health surveys, COVID-19 test results, or proof of vaccination status. Given the likelihood that collecting this information will trigger certain requirements under the California Consumer Privacy Act (CCPA), employers should take certain measures to ensure they remain in compliance with the CCPA as their workplaces reopen.

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Hashtag-disclosure-1305783808-300x200Social Media has gone from frontier to “settled land of influencers” when it comes to brand promotion. In 2020, social media ad revenues reached $41.5 billion, making up nearly 30 percent of all internet and ad revenue. The latest influencer trend has been marketing “altcoins,” which are cryptocurrencies other than Bitcoin. From YouTuber-turned-boxer Jake Paul promoting the digital coin Safemoon to the social-media veteran Kim Kardashian marketing “Ethereum Max,” cryptocurrency promotion permeates social media. On the flip side, there’s also been a boom in consumers seeking financial advice from social media platforms like Reddit’s r/WallStreetBets. However, as with all advertising, cryptocurrency promotion has raised many concerns. Among them? Are the cryptocurrencies marketed by influencers are simply pump-and-dump scams? One approach influencers try to limit liability is by including the disclaimer “this is not financial advice” in their posts and videos, but is including or hashtagging a disclaimer enough to limit liability?

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The limitations of one of the most fundamental laws of the internet, Section 230 of the Communications Decency Act, is once again being tested. As a reminder, Section 230 is what makes freedom of speech on the internet possible. It does so by granting website owners/operators immunity from any liability relating to the content posted by users. Without Section 230, the internet as we know it would not exist because any site that’s built on user-generated content—which is, basically, all of them—would be too risky to operate. As important as Section 230 has been to the growth of the internet, it’s not without its faults, and in recent years it’s been at the center of much debate, and it has becoming seemingly inevitable that reform is on the way. A recent ruling by the Ninth Circuit Court of Appeals in Lemmon v. Snap may be an early indication of Courts narrowing the broad immunity that’s historically been provided by Section 230.

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Biometrics-academic-testing-1051420210-300x200COVID-19 accelerated digital transformations across every industry. From the growth of e-commerce and food delivery services to virtual workspaces and online learning, a seismic shift towards digitalizing our day-to-day activities has become the new normal.

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Fingerprints. Retinas. Facial symmetry itself. We frequently address the problems raised as new technology brings new privacy concerns for customers and businesses alike. In “Check Your Policies for Privacy Claim Coverage: New York City’s New Biometrics Law Is Now in Effect,” Sandra Kaczmarczyk examines New York City’s recent statute that imposes two limitations on the use of “biometric identifier information” and why businesses operating in New York City should consider both their potential liability under these new requirements and whether their current insurance program protects them against associated risks.

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Check Your Policies for Privacy Claim Coverage: New York City’s New Biometrics Law Is Now in Effect

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Here at Internet & Social Media Law, we examine new developments and challenges that impact the digital and social media landscape. Over on our Policyholder Pulse insurance law blog, we  provide insight on non-fungible tokens (“NFTs”) and the importance of knowing the available insurance options when dealing with them. As NFTs become more common, whether it’s sports tickets and memorabilia or art work, it’s imperative to know how to protect these digital assets. We discuss further in “Covering the Highlight Reel: The Need for Insurance Options to Protect NFT Owners.”

 

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As innovative applications with integrated smart contract functionality emerge from blockchain technology platforms, there is an expanding list of digital currencies, tokens and peer-to-peer financial products and services. Abbreviations abound. There are non-fungible tokens (NFTs), which, unlike fungible cryptocurrencies, are “one-of-a-kind’ digital assets stored on a blockchain platform, and can include images, videos, recordings, collectibles and tangible items in the physical world. There is decentralized finance (DeFi), the peer-to-peer transaction infrastructure for tokens and other software applications and contracts designed to replace traditional banking products and services and streamline transactions. Decentralized applications (dApps) are a relatively new technology similar to traditional web applications from a user perspective, but which run on distributed blockchain platforms, such as Ethereum, rather than on a single computer—dApps are typically open source, allowing software developers to improve features and functions quickly, and free from control by any single authority. Smart contract protocols permit dApps to access the blockchain platform and integrate with cryptocurrencies, NFTs and DeFi projects.

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Industry_Podcast_cover-update-final-bottom-300x169Cydney Tune recently joined host Joel Simon on the Industry Insights podcast to chat about the NFT trend, its expansive industry reach and some of its interesting pop culture manifestations.

Joel Simon: Our discussion today is going to touch on a number of things that are a mystery to a lot of people. We’ll focus on non-fungible tokens, known as NFTs, and in the process, can’t help but mention blockchain and cryptocurrencies. Cydney, I read recently that the technology for an NFT has existed since 2010. They went mainstream in 2017, and this year, NFTs have already generated more than $2 billion in sales. So this is definitely a topic that people should get up to speed on. Let’s start with the most basic question: What is an NFT?

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