Headlines

▌ The European Union Intellectual Property Office Updates the NFT and Virtual Goods Trademark Application Guidelines

In response to a sudden increase in trademark applications containing terms related to virtual goods and NFTs, the European Union Intellectual Property Office (EUIPO), which is responsible for EU trademark registration, has issued guidelines on how virtual goods and NFTs are classified. This approach is included in the 2023 version of the draft guideline "Main reference point for users of the EUIPO system". EUIPO defines NFTs as "unique digital certificates registered in the blockchain for the verification of digital items, but not identical to these digital items". The EUIPO said virtual goods and NFTs fall under category 9 of the Nice Classification. This is because they are considered digital content or images. Both the terms "virtual goods" and "NFTs" are by themselves unacceptable when filing with the EUIPO. Instead, the content of items related to virtual goods must be specific (e.g. "virtual goods, virtual clothing"). For NFTs, the digital items verified by the NFT must also be specific. In the 12th edition of the Nice Classification to be released in 2023, the term "downloadable digital files verified by NFTs" will be added to category 9.

Cryptocurrency

▌Michael Saylor: I Hope Musk Buys More Bitcoins

Michael Saylor replied to Musk on social media: "We would prefer that you buy some more bitcoin." Earlier news, Musk said on social media that he wanted to acquire Manchester United, but then clarified that the acquisition of Manchester United contacted an old stalk on Twitter and would not buy any teams.

▌ University of Technology Sydney Researchers: Found Instances of Coinbase Insider Trading Beyond the Scope of the July Charges

Token front-running is common at Coinbase, according to a new academic study by University of Technology Sydney researchers, finding suspicious transactions in about 10 to 25 percent of new cryptocurrency listings, and saying the problem extends beyond July. Cases brought by the U.S. Department of Justice. This suggests that market watchdogs seeking to regulate deals may have more work to do. However, the new study, which has not yet been peer-reviewed, suggests the problem is broader than what emerged in this case, as researchers say they uncovered instances of insider trading that went beyond the July allegations. The U.S. Department of Justice has charged a former Coinbase product manager, his brother and their friends with fraud and insider trading, according to reports in July.

▌Coinbase Wallet Browser Extension Adds Support for Asset Bridging Between Ethereum and Polygon

Coinbase Wallet can now bridge assets between Ethereum and Polygon directly in the browser extension. Coinbase Wallet said the bridge is coming to the Coinbase Wallet mobile app soon and plans to add support for more networks in the future.

▌ Axie Infinity Sidechain Ronin Network Announced the Addition of Three New Validators Including Nansen

Axie Infinity side chain Ronin Network announced that it has added three new validators, which are Nansen, Efficient Frontier, and Community Gaming. The addition brings the total number of Ronin's validators to 17. Ronin had previously stated that the initial goal was to have at least 21 independent validators working collectively securing the network.

Key Economic Events

▌Fed Minutes Show “Little Evidence" That Inflation Pressures Are Fading

Federal Reserve officials saw "little evidence" that U.S. inflation pressures were easing and that it will take a long time to solve the problem, according to the minutes of their July 26-27 policy meeting. "Participants concurred that, in expeditiously raising the policy rate, the Committee was acting with resolve to lower inflation to 2% and anchor inflation expectations at levels consistent with that longer-run goal," the minutes read. "Participants emphasized that a slowing in aggregate demand would play an important role in reducing inflation pressures."