Now with the advent of Non-Fungible Tokens (NFTs), new companies are entering the market to improve their players’ gaming experience.
Online fantasy sports have been gaining popularity in recent times with millions of players participating in various online fantasy sports games and tournaments in India. Now with the advent of Non-Fungible Tokens (NFTs), new companies are entering the market to improve their players’ gaming experience.
NFTS is a type of digital asset that is verified on the blockchain and has a unique identifier that makes it irreplaceable. They have been used in digital art creation, music creation, and virtual real estate creation. In the online fantasy sports space, NFT is being used to generate unique player cards which can be used to trade, buy, and sell on different marketplaces.
The recent Delhi High Court ruling on Non-Fungible Tokens (NFTs) in the case “Rario vs Striker” has had a huge impact on OFS and the Web 3 industry. Basically, the court said that NFTs are free to use and nobody has any exclusive rights over using them.
In another case, the Delhi High Court said that using celebrity names and pics for satire, parody, art, and news is protected by the Constitution’s Article 19(1)(a) and won’t hurt anyone’s right to free publicity. This has a big impact on fantasy sports platforms that use player names and pics.
The court’s ruling is a positive step forward in the fight for innovation and free market access. It’s important to note that NFTs can be used in many different ways, from creating one-of-a-kind digital works of art to enriching the gaming experience. By declaring NFTs freely available, the court has clarified that no one has exclusive rights to the technology or the use of the technology.
The court’s decision acknowledges the value of artistic and free speech in a free and democratic society. The court correctly states that the use of celebrities’ names and images for satire and artistic expression is a protected expression within the meaning of the Constitution. Thus, fantasy sports platforms may use the names and pictures of players for commercial purposes, provided that they do so within the meaning of artistic and free expression.
The court also rightly pointed out that there’s no difference between an OFS game with NFT-enabled player cards and an ordinary OFS game in terms of a player name, an artistic impression or a photograph. These elements are essential for the game and players’ enjoyment. The presence of NFTs doesn’t alter this essential element of the game.
The Delhi High Court’s order is a step in the right direction for the NFT sector and technology in general. The court’s order upholds innovation and the principle of free access to technology while also recognising the value NFTs can offer to various industries. As the usage of NFTs increases, courts and regulators must continue to promote its use in a manner that is beneficial to all stakeholders, from innovators to consumers.
However, the ruling doesn’t mean that NFTs can be used in sports. For example, it doesn’t allow anyone to create an NFT that doesn’t respect athletes’ rights or the rights of any sports organization. As with any emerging technology, there will need to be a well-thought-out set of rules and regulations in place to protect stakeholders’ interests.
In the meantime, however, the High Court’s interim ruling will set an important precedent, paving the way for mass acceptance of NFTs and allowing artists and individuals to take full advantage of this emerging technology. If properly supported and nurtured, NFTs will open up new possibilities for creators beyond the realm of online fantasy sports.
Credit: The Times of India