Luxury goods giant LVMH sued over Non-fungible Token patent technology for watches

Mars Financial News, according to Cointelegraph, a company selling smartwatch dial designs through Non-fungible Tokens (NFTs) has filed a lawsuit against the luxury goods giant LVMH, accusing it of patent infringement. In a complaint filed with the federal court in Texas on March 10, Watch Skins Corporation accused LVMH of stealing its 'groundbreaking NFT display technology.' Watch Skins claims to have developed a unique system that allows users to display verified NFT artworks on smartwatches and holds multiple patents related to this technology. The company alleges that a smartwatch from LVMH's watch brand TAG Heuer and products from other brands under the group illegally used the NFT display technology based on three patents owned by Watch Skins. Watch Skins demands a jury trial, seeks compensation for profit losses and royalties for infringement, and requests the court to issue an injunction prohibiting LVMH from further using its patented technology. The company announced the world's first Blockchain NFT dial market at the 2020 Consumer Electronics Show (CES) in Las Vegas. At that time, Watch Skins stated that the mobile app provided consumers with the ability to 'purchase genuine authorized smartwatch dials from their favorite brands.'