OpenSea Removes ENS Domain Auctions

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00:00Welcome back to Decentralized News. So quick news story, OpenSea is said to have now removed

00:06ENS domain auctions following RIAA complaints. So the RIAA is essentially the Recording Industry

00:17Association of America which claims some music industry related domain sales infringe on its

00:25members' trademarks. So the removal actually included non-trademarked domains flagged by the

00:34RIAA. OpenSea continues to err on the side of caution following intellectual property claims. So the same

00:43week, OpenSea, we're seeing that they've just laid off 20% of their workforce and this top NFT

00:52marketplace actually removed several music-themed Ethereum name service domains auctions after

01:00receiving seize and desist letters from the RIAA. The letter did argue that a number of OpenSea

01:10ENS auctions were in violation of US trademark law although not all of the domain names contain

01:17trademarked materials. So OpenSea did file or compiled with the letter in terms of just complying

01:27with this cease and desist and they continued obviously their normal operations. But ENS domains

01:37at the end of the day do serve as unique website addresses that do end in either .eth, similar to how

01:44sort of internet domain name services replaces sort of a typical IP address with strings of characters. So

01:54ENS can actually be used to access our websites hosted on decentralized storage solutions such as IPFS.

02:03So they can also substitute complicated Ethereum blockchain addresses allowing users to pretty much

02:15receive cryptocurrencies through their domain so you can just send someone crypto to that ENS domain.

02:24Registrations for these domains can be transferred by NFTs which denote ownership and

02:31also enable trade or trading on other marketplaces such as OpenSea that's why you would find that

02:40these domains are on the market. So in the letter that came from RIAA the trade association provides a

02:49list of .eth domains it believes violates the 1999 Anti-Cyber Squatting Consumer Protection Act. The law

02:58prevents the creation of the creation of web domains containing trademarks with bedfaith intent to profit.

03:05ENS have been popular of late with so far .000.eth selling for 328,000 just last week reportedly.

03:20And they did flag universal music to Atlantic Records to ETH as breaking the law alongside

03:28a dozen more. So yeah, this is just just another sort of development as far as things happening and

03:39affecting OpenSea which has been taking a beating lately. But let me know what you think about these ENS domains and

03:49kind of these seize and desist letters that are coming from these types of establishments. Personally,

04:00I think it's a very pertinent issue. I've never really bought any of these .eth domains because I just feel

04:08like there are governing bodies that do regulate these types of things overall. Having been myself

04:21embroiled in a situation where I owned a Beyonce dot Africa domain and I had a law firm, you know,

04:28tried to like pretty much force me to submit that domain to them even though it wasn't active. It was just

04:36one of one of thousands of other domains that I earned. Ended up, you know, having them to settle,

04:42paying me. And yeah, I just feel like these ENS domains are still there's no clarity as far as because

04:55at the end of the day they still function over typical normal internet infrastructure as far as my limited

05:02understanding is so which makes it very difficult to see where or what rights these companies such as

05:13Unstoppable Domains for example have as far as selling these domains. But let me know what your thoughts are

05:21and also what you would like us to cover more on this channel. Don't forget to check out the links in the

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