Tolkien heirs seek to ban JRR Token cryptocurrency
The heirs of the writer and author of the fantasy "The Lord of the Rings" J.R.R. Tolkien has obtained a ban on the use of cryptocurrency JRR Token, which was launched by a resident of Florida. This was reported by Bloomberg.
The final decision on the issue of JRR Token was made by the World Intellectual Property Organization in Geneva. They decided that the name, which was invented by American Matthew Jensen, could be misleading because it is too similar to the trademark, which belongs to the heirs of the writer.
The organisation also ruled that Jensen should give up the domain Jrrtoken.com.
The website at that address had an image of a character reminiscent of Gandalf in The Hobbit, as well as the phrase "One coin to rule over all". It quoted almost verbatim "One ring to rule over all", the inscription on the Ring of Omnipotence from Tolkien's works. The cryptocurrency token's pre-sale took place in early August. The market value of the altcoin has since managed to rise to nearly $100k.
The intellectual property organization noted that Jensen "no doubt knew of the existence of Tolkien's works and decided to exploit the prominence of these works."
The American has agreed to remove cryptocurrency-related content from websites and social media where he has managed to post it.