To attract consumers in this increasingly competitive environment, NFT minters turn to promotional NFT contests to both generate excitement among consumers and increase company revenue. Where minters decide to market their NFTs through sweepstakes, they must adhere to relevant state and federal laws, rules, and regulations. For example, while minters may allow participants to enter contests by purchasing …
As the NFT (“non-fungible token”) industry continues to flourish (passing $40 billion in value in 2021) an increasing variety of individuals and companies are looking for ways to profit off the excitement. Some seek to benefit from the success of existing NFTs by minting imitations or parodies of such NFTs. Others have decided to mint …
While NFTs (“non-fungible tokens”) typically take the form of sellable digital art pieces, NFTs can be so much more. NFTs are unique, often one-of-a-kind, digital files (usually images, photographs or short videos) that use blockchain technology to establish proof of ownership. In general, NFTs are created (“minted”), purchased from the minter, and then (where allowed) re-sold …
How to Navigate the Winner Selection Process for Sweepstakes Promotions Sweepstakes promotions continue to be a popular tool that businesses use for customer acquisition, engagement, and retention. However, several aspects of these promotional contests (e.g., marketing and the logistical considerations associated with running such contests) can come with legal risks for sweepstakes operators. Specifically, the method of …
Sweepstakes Privacy Policies: A Key Aspect of Sweepstakes Promotions Promotional contests, giveaways, and sweepstakes are invaluable tools for businesses looking to attract new customers and build a customer database. Sweepstakes drive consumers to provide their information to a business in exchange for the chance to win prizes and other benefits. Please take note that, for each sweepstakes, a …
Why Your Sweepstakes Promotion Needs A Privacy Policy Read More »
Before reintroducing the McRib in its restaurants on November 1st, McDonald’s created an NFT (short for non-fungible token) giveaway to celebrate the 40th anniversary of launching this seasonal sandwich. By turning its attention to the Internet, McDonald’s was able to secure an audience infatuated with the newness of NFTs, as well as connect with loyal McRib …
By Zachary Zagger for Law360 Law360 (November 3, 2021, 9:05 PM EDT) — New Jersey voters this week shot down a constitutional referendum to allow sports betting on in-state college teams, a move that came as a surprise to legal experts and could reveal lingering concerns about undermining the integrity of college sports. The Garden …
KMT’s David Klein Weighs in: Surprise NJ Vote Shows NCAA Betting Concerns May Linger Read More »
Promotional contests and sweepstakes are increasingly popular marketing methods. However, many prospective sweepstakes operators may not be aware of or fully understand the importance of the sweepstakes rules governing the applicable contests. Unlike other marketing means, sweepstakes promotions cannot be adjusted or terminated mid-campaign, based simply on the desires of the sponsor. The parameters of the …
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