$Meta Platforms(FB.US)$ has been named in a lawsuit alleging trademark infringement.
What Happened: According to a Friday court filing with the United States District Court for the Northern District of California, the DFINITY Foundation claims that Meta "knowingly infringed" its trademark by registering a similar logo.
Meta Platforms (Facebook) is being sued over its logo.
— Josh Gerben (@JoshGerben) May 2, 2022
A Swiss non-profit that develops blockchain technology (Dfinity), has filed a lawsuit claiming that Meta's new logo is too similar to its own.
Apparently, an infinity logo is all the rage in Web3.#meta #Facebook #Web3 pic.twitter.com/4Ay4a12uKy
The DFINITY Foundation is the entity behind the Internet Computer (CRYPTO: ICP) blockchain. DFINITY's infinity symbol logo has been in use since 2017 and has had an approved trademark registered since October 2018.
Why It Matters: Meta filed an application for its own infinity symbol logo only in March 2022. According to DFINITY, the similarities between the two logos and Meta's intended use of the mark will cause confusion because both platforms are targeting a similar customer base in the same industry.
"Dfinity has suffered, and will continue to suffer, irreparable injury as a result of Meta's unlawful action and has no adequate remedy at law.
Unlike Facebook's (now Meta) centralized, closed system, Dfinity's focus is on decentralization and interoperability. Any association between Dfinity and Meta would cause consumers, including users and developers, to question Dfinity's core mission."
-stated the complaint.
Price Action: According to data from Benzinga Pro, ICP was trading at $13.14, up 1.3% over the past 24 hours. The token is down 98% from its all-time high of $700 in May 2021.
Meta shares closed 5.32% higher at a price of $211.13 on Monday.