+1.73% Bitcoin (BTC) 16092.33 EUR
+4.23% Ethereum (ETH) 1191.81 EUR
+4.90% Litecoin (LTC) 74.98 EUR
+1.64% B-Cash (BCH) 109.14 EUR
+2.51% Ethereum (ETH) 0.0748309 BTC
+3.07% Litecoin (LTC) 0.00470458 BTC
-0.14% B-Cash (BCH) 0.0068478 BTC
+1.59% Bitcoin (BTC) 16621.7518 USDC
+0.11% USD Coin (USDC) 0.96 EUR
+1.57% Bitcoin (BTC) 16625.105 USDT
+0.13% Tether (USDT) 0.97 EUR
+2.57% Chainlink (LINK) 7.19 EUR
+0.71% Chainlink (LINK) 0.00045158 BTC
+7.84% Dogecoin (DOGE) 0.09 EUR
+6.10% Dogecoin (DOGE) 0.00000626 BTC
+3.92% Uniswap (UNI) 5.34 EUR
+1.83% Uniswap (UNI) 0.00033572 BTC
+1.35% Cardano (ADA) 0.3 EUR
-0.36% Cardano (ADA) 0.000019 BTC
+0.94% Tron (TRX) 0.05 EUR
-0.90% Tron (TRX) 0.00000328 BTC
+0.67% Shiba Inu (SHIB) 0.00000891 EUR
+1.73% Zcash (ZEC) 39.16 EUR
0.00% Zcash (ZEC) 0.0024543 BTC
-0.64% Basic Attention Token (BAT) 0.00001379 BTC
0.00% TradeFlow (TFLOW) 0.05268211 BUSD

U.S. trademark and copyright offices to study IP impact of NFTs

07-14-2022

As nonfungible tokens (NFTs) continue to garner interest, the United States Patent and Trademark Office and U.S. Copyright Office are set to launch a study into their impact on intellectual property rights.

 

The examination of NFTs comes after a request from senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights.

 

The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, conducting preliminary discussions to plot a plan of action which will include consultations with various stakeholders well-versed in the NFT landscape.

 

A broad range of topics will be considered that was initially raised by the Vermont and North Carolina senators. This includes potential intellectual property challenges with future applications of NFTs, the rights associated with transferring ownership of an NFT, licensing rights and infringements and the potential IP rights given to NFT creators.

 

Cointelegraph has reached out to both departments to ascertain how long the study will take to be completed, the scope of its coverage and which industry stakeholders will be consulted. They did not immediately respond.

 

The NFT space has already caused plenty of strife for companies that have seen their products or intellectual property infringed upon in recent months. A number of high-profile brands have sought legal recourse against NFT marketplaces and platforms that may have infringed on associated IP rights.

 

Global sportswear brand Nike made headlines in February as it instituted court proceedings against online reseller StockX for infringing on its trademark through the sale of unlicensed sneaker NFTs. The company had sold Nike NFT sneakers which were set to include redeemable, real-world versions of the shoes.

 

American rapper Lil Yachty is fighting his own legal battle in California, after filing a trademark infringement lawsuit against two music companies. The 24-year-old claimed the firms used his likeness and name to raise more than $6.5 million in venture capital to bankroll the launch of a collection of NFTs.

 

Source: Cointeleraph