While NFTs continue to attract interest, the United States Patent and Trademark Office and the United States Copyright Office are preparing to launch a study on their impact on intellectual property rights.
The examination of NFTs comes after Senators Patrick Leahy and Thom Tillis called in June for an in-depth study of the possible ramifications the burgeoning asset class could have in relation to intellectual property rights.
The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, holding preliminary discussions to map out an action plan that will include consultation with various stakeholders well versed in the NFT landscape.
A wide range of issues that were initially raised by senators from Vermont and North Carolina will be considered. These include potential intellectual property issues posed by future applications of NFTs, rights associated with the transfer of ownership of an NFT, licensing rights and infringements, and potential intellectual property rights granted to NFTs. the creators of NFTs.
Cointelegraph contacted both departments to find out how long the study will take to complete, the extent of its coverage, and which industry stakeholders will be consulted. They have not responded immediately.
The NFT space has already caused a lot of trouble for companies that have seen their products or intellectual property infringed in recent months. Several well-known brands have taken legal action against NFT marketplaces and platforms that may have infringed on their intellectual property rights.
The global sportswear brand Nike made headlines in February by launching legal proceedings against online reseller StockX for infringing its trademark by selling unlicensed NFT shoes. The company had sold Nike’s NFT shoes that included redeemable real-world versions.
american rapper Lil Yachty is waging his own legal battle in California, after filing a trademark infringement lawsuit against two music companies. The 24-year-old claims that companies used his image and name to raise more than $6.5 million in venture capital to fund the launch of a collection of NFTs.
The producer Miramax also went to court in November 2021, after acclaimed film director Quentin Tarantino sought to release NFTs derived from his blockbuster movie pulp fiction, 1994. The studio alleged that Tarantino had infringed copyright when he set out to release an NFT collection featuring seven cut scenes, exclusive commentary, and original hand-written scripts.
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