The interest in nonfungible tokens (NFTs), continues to grow. Therefore, 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 Copyright Office will launch a study on their impact on intellectual properties rights.
After a June request by senators Thom Tillis and Patrick Leahy, NFTs were examined. The goal was to examine the potential implications of this new asset class in relation to intellectual property rights.
Both departments have agreed to collaborate with Leahy & Tillis on the study. They will also hold preliminary discussions in order to develop a plan of actions, which will include consultations and feedback from various stakeholders who are well-versed in NFT.
The senators from North Carolina and Vermont will consider a wide range of topics that were initially brought up. This covers potential intellectual property issues with future NFT applications, rights associated with the transfer of ownership of an NFT and licensing rights and infringements as well as the IP rights that may be granted to NFT creators.
Cointelegraph reached out to both departments in order to determine the length of the study, its scope and who will be consulted. They didn’t immediately respond.
Related: Copyright issues abound in NFT space, as a wave of litigation hits.
Companies that have had their intellectual property or products infringed on in the NFT space in recent months have already faced a lot of trouble. Numerous high-profile brands have taken legal action against NFT platforms and marketplaces that might have violated their IP rights.
In February, Nike, a global sportswear brand, brought attention to StockX by instituting court proceedings against them for violating its trademark by selling unlicensed sneaker sneakers NFTs. The shoes were Nike NFT sneakers, which were to be redeemed and used in real-world situations.
After filing a lawsuit against two music companies for trademark infringement, Lil Yachty, an American rapper is now fighting his own legal battle. The 24-year old claimed that the firms used his name and likeness to raise venture capital of more than $6.5million to finance the launch of a series of NFTs.
Miramax, a production company, also took legal action in November 2021 following the request of Quentin Tarantino, a critically-acclaimed director of film, to launch NFTs based on his 1994 blockbuster film Pulp Fiction. Tarantino was accused of copyright infringement by the studio as he attempted to launch an NFT collection that included seven screenplay scenes, commentary and original scripts.