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U.S. trademark and copyright officials are examining the effects of NFTs on IP

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U.S. trademark and copyright officials are examining the effects of NFTs on IP

The United States Patent and Trademark Office and U.S. Copyright Office are getting ready to start a research into the effects of nonfungible tokens (NFTs) on intellectual property rights as they continue to spark interest.

The examination of NFTs comes in response to a June request from senators Thom Tillis and Patrick Leahy for a thorough investigation of the possible effects the developing asset class could have on intellectual property rights.

The two departments have agreed to carry out the research in communication with Leahy and Tillis, holding preliminary conversations to develop a plan of action that would involve consultations with various stakeholders knowledgeable about the NFT landscape.

The senators from North Carolina and Vermont presented a variety of issues that will be taken into consideration. This covers possible intellectual property issues with future uses of NFTs, the rights connected with transferring ownership of an NFT, licensing rights and infringements, and the prospective IP rights granted to NFT developers.

The NFT market has already been a significant cause of friction for firms that have recently had their products or intellectual property stolen. In order to seek retribution, a number of well-known corporations have brought legal actions against NFT marketplaces and platforms that may have infringed on associated IP rights.

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