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Non-fungible tokens () bursting the bubble However, the US government has just We are considering the surrounding legal framework. The study, conducted jointly by the U.S. Copyright Office (USCO) and the Patent and Trademark Office (USPTO) at the request of the Senate in 2022, found that current intellectual property law does not limit copyright or trademark infringement in NFTs. judged to be robust enough to cope with the situation. The agency also determined that while the tokens have some advantages, “trademark infringement and abuse are rampant in the NFT market.”
Remember, you are giving ownership of collectibles such as artwork or musical works. This is effectively a verified link to media that may or may not exist on the blockchain, but whoever owns the NFT’s Her URL destination can change the media it points to at any time. , Signal founder Moxie Marlinspike created an NFT that promised to appear as a poop emoji if someone bought it.
The agency noted that NFTs and related smart contracts can help trademark owners manage, license, and transfer intellectual property rights. Those who weighed in on the issue in public comment pointed out that NFTs could help artists earn money from future sales of their works as well. That’s not inherently bad, even if it’s widespread. .
but, “NFT buyers and sellers do not know what intellectual property rights are involved in the creation, marketing, and transfer of NFTs, and NFTs facilitate copyright and trademark infringement,” he said. There are widespread concerns that it may be being used for
The report notes that the decentralized nature of NFTs and blockchain networks complicates any attempts to enforce trademarks. “While some individual NFT platforms have developed protocols to help trademark owners enforce their rights, there is no central governing body requiring all platforms to do so,” the report said. It’s dark. “It also helps trademark owners identify and remove infringing content, resolve trademark-related disputes involving blockchain-based domain names, and that sellers own trademark rights related to the assets they offer. There is also no cross-platform mechanism that can verify this.
With all this in mind, educating the public about NFTs could help ensure better understanding and awareness about tokens and how they work, the office said. Still, they recommended in a report to Congress that the current use of NFTs does not require changes to current intellectual property laws. It also said that “incorporating NFTs into registration and recording practices is not necessary or recommended at this time.” In other words, they don’t think they need to.