The US Government says IP infringement is all over NFT marketplaces’

Date:

Share:


The non-fungible token () bubble burst , but the US Government has only just looking into the surrounding legal framework. The study, carried out jointly by the US Copyright Office (USCO) and the Patent and Trademark Office (USPTO) following a 2022 request by the Senate, determined that current intellectual property laws are robust enough to deal with copyright or trademark infringement in NFTs. The agencies also determined that although there are some benefits to the tokens, “trademark infringement and misuse is prevalent on NFT marketplaces.”

As a reminder, an conferring ownership of a collectible, such as an artwork or piece of music. It’s effectively a verified link to a piece of media which may or may not live on the blockchain, but whoever owns the destination of an NFT’s URL can change the media it points to at any time. , Signal founder Moxie Marlinspike created an NFT that he promised would appear to be a poop emoji when someone bought it.

The offices noted that NFTs and associated smart contracts can aid trademark owners in managing, licensing and transferring IP rights. Those who weighed in on the issue in public comments pointed out that NFTs can help artists make money from future sales of their work too. That’s not inherently a bad thing, even if a large swath of .

However, noted “widespread concern that NFT buyers and sellers do not know what IP rights are implicated in the creation, marketing and transfer of NFTs and that NFTs may be used to facilitate copyright or trademark infringement.”

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 centralized authority that requires all platforms to do so,” the report reads. “There are also no cross-platform mechanisms to allow trademark owners to identify and take down infringing content, settle trademark-related disputes involving blockchain-based domain names, or confirm that sellers own the trademark rights associated with the assets they offer.”

With all of that in mind, the offices said that educating the public about NFTs could help ensure a better understanding and awareness of the tokens and how they work. Still, they recommended in their report to Congress that the current use of NFTs doesn’t require changes to current IP laws. They also noted that “incorporating NFTs into their registration and recordation practices is not necessary or advisable at this time.” In other words, they don’t think they should have to



Source link

━ more like this

South African equities momentum growth ahead of key trade data – London Business News | Londonlovesbusiness.com

South African equities are set for further upside, extending gains from Tuesday’s rally, with the JSE FTSE Top 40 Index...

Finance leaders are ‘losing visibility as expense management grows more complex’ – London Business News | Londonlovesbusiness.com

ExpenseIn, a leading expense management solution provider and part of the AccountsIQ Group, has today warned that many businesses are...

Google I/O 2025: Everything you need to know

Table of Contents Table of Contents Google I/O 2025: When will it happen? How and where can I watch Google I/O 2025? Google I/O 2025: What to...

Here’s the top five youngest female celebrity billionaires – London Business News | Londonlovesbusiness.com

At just 30, Lucy Guo has become the world’s youngest self-made female billionaire, overtaking Taylor Swift after Scale AI’s valuation...

Experts warn against these brokerage platforms amid safety concerns – London Business News | Londonlovesbusiness.com

Investment experts have warned Brits to steer clear of these brokerage platforms, amidst regulatory and safety concerns. The investment...
spot_img