As nonfungible tokens (NFTs) continue to garner interest, 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 examination of NFTs comes after a request from Senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights.
The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, conducting preliminary discussions to plot a plan of action tha will include consultations with various stakeholders well-versed in the NFT landscape.
A broad range of topics will be considered that was initially raised by the Vermont and North Carolina senators. This includes potential intellectual property challenges with future applications of NFTs, the rights associated with transferring ownership of an NFT, licensing rights and infringements and the potential IP rights given to NFT creators.
Cointelegraph has reached out to both departments to ascertain how long the study will take to be completed, the scope of its coverage and which industry stakeholders will be consulted. They did not respond immediately.
The NFT space has already caused plenty of strife for companies that have seen their products or intellectual property infringed upon in recent months. A number of high-profile brands have sought legal recourse against NFT marketplaces and platforms that may have infringed…