The Patent and Trademark Office and the Copyright Office reached the unanimous conclusion that current IP regulations cover NFTs and other new technologies.
The Patent and Trademark Office (USPTO) and the U.S. Copyright Office (USPTO) wrapped up a collaborative study on IP law and policy consequences pertaining to NFTs on March 12.
It stated that “trademark infringement and misuse is prevalent on NFT marketplaces” and that NFT technology is unable to stop illegal copying.
In addition, trademark enforcement efforts are complicated by the decentralized and anonymous nature of NFT platforms, and the decentralized nature of the blockchain networks on which NFTs are stored.”
The agencies concluded that modifications to IP laws “are necessary or advisable at this time” in spite of the findings.
According to the report. “The creation or marketing of that NFT will implicate copyright law in the same way as any unauthorized reproduction or display. The extent an NFT contains or links to an unauthorized copy of a copyrighted work.”
According to USPTO Director and Under Secretary of Commerce for Intellectual Property Kathi Vidal. NFTs “present new challenges in keeping their work secure. Offer unique opportunities for creators to leverage their IP rights.”
The discussion also raised the legal position of smart contracts and consumer uncertainty surrounding intellectual property rights. However, the consensus was that addressing these issues through consumer protection and education would be more effective than altering IP laws
It said that although there were no concrete plans. To use NFTs or blockchain technology in U.S. patent and trademark registrations. Their possibilities will still be investigated.
The Senate Judiciary Committee’s IP subcommittee made a request in 2022, prompting the production of the investigation and report.
NFT markets are still struggling even with gains in Ether ETH. tickers lower $4,068 costs for this week. Some of the best collections’ floor prices kept declining, and sales volume data indicates a roughly 22% decline in just one week.
