United

The USPTO and US Copyright Office concluded that the existing statutory enforcement mechanisms are sufficient to address infringement and security concerns related to NFT applications. 
The change was optional in the United States Intellectual Property (IP) laws as of now. Although piracy and IP infringement are common on non-fungible token (NFT) marketplaces, a US government report states. 
On Tuesday, March 12, the U.S. Copyright Office and Patent and Trademark Office (USPTO) summarized a joint study focusing on IP law and policy implications regarding NFTs. 
It is noted that NFT technology cannot prevent unauthorized copying and it is claimed that infringement and misuse of trademarks are prevalent on NFT marketplaces. 
“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.” 
Apart from the findings, the agencies did not believe changes to IP laws were important or advisable at this time. The reports of the USPTO stated, “To the extent an NFT contains or links to an unauthorized copy of a copyrighted work, the creation or marketing of that NFT will implicate copyright law the same way as any unauthorized reproduction or display.” 
It is further noted that existing enforcement tools are available to address NFT-linked infringements, just like other online infringements.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="497" height="377" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/03/image-293.png" alt="IP" class="wp-image-196845" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/03/image-293.png 497w, https://www.thecoinrepublic.com/wp-content/uploads/2024/03/image-293-300x228.png 300w" sizes="(max-width: 497px) 100vw, 497px">
 <figcaption class="wp-element-caption">
 Source: X Account of USPTO
 </figcaption>
 </figure>
</div> 
<h2 class="wp-block-heading" id="strong-components-of-new-law-strong">Components of New Law</h2> 
The offices received public comments through a notice of inquiry, conducted three public roundtables, and examined existing literature and case law. In their report, the offices acknowledged commenters’ views that NFTs may enable artists to secure remuneration for downstream resales of their works. 
It will allow trademark owners to expand their brand’s reach and appeal. It will also ease a supportive attitude toward managing, transferring or licensing IP rights. They further recognized concerns that 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. 
<h2 class="wp-block-heading" id="strong-conclusions-from-offices-strong">Conclusions from Offices</h2> 
The offices, however, confirmed that the existing statutory enforcement mechanisms are sufficient to address and reduce current infringement concerns related to NFT applications. 
They further added that the change to the IP law or to the offices’ registration and recordation practices was not required or advisable at this time. 
Nevertheless, public education initiatives and product transparency are critical to ensuring greater awareness and understanding of NFTs. 
<h2 class="wp-block-heading" id="strong-opportunities-with-new-law-strong">Opportunities with New Law</h2> 
They offer unique opportunities for creators to leverage their IP rights. It additionally presents new challenges in maintaining the security of their work.&nbsp; 
The USPTO will continue to work in accordance with industry and government collaborators, such as the Copyright Office, to improve the understanding of the implications of these evolving <a href="https://www.thecoinrepublic.com/2024/02/19/is-palantir-technologies-the-next-nvidia-complete-analysis/" target="_blank" rel="noreferrer noopener">technologies</a> through initiatives such as artificial intelligence and emerging technologies partnerships. 
The organization is looking forward to continuing these efforts and their ongoing work to ensure USPTO’s practices and US policy are expected to develop and evolve with the emergence of new technologies. 
The Register of Copyrights and Director of the U.S. Copyright Office said that the results were shared in the presence of stakeholders, the public and Congress. The report reflects extensive input from a broad spectrum of commenters, such as creators, brand owners, innovators, academics, and practitioners. 
They are expected to continue to engage with stakeholders on emerging technologies and their implications for IP rights.

Was It Necessary to Change the IP Law on NFT? USPTO Discusses

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