U.S. Trademark and Copyright Offices to Study IP Impact of NFTs

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 which will include consultations with various stakeholders well-versed in the NFT landscape. 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.