There is a positive correlation between the rise of NFTs and the need for Intellectual Property rights. This issue has become so prevalent that the United States Copyright Office and the United States Patent Trademark Office (USPTO) announced they would be conducting a study analyzing how NFTs will change the IP field. This study was brought to fruition by Senator Thom Tillis (R-NC) and Senator Patrick Leahy (D-VT).
This study will address questions such as:
- How do transfers of rights apply? How does the transfer of an NFT impact the IP rights in the associated asset?
- How do licensing rights apply? Can and how can IP rights in the associated asset be licensed in an NFT context?
- What intellectual property protection can be afforded? What IP protection can be afforded to the NFT creator? What if the NFT creator is a different person or entity from the creator of the associated asset?
David Szalyga, Corporate Associate at Warren Law Group, states, "The USPTO's announcement is a positive first step that will hopefully lead to concrete guidance and rules that are badly needed in this fast-evolving space. Clear regulations drafted with a deep understanding of the underlying technology and its many potential business applications would give commerce the clarity and certainty to grow."
If you are the creator of a non-fungible token, you must be aware of the intellectual property rights and issues that come along with developing an NFT.
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