US trademark and copyright offices to study impact of NFTs on intellectual property

US patent and trademark and copyright offices will study the impact of NFTs on intellectual property rights as Lawsuits are starting to pile up.

As non-fungible tokens (NFTs) continue to generate interest, the U.S. Patent and Trademark Office and the U.S. Copyright Office are set to launch a study into their impact on intellectual property rights.

The NFT review comes after a request from Senators Patrick Leahy and Thom Tillis in June for an in-depth analysis of the potential ramifications the burgeoning asset class could have with respect to intellectual property rights.< /p>

The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, conducting preliminary discussions to map out an action plan that will include consultations with various stakeholders familiar with the NFT landscape.

A wide range of topics that were originally raised by senators from Vermont and North Carolina will be considered. This includes potential intellectual property challenges with future applications of NFTs, rights associated with transferring ownership of an NFT, licensing rights and infringements, and potential intellectual property rights granted to creators of NFTs. /p>

Cointelegraph has contacted both departments to determine how long the study will take, the scope of its coverage and which industry stakeholders will be consulted. They did not respond immediately.

Related: 'Wave of litigation' to hit NFT space as copyright issues abound

The NFT space has already caused many disputes for companies that have seen their products or intellectual property violated in recent months. A number of leading brands have taken legal action against marketplaces and NFT platforms that may have infringed related intellectual property rights.

Global sportswear brand Nike made headlines in February when it filed a lawsuit against online retailer StockX for trademark infringement through the sale of unlicensed NFT sneakers. The company...