SNEAK PEEK
- A panel discussing various NFT copyright issues is one of many.
- Joint research will examine the political and legal effects of NFTs on intellectual property.
- As case law develops, Congress requests an inquiry into intersections.
A US Copyright Office discussion on Tuesday that will help guide an interagency study on NFTs has as its main topic the interaction of NFTs with copyright law. According to Bloomberg, “it also covers the use of legal principles, the creation and transfer of rights, and the repercussions of enforcing online intellectual property rights.”
Legal professionals claim that, according to academics and copyright activists, the fundamental principles of copyright law apply to non-fungible tokens just as they do to any other medium. However, they also brought up several fundamental queries and practical issues from various angles, which may impact how various disputes are settled.
A video conversation is being held in the first legal dispute using NFTs, moderated by the Copyright Office. In response to a demand from Congress, the joint investigation will look at the legal and political ramifications of non-fungible tokens (NFTs) for intellectual property. The US Patent and Trademark Office and the United States Copyright Office (collectively, the “Offices”) will investigate the situation in response to a letter from Congress requesting it.
A study addressing various intellectual property, legal, and policy issues relating to NFTs was requested of the Offices in a letter dated June 9, 2022. According to the letter, the offices should “consult with the corporate sector, drawing on the technical, artistic, and intellectual sectors.”
In a Federal Register notice published on November 23, 2022, the Offices requested feedback from the public to assist in planning research. In addition, they proposed open panel discussions on licenses, trademarks, and copyrights. In a second Federal Register statement published on December 21, 2022, the offices extended the comment period and disclosed the roundtable dates. Until February 3, 2023, Regulations.gov will accept comments.
