As the worldwide use of Non-Fungible Tokens (NFT) grows, the US Patent and Trademark Office (USPTO) and US Copyright Office (USCO) are preparing to launch a study on the effects of NFTs on intellectual property ownership.
two governmental bodies, Senator Patrick Leahy and Thom TillisThey agreed to a request made by NFT in June to investigate the intellectual property effects of NFTs.
USPTO and Copyright Officecan accompany future NFT applications. IP challenges, NFT license rights and violations and With NFT ownership transfer They will examine a variety of issues, including related rights.
Senators study July 2023However, the two institutions have yet to confirm this completion date.
Analyzing the state of the NFT market in the broad sense does not seem so simple, although Senators rightly take into account the increase in popularity and use of such tokens among industries. Amy Castor in last April Art News in his statement forDifficult to get an accurate pulse on NFT markets” he stated.
“that reports tend to be inconsistent” and “Most of the data on NFTs comes from the platforms themselves” he stated. Stating that it is really difficult to measure whether the transaction volume is legitimate or the result of inflated transactions, the analyst underlined that there are many platforms and collections where they observe that “the same product is bought and sold within themselves to artificially inflate the numbers.”
As of July 14, the major NFT market OpenSea $17 million per day transaction volume. While the world’s largest NFT market, Opensea, continues to grow to a degree that states and investors cannot ignore, it seems that the decisions of lawmakers on the subject will be important for the future of the market.