⚡ NFTs Won't Affect Copyright Laws
postedΒ 13 Mar 2024
Analysts from the U.S. Copyright Office (USCO) and the United States Patent and Trademark Office (USPTO) suggest that existing U.S. copyright laws don't require adjustments to regulate the non-fungible token (NFT) industry. Instead, they recommend focusing on education and enhancing transparency within NFT products.
This stance stems from the widespread copyright infringement still rampant on trading platforms, made challenging to control due to user decentralization and anonymity. Moreover, many NFT buyers and sellers remain unaware of the intellectual property rights they're transferring during NFT creation and sales.
The report reflects extensive input from a broad spectrum of commenters, including creators, brand owners, innovators, academics, and practitioners,said Shira Perlmutter, Register of Copyrights and Director of the U.S. Copyright Office.
Despite these challenges, researchers also highlighted the advantages NFTs offer artists, enabling them to earn royalties from both initial and subsequent sales. For major brands, NFTs serve as a tool for increasing visibility and streamlining intellectual property licensing.
BTW, the annual #NFTNYC2024 event is set for early April in Times Square and Hudson Yards (NYC), attracting leaders, investors, and NFT industry enthusiasts. Explore the event's featured guests and key topics in our latest article.
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