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In May 2021, a phenomenal IPilogue submission by Keir Strickland-Murphy (Osgoode Law ‘22) touched on the recent boom of Non- fungibleTokens. In this piece, I will recapitulate Strickland- Murphy’s exploration of IP ownership of Non-fungibleTokens and expand on recent developments since May.
Introduction Intellectual property entails the protection of legal rights for inventions and creations made by individuals or businesses using their minds. Copyrights safeguard the artists’ rights in the inventive and imaginative content that abounds in digital media. These advantages can be made profitable for the owner.
The United States Patent and Trademark Office (“USPTO”) and the United States Copyright Office (“USCO”) delivered a report to Congress entitled Non-FungibleTokens and Intellectual Property on March 12, 2024 (“Report”). While the Report is comprehensive, it does not recommend any new action to address IP issues with NFTs.
Movie studio Miramax, which owns most of the rights to the film, sees the plan as a contract breach and copyright infringement. The legal paperwork also carved out a section for the distribution of content in new types of media that had yet to be invented. NFT Copyright Battle.
Besides, creators can benefit from smart contracts and determine that a certain percentage of the sales price goes to the original creator each time the work is resold. Blockchain-powered timestamps coupled with smart contracts could help address complex copyright and other IP-related problems (patents, trademarks, etc.)
The United States Patent and Trademark Office (“USPTO”) and the United States Copyright Office (“USCO”) delivered a report to Congress entitled Non-FungibleTokens and Intellectual Property on March 12, 2024 (“Report”). For now, not much will change from a legislative perspective.
NFT stands for Non-FungibleTokens. Crypto is fungible i.e., they can be traded; one for another however, NFTs are unique, and one can’t be equal to another. This whole process of commercially buying unique digital art in the form of non-fungibletokens is based on a public ledger called the Ethereum blockchain.
The auction of NFT ( non-fungibletokens ), which we addressed in this post , comprising wearable works of digital art, has revolutionized the trademark industry. Just as online fashion revolutionized the market, digital fashion – fashion you can’t touch –is set to do the same.
This historic ruling created a precedent for companies looking to protect their trademarks in the metaverse and sparked debate about whether Non-FungibleTokens (NFT) are protected by intellectual property laws. The jury gave Hermès a damages award of almost $133,000.
The first prize goes to Ramakash G Suriaprakash, from Tamil Nadu National Law University, Tiruchirappalli (batch of 2021), for their essay titled, ‘Inventions Seriously Prejudicing the Environment: Can the Precautionary Principle Offer a Way Out?’ In this post , we announced the winners of the 2nd Shamnad Basheer Essay Competition on IP Law.
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