looking into the surrounding legal framework. The study, carried out jointly by the US Copyright Office and the Patent and Trademark Office following a 2022 request by the Senate, determined that current intellectual property laws are robust enough to deal with copyright or trademark infringement in NFTs. The agencies also determined that although there are some benefits to the tokens, "trademark infringement and misuse is prevalent on NFT marketplaces.
The offices noted that NFTs and associated smart contracts can aid trademark owners in managing, licensing and transferring IP rights. Those who weighed in on the issue in public comments pointed out that NFTs can help artists make money from future sales of their work too.
The report notes that the decentralized nature of NFTs and blockchain networks complicates any attempts to enforce trademarks. "While some individual NFT platforms have developed protocols to help trademark owners enforce their rights, there is no centralized authority that requires all platforms to do so," the report reads.
With all of that in mind, the offices said that educating the public about NFTs could help ensure a better understanding and awareness of the tokens and how they work. Still, they recommended in their report to Congress that the current use of NFTs doesn't require changes to current IP laws. They also noted that "incorporating NFTs into their registration and recordation practices is not necessary or advisable at this time.
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