US government says IP infringements are widespread in NFT markets

A study by the US Copyright Office and the US Patent and Trademark Office found that existing laws are quite effective in combating these infringements.

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An NFT (Non-Fungible Token) is a digital asset used to represent ownership or rights to unique or non-replicable objects or assets on a blockchain network. They are different from cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged for each other with the same value. Each NFT has a unique identifier that distinguishes it from other tokens and can represent different digital or physical objects, such as artwork, music, video, virtual lands, etc. NFTs enable ownership and authentication of these unique objects in the digital environment.

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While NFTs have potential benefits, some aspects of their operation may contribute to copyright and trademark infringement. The study noted a general concern that buyers and sellers are not sufficiently aware of the intellectual property rights associated with NFTs.

Government agencies believe it is important to conduct public education on what NFTs are and how they work. They also noted that there is no need to change intellectual property laws because of NFTs, and no need to include them in the registration and recording process now.

Source: Engadget