‘Wave of litigation’ to hit NFT space as copyright issues abound
As the NFT industry grows with increasing market penetration, research and consumer education are key to the domain’s evolution. Ownership is one of the most critical aspects of nonfungible tokens (NFT). They are a representation of the evolution of execution and ownership of art, content, music, in-game assets, etc., since they are digital assets with distinctive identities that are verifiable on a blockchain network. However, they have also created a new dimension of discussion about the interaction and grey area around copyright, intellectual property (IP) and trademark laws.In a recent....
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The U.S. Patent and Trademark, and Copyright offices will explore the impact of NFTs on intellectual property rights as lawsuits begin to stack up. As nonfungible tokens (NFTs) continue to garner interest, the United States Patent and Trademark Office and U.S. Copyright Office are set to launch a study into their impact on intellectual property rights.The examination of NFTs comes after a request from senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights.The two....
Bill Starkov, the founder of Apocalyptic Apes, said that holders can earn a lot of money by licensing their nonfungible tokens. While the most common way to earn money in the nonfungible token (NFT) space is by flipping the tokens for profit, there are other opportunities to earn money with NFTs as the market continues to develop. In a Cointelegraph interview, Bill Starkov, the founder of Apocalyptic Apes and a Bored Ape Yacht Club (BAYC) member, talked about how NFT holders can license the intellectual property (IP) rights of the tokens. Citing BAYC as an example, Starkov noted that....
Fox uses an existing Youtube video in an episode of Family Guy, then complains about copyright infringement and takes down the video. This is just one of the many cases where large media organizations have unfairly used the provisions of the Digital Millennium Copyright Act (DMCA). Could blockchain provide a foolproof and fair way of dealing with copyright infringement disputes? Copyright laws protect online service providers. The Digital Millennium Copyright Act (DMCA) is a US law enacted in 1998, which helps media companies fight copyright infringement. The law provides stringent....
Blockchain technology has a wide variety of use cases, most of which are waiting to be discovered by aspiring developers and entrepreneurs. Distributed ledgers can play a significant role when it comes to issuing copyright claims, as tamper-proof timestamped logs can be created and made publicly available at the same time. But that doesn’t mean such....
Nonfungible tokens would be problematic without the validation and verification of copyright ownership in the NFT-minting process. Everyone is wild about nonfungible tokens (NFTs). The first half of 2021 alone saw NFTs from Andy Warhol, NFTs of the code for the World Wide Web, the first-ever Tweet and, of course, the famous $69 million NFT sale of Beeple’s “Everydays.” Whether this explosive rise of NFTs is a flash in the pan or the future of art and beyond is a hot topic of conversation. An emerging theme from that conversation is whether NFTs have a copyright problem. Copyright is....