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NFTs Are An Entry Point For IP Bad Actors
May 18, 2022
Companies should survey the metaverse and other virtual environments for unauthorized use of their trademarks, copyrights, or patents and move swiftly if infringement is discovered, according to an IP client alert on the Howard & Howard site. This is especially true for companies that have trademark registrations for hard goods that want to expand to non-fungible tokens or other virtual goods. The metaverse and other virtual environments brings a number of critical issues. Current licensing and advertising agreements should be reviewed to ensure that poor wording doesn’t accidentally facilitate usage beyond the intended scope of the deal. A Howard & Howard alert cautions that the introduction of NFTs constitutes an entry point for crooks to reduce the value of a company’s brand and IP by infringement or counterfeiting.
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