By Daniel Goldstein

In today’s age, blockchain, cryptocurrencies, and non-fungible tokens (NFTs) are sweeping the headlines and making buzz in the press. From artists, to musicians (Kings of Leon, Mike Shinoda), to athletes, investors and businesspeople alike, many are taking advantage of the juxtaposition of cryptocurrencies and their respective industries. It will be fascinating to see how this convergence between collectibles and cryptocurrencies develops.

NFTs are essentially digital collectibles – they can represent things (a tweet, or an asset) or they can be things (like art, or a highlight). The value proposition here is that these NFTs are unique in the digital sense. They exist on a blockchain, which is a decentralized, often public, digital ledger consisting of records called blocks. The blockchain is used to record transactions across multiple computers so that any involved block cannot be altered retroactively without the alteration of all subsequent blocks. So, while anyone can copy and download a video highlight package or image file, the NFT has a record saying that it only has one owner. Well-known entrepreneur Gary Vaynerchuck has compared NFTs to various “skins” or costumes that players can purchase in a video game. In fact, a few weeks ago, the New York Times ran a story about a work of art in the form of an NFT that sold online for $69 million.

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By Art MacCord

Art MacCord is a patent attorney with 40 years of experience. He keeps an eye on the U.S. Patent and Trademark Office and the U.S. Copyright Office for new rules and practice tips of interest to intellectual property attorneys. Find his latest updates here:

NCBA IPL Section Blog News Blasts For July 21, 2020

Copyright Office announces its 150th Anniversary Celebration Online, August 5, noon to 1 p.m. Eastern Time
https://locgov.webex.com/mw3300/mywebex/default.do?nomenu=true&siteurl=locgov&service=6&rnd=0.6368494839656456&main_url=https%3A%2F%2Flocgov.webex.com%2Fec3300%2Feventcenter%2Fevent%2FeventAction.do%3FtheAction%3Ddetail%26%26%26EMK%3D4832534b00000002a95a208a561b42eef3678ba3621370c92ad2e978f6c55543ece459dcfe3971bd%26siteurl%3Dlocgov%26confViewID%3D162890112486628650%26encryptTicket%3DSDJTSwAAAAItOURJ4WrlIib2ifGoET-eg-HhKGi_cuViLoxkepig0w2%26

USPTO announces COVID-19 Prioritized Examination Program for certain trademark and service mark applications
https://www.uspto.gov/sites/default/files/documents/TM-COVID-19-Prioritized-Examination.pdf

USPTO announces Fast-Track Patent Appeals Pilot Program
https://www.uspto.gov/about-us/news-updates/uspto-announces-fast-track-appeals-pilot-program

By Art MacCord

Art MacCord is a patent attorney with 40 years of experience. He keeps an eye on the U.S. Patent and Trademark Office and the U.S. Copyright Office for new rules and practice tips of interest to intellectual property attorneys. Find his latest updates here:

NCBA IPL Section Blog News Blasts For June 23, 2020

Copyright Office Issues Final Rule to Create Group Registration Option for Short Online Literary Works

https://www.copyright.gov/rulemaking/shortonline-literaryworks/?loclr=eanco

https://www.govinfo.gov/content/pkg/FR-2020-06-22/pdf/2020-12041.pdf

Copyright Office Releases Updated Online Edition of Copyright Law of the United States and Related Laws Contained in Title 17 of the United States Code

https://www.copyright.gov/title17/?loclr=eanco