A recent joint study by the US Copyright Office and the United States Patent and Trademark Office concluded that the existing legal framework adequately regulates the non-fungible token (NFT) sector. The study was initiated at the request of Congress to explore the interaction of NFTs with intellectual property laws. After extensive research, including public discussions and analysis of case law, it was determined that new regulations for NFTs are not required.

Shira Perlmutter, Director of the US Copyright Office, noted the significant contribution of various experts to the study and expressed interest in further discussion of new technologies and their impact on intellectual property rights. Despite a recent downturn in the NFT market, there is an upward trend indicating a potential revival of interest in this segment, although it is unclear if it will reach the growth levels of 2021-2022.

Recent legal victories, such as Yuga Labs, creators of the Bored Ape Yacht Club, winning a copyright infringement case, have highlighted the ability to protect rights to digital assets and set a precedent for applying intellectual property laws in the NFT sphere. The agencies also recognized the transformative potential of NFTs for authors and brand owners, offering new ways to monetize and enhance appeal.

However, the study also expressed concerns about the opacity of NFT transactions and the risk of copyright and trademark infringement. In response, the agencies emphasized the importance of educational initiatives and transparency to demystify NFTs and improve understanding between creators and consumers.