WHEN IP MEETS NFTs: THE CASE FOR INTELLECTUAL PROPERTY PROTECTION FOR NON-FUNGIBLE TOKENS

The world has seen enormous disruption by new age technologies in every domain of today's economy including the arena of art, music and entertainment. Furthermore, the impact of artificial intelligence and blockchain technology particularly the Non Fungible Tokens (NFTs) has overwhelmed scholars about their understanding of laws related to intellectual property. Advances in technology are expanding the scope of intellectual property beyond traditional patents, trademarks, designs, trade secrets, plant breeders' rights, and more. Various issues related to intellectual property have taken centre stage in the world of NFTs and Blockchains. Intellectual property disputes over virtual goods and NFTs are on the rise, and countries across the world are endeavoring to address the issues related to the protection of virtual goods. This article analyses the nature and scope of protection granted to virtual goods and NFTs in major jurisdictions viz the US and China. Further, the article analyses if the provisions of Indian IP Laws particularly the Trademarks and Designs Acts are sufficient to grant protection to the virtual goods.