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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Trademark and Copyright

Date & Time
  • event Date

    Thursday, June 8, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will guide IP counsel on the tokenization of IP. The panel will discuss the advantages of tokenization as well as how it disrupts the IP market. The panel will also address the hurdles that IP owners must address and the current state of regulation on the transfer of NFTs involving IP rights.

Faculty

Andrew W. Coffman
Attorney
Phelps Dunbar LLP

Mr. Coffman helps individuals and businesses protect their intellectual property and guides professionals in highly regulated industries through administrative actions. Clients rely on his experience on both sides of the court to find practical paths forward through complex claims and disputes.





Mr. Coffman focuses much of his practice on working with clients in the tech, health care and entertainment sectors. He represents software developers, record labels, recording artists, publishers and songwriters in copyright suits. He also advocates for health care clients in intellectual property cases and regulatory disputes.

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Drew Patty
Partner
Phelps Dunbar LLP

Mr. Patty balances his legal advice with commercial solutions to help clients in the medical, energy, insurance, financial and manufacturing sectors move their businesses forward. His background in biochemistry enables him to understand scientific nomenclature, research endeavors, chemists’ work processes, and the relationships between experiments, results, patent applications, product manufacturing, distribution and service.





With a patent practice that spans the globe, Mr. Patty prepares and prosecutes:





U.S. and international patent and trademark applications


Secured loan transaction IP due diligence


U.S. copyright applications


Patent, trademark and software licensing


Joint development, software development and software-as-a-service subscription agreements


Clients developing new brands, inventions or products turn to Drew to steer them through the process of monetizing innovation while also avoiding infringement. He guides clients in freedom-to-practice and validity opinions on patents and trademarks, strategic IP portfolio enforcement counseling, and international portfolio management.





Advocating for both plaintiffs and defendants, Mr. Patty represents clients in patent infringement, trademark infringement, trade secret misappropriation and copyright infringement litigation. He also counsels clients in domain name disputes under the ICANN arbitration procedures.

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Description

An NFT represents ownership of a digital asset, which is recorded on a blockchain. NFTs are being used to monetize IP rights. Further, as IP owners assert their rights, they can leverage tokenization of IP rights to prove ownership of those rights.

Tokenization of IP rights may reduce licensing transaction costs by limiting the need for negotiated agreements. The use of smart contracts and take-it or leave-it terms remove friction from these transactions. However, in some cases this may result in fewer completed transactions.

When engaging in tokenized transactions, IP owners should keep in mind the potential risks and challenges. There are unique requirements that come into play with IP transfers and creation of NFTs. Trademark licenses may trigger franchise laws. Copyright licenses and assignments must have the assignor's signature in writing, which presents a problem for tokenization using smart contracts. There are open questions regarding whether certain NFTs may be considered investment contracts under the Howey test, how states will ultimately regulate NFTs, how different legal regimes may interact for cross-border transfers, and how NFTs can be effectively used as security interests.

Listen as our authoritative panel of IP attorneys examines tokenization of IP and the advantages and tools it provides. The panel will also discuss how tokenization disrupts the IP market and the hurdles that IP owners must address. The panel will also discuss the current state of regulation on the transfer of NFTs involving IP rights.

Outline

  1. Tokenization of IP
    1. Advantages
    2. Inherent NFT opportunities
  2. Potential disruption of the IP licensing market
  3. Hurdles for IP owners
    1. Securities laws
    2. Uncertain state regulation
    3. Cross-border transactions
    4. Regulation of IP transfers
  4. How the UCC can increase the value of IP-backed NFTs
  5. Moving forward today

Benefits

The panel will review these and other key issues:

  • What are the opportunities and risks associated with NFTs?
  • What unique legal requirements of IP transfers should owners consider when creating NFTs?
  • What key considerations should IP owners and counsel weigh when determining whether to tokenize IP rights?