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Other Applications for NFTs While the CryptoKitties and CryptoPunks use scenarios may seem trivial at first glance, the application of NFTs could have far more practical implications. NFTs can represent official documentation like birth and death certificates, academic credentials, warranties, and medical histories.54 Developers can tokenize personally identifiable information documents, credentials, and licenses to preserve and authenticate the ownership of the documents. One of the growing areas of tokenization is the representation of physical assets through NFTs. Since NFTs are essentially contracts, it is possible that one day consumers will purchase a physical asset such as a car or house using Ether and receive the contract as an NFT in return. 55 Correspondingly, someone’s Ethereum wallet becomes the key to their physical asset, by accessing the asset through cryptographic proof of ownership.56 Altogether, developments in this category are at an early stage and fairly rare. TRADEMARKS AND NFTS In early discussions on the regulation of NFTs in Wyoming, some consideration has been given to the idea of registering NFTs as trademarks. The purported benefits of this practice would be to provide public notice about the ownership status of NFTs and to facilitate the identification and distribution of assets during probate. However, registering an NFT with a governmental entity may also prove incompatible with the anonymized, decentralized nature of NFT ownership. This section is intended to provide a high-level overview on the trademarking process in the context of NFT ownership and registration. Generally speaking, trademarks can be, "any word, phrase, symbol, design, or a combination of these things" that identifies particular goods or services and are used by customers to identify those goods and services in the marketplace.57 Trademarks can be registered federally, with the U.S. Patent and Trademark Office, or at the state level, through the Wyoming Secretary of State's Office. According to the U.S. Patent and Trade Office, the primary benefits of registering a trademark include: • Public notice. Trademarks are listed in a publicly available database of registered and pending trademarks; • Infringement protection. Trademark registration grants registrants the right to prevent infringing uses of their trademark and to bring lawsuits concerning their trademarks; and 54 Rakesh Sharma, “Non-Fungible Token (NFT),” Investopedia, March 8, 2021. 55 “Non-Fungible Tokens (NFTs),” Ethereum, April 26, 2021. 56 Ibid. 57 “What Is a Trademark?,” U.S. Patent and Trademark Office (U.S. Department of Commerce, March 31, 2021). 21RM009 • LSO RESEARCH AND EVALUATION DIVISION • 200 W. 24th Street • Cheyenne, Wyoming 82002 TELEPHONE 307-777-7881 • EMAIL lso@wyoleg.gov • WEBSITE www.wyoleg.gov May 2021 • PAGE 7 OF 9PDF Image | NON-FUNGIBLE TOKENS (NFTS) background
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