In the era of the virtual world, the quick pace of innovation like blockchain, big data, and artificial intelligence (AI) has created a sea change in the intellectual property rights (IPRs) dynamics. Whose intellectual property right (IPR) is it, how does one protect them, and who protects them are increasingly becoming problematic issues for the legal fraternity of the new world. In this article, a review of the finer details is made which arise due to advancements in technology, in particular in relation to the pressures imposed on flexible legal frameworks that can potentially create a synergy between the interest of inventors, artists, and the general public. There are several issues that have been raised, such as the copyrightability of works created by artificial intelligence, international harmonization of intellectual property laws regarding intellectual property rights, and the role that emerging technologies play in protecting intellectual property rights. The study emphasizes the importance of building strong legal reforms for guaranteeing strong intellectual property protection in the digital economy and for fostering innovation.