This chapter will present the main IP issues in the IoT and concentrate on one of them that has been framed as ‘death of ownership’ by Joshua Fairfield in Owned,1 a germinal book that will provide an initial framework to understand this issue. Ownership (of Things) is dying either because of the shift from sale to subscription or because users only formally own their Things but they cannot exercise any of the powers traditionally associated to property as IoT companies control every layer of the Thing throughout its life cycle by technical, factual, and legal means. This chapter will critically assess whether the death of ownership can be resolved either through limitations internal to IP or through external ones. As to the former, the analysis will be centred on IP exceptions or defences. The empowering potential of this solution is called into question by the overlaps between IPRs. As to the latter, the focus will be on competition law, namely, on the so-called standard-essential patents (SEPs) that should be licensed on fair, reasonable, and nondiscriminatory (FRAND) terms.