With the advance of smart IoT devices (Internet of Things) the amount of valuable data will increase dramatically. With its recently enacted Data Act (DA) the EU introduces new data access and sharing rights for the users of IoT devices. This article analyzes how the DA will change the bundle of rights on non-personal IoT data regarding who can control, access, use, share, and monetize this data. In a first step, we apply the property rights theory (esp. the approach of Barzel) for explaining the status quo of IoT data governance. Here the manufacturers can get through the technical design of their IoT devices exclusive de facto control over IoT data ("capture" of data). In a second step, we analyze how the DA changes this de facto bundle of rights in order to unlock more IoT data for innovation, competition, and empowerment of users. [---]