NFT is currently the hottest topic in today’s crypto world. It has taken space by storm, and the craze is stepping up higher and higher each day. Its ability to represent both tangible and intangible assets makes them top the list. Among these assets, patents and other intellectual property assets have a unique value. Blockchain technology is one of the flourishing concepts that revolutionized the majority of the industries and now targets secure transfer of property rights by making the effective use of non-fungible tokens.
NFTs — The Next-Gen Digital Assets:
NFTs can now be tokenized into patents, which permits the intellectual property to be managed as business assets, thereby making them easier to sell, license, and commercialize. The immutable ownership rights of NFTs paved the path to tokenize IP into such promising assets. True Return Systems is the first to commence the patent NFT auction, and IPwe & IBM is all set to develop a patent NFT exchange (NFTs for Intellectual Properties). These NFTs will be housed and distributed on the IPwe platform, which runs on the IBM cloud. It expands the global patent environment to research, license, finance, and commercialize patents. Nowadays, people in the crypto space have commenced trading tokenized IPs as NFTs.
The potential of NFTs is flourishing every day, and now it has landed to leverage IP patents. It is now used to locate and track IP assets. The effective use of artificial intelligence algorithms would help in validating the worth of assets, and the NFTs bestow a path to locate them and track their exchange. NFTs neither communicate data related to the value of the item nor enforce any property interests in the same. They just try to monetize patent assets on the reliability of the fundamental patent valuation process.
It is asserted that the winning or losing of this concept is about relying on artificial intelligence rather than smart contracts. AI has the potential to bestow insights associated with the cumbersome topic of IP valuation. Also, the eagerness of investors and entrepreneurs to use this novel concept to capitalize on asset IP management is high.
Patent NFTs And Their Lucidity Of Ownership:
Cheryl Milone Cowles, Chief IP officer of IPwe, describes, “ Clarity of ownership is the greatest perk of blockchain-based patent transactions. Distributed network verification provides the confidence of transacting with a clear current title and history.” These IP NFTs assist issuers, banks, capital market players, and anyone who contributes, insures, or invests capital. In fact, the tokenization of NFTs in Intellectual Properties makes it much more cost-efficient. Generally, the process involves attorneys, contracts, and paper-based processes. By utilizing an NFT, the complete business model is streamlined.
Smart contracts are crucial in delivering the ownership of the assets. It is built into the token with regulated terms related to each patent. The owners of the patents determine their contract regulations and decide what to manifest in public and what not to present. The capital and various transaction partners have the transparency, data regularization, and ease of interaction they require.
Therefore, trade secrets, copyrights, and patents can be tokenized into NFTs securely and confidently. On successful implementation with patents, it can further be worked to incorporate the same in other IPs. This is because the platform keeps on working to meet the additional requirements of the market participants. Accrediting rights will reap great benefits for innovators, creators, and capital.
NFT Marketplace For Trading Patent NFTs:
To facilitate seamless trading of patent NFTs, developing either an exclusive marketplace or integrating the concept in the existing marketplace is essential. Developing your own marketplace exclusively for the patent NFTs would give you an upper hand definitely. By launching your own platform, audiences all over the world can effortlessly purchase, sell, or trade patent NFTs. Provide them a broader and much more open trading platform and leverage the NFT technology to greater heights.
How To Build Your NFT Marketplace?
Want to Develop a unique NFT marketplace, especially for the seamless trading of patent NFTs. There are companies backed by adept blockchain and crypto professionals who would turn your dreams into reality. Also, they can entirely personalize the marketplace with features and functionalities according to your business needs.
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