Nonfungible tokens: A new paradigm for intellectual property assets?
The sales or licensing of patents via NFTs, automated by the use of smart contracts, could benefit potential buyers, sellers, or licensees. Nonfungible tokens, or NFTs, are digital records of the ownership of assets. The asset types most commonly associated with NFTs are digital assets, such as artwork like memes, GIFs, or gaming characters or properties. Assets represented by NFTs, however, may be digital, physical, tangible or intangible. Examples of asset types that have been transferred or that have had their ownership recorded utilizing NFTs include sports memorabilia, copyrights in....
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Blockchain technology and nonfungible tokens are transforming the way that intellectual property is licensed and sold. The transition to a more digitalized society based on an information economy has created intense pressure for companies to rethink their intellectual property (IP) management. Intangible assets can represent more than 80% of the value in a firm’s balance sheet, and intellectual property in the United States is now worth over $6 trillion in gross domestic product, according to the U.S. Department of Commerce.Well-managed and leveraged IP can provide a company with a....
The U.S. Patent and Trademark, and Copyright offices will explore the impact of NFTs on intellectual property rights as lawsuits begin to stack up. As nonfungible tokens (NFTs) continue to garner interest, the United States Patent and Trademark Office and U.S. Copyright Office are set to launch a study into their impact on intellectual property rights.The examination of NFTs comes after a request from senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights.The two....
Bill Starkov, the founder of Apocalyptic Apes, said that holders can earn a lot of money by licensing their nonfungible tokens. While the most common way to earn money in the nonfungible token (NFT) space is by flipping the tokens for profit, there are other opportunities to earn money with NFTs as the market continues to develop. In a Cointelegraph interview, Bill Starkov, the founder of Apocalyptic Apes and a Bored Ape Yacht Club (BAYC) member, talked about how NFT holders can license the intellectual property (IP) rights of the tokens. Citing BAYC as an example, Starkov noted that....
When you buy a nonfungible token, do you automatically get intellectual property rights? Well… it's complicated. How can IP assets transform DeFi, DAOs and the metaverse?InvArch says that its infrastructure can be used to speedily create new decentralized autonomous organizations.This could make it easier for nonprofits to fund intellectual property development — and organizations could generate cashflow without signing over their IP rights. It's hoped roadblocks to innovation could be torn down — with a new "development highway" left in its place.InvArch's infrastructure could also offer....
While the world has evolved from storing and transferring information from paper to cloud storage, data is still not entirely protected. The existing cloud storage system used for sharing information while encrypted is centralized, and centralized systems have the inherent disadvantage of being vulnerable to hacks and attacks. However, decentralized solutions such as blockchain technology have become an excellent alternative because of their immutability. Sharing intellectual property through the blockchain network can create a more secure and reliable system because of its several....