What is Intellectual Property? Why is it profitable for owners to sell rights and for businesses and entrepreneurs to buy?
First, let’s figure out what can be an object of Intellectual Property.
Everything produced by a particular author can be considered Intellectual Property: a quote, music, a book, a painting, a unique graphic design, and of course, a trademark logo. Among this list, the most requests for obtaining the right to use are graphic content and logos: they can be used to make various products for sale.
But here, Intellectual Property owners who want to sell IP rights face legal nuances: often, transferring rights to even a not-very-popular logo might take several months.
Let’s introduce ourselves: Tokenization Factory is a technology startup that can bring great opportunities to businesses, entrepreneurs, and Intellectual Property owners.
We have replaced the license agreement with an NFT license, so it will be possible to sell intellectual property rights in a matter of minutes.
How does it work?
Our team of engineers and lawyers will tokenize your intellectual Property, trademarks, or logos into NFT assets. We legally formalize Smart Contracts following local legislation and international agreements so that you take full advantage of the technology.
The whole process will be organized into five steps: meeting, the legal part, turning Intellectual Property into NFT, publishing NFT, and the last one is selling your NFT-license.
Upon completion of the whole process, anyone can buy the rights to the Intellectual Property in 10 minutes and use it legally.
Let’s show with an example:
An entrepreneur has acquired legal rights in the form of NFT-license for 1 ETH (At the time of purchase, it was about $1,400) to use a trademark on his products.
This October, an owner of the wallet “0x26D03C07268cfdbbf7bc8e57194867D7c760F259” bought an NFT-license and automatically signed a License Agreement to use a trademark on the products he manufactures.
From the moment of signing the license agreement, the buyer receives the full right to legally use the intellectual property object, and make goods with it, for example, clothes with a logo or a picture from comics.
The benefits and opportunities provided by the tokenization of Intellectual Property are endless, ranging from the fight against illegal use of it ending with profit for both parties of the agreement.
In the end, how will the intellectual property market change? Will the accelerated process of obtaining intellectual property rights help reduce the number of cases of illegal use of logos and designs?
The original goal of creating Tokenization Factory was to simplify the selling process and obtain intellectual property rights, which will contribute to the development and growth of both parties to the agreement.
But we have done something more: the IP market includes not only logos or original soundtracks. But also the works of designers and artists that entrepreneurs can popularize by producing goods with images and other unique works that the world can see.
So, three criteria that change the system for obtaining and selling intellectual property rights are mobility, great opportunities, and the advantages of technology.