admin – Tokenization factory

Borough Councils could earn through blockchain

In the UK, Borough Councils take care of local communities. Usually, they are responsible for providing services such as waste management, road maintenance, and public safety, and enforcing local laws and regulations.

There can be several problems that Borough Councils may face, including:

Limited financial resources: Borough Councils often have limited financial resources, making funding necessary services and infrastructure projects challenging.
Inefficiency and bureaucracy: Borough Councils can suffer from bureaucratic inefficiencies that can slow down decision-making and hinder the delivery of services.
Lack of accountability: Borough Councils can be criticized for lack of transparency and accountability, making it difficult for residents to hold them accountable for their actions.

More money for Borough Councils?

The quick answer here is to rent out Intellectual Property. Borough Councils could rent out their logo to local manufacturers. This model allows for generating income without manufacturing though having tight control over the use of its logo/crest.

By doing so, the council does an excellent job of stimulating local business people without adding much work for itself.

Why blockchain?

Blockchain technology allows to rent out Intellectual Property while coping with the fundamental problems of Borough Councils, bureaucracy & lack of transparency.

IP licensing through blockchain could be done in a matter of minutes. Traditionally IP buying could take weeks, but blockchain allows one to buy (rent out) IP in less than an hour. See how to buy Kyiv’s logo (Ukraine) for 15 minutes for reference.

Everyone could buy the right to use Kyiv’s logo on its product. See the OpenSea collection.

To some degree, blockchain is a synonym for the words transparency & traceability. IP licenses sold through blockchain could be seen publicly, so local communities always know what licenses are sold, when they expire, and the price.

For reference, see the license for hoodies from the Kyiv case. A local entrepreneur bought this NFT to produce hoodies and sell them to tourists and the inhabitants of Kyiv.

Legal Aspect

From a juridic perspective, a signed License Agreement could be the only form for IP rights transfer. Embracing this, we found a way to connect NFT with the Licence Agreement signing procedure. Without going into details, the word tokenization hides a lot of legal work done on our side to make the process of buying NFT & signing a License Agreement in only 15 minutes.

Summary

In a nutshell, IP tokenization is nothing more than IP Licensing Process Automation, though blockchain makes it more secure, transparent & controlled. Ready-to-use infrastructure from TF creates a monetization opportunity for IP owners.

23/1/2023 , by admin

The first-ever Intellectual Property NFT-license was sold!

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

Traditionally, to use intellectual property (trademark), one needs to sign a license agreement, which might take weeks, but with blockchain, it takes 15 minutes. Smart Contracts allow one to acquire Intellectual Property and obtain entirely legitimate rights in a matter of minutes

IP License Agreements evolve into Smart Contracts

Tokenization Factory is a tech startup bridging Intellectual Property and Blockchain. IP tokenization allows a radical decrease in the effort needed to acquire rights from weeks to minutes. Moreover, this opens IP to small businesses and individual entrepreneurs

“My vision is that hundreds of thousands of small entrepreneurs are included in the IP market as they don’t need weeks to buy IP rights. IP infringement is rare even in developing countries because buying IP rights is easy and instant”

Victor Bondarenko, CEO of TokenizationFactory.com

22/12/2022 , by admin

Blockchain technologies are the future: how the Intellectual Property rights market will get changed soon.

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.

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.

22/12/2022 , by admin