Ipwe has announced that it plans to begin representing patents as non-fungible tokens (NFTs) or digital assets by working with IBM. The company aims to create the required infrastructure to represent patents as NFTs and store the records on a blockchain network. The tokenization of intellectual property (IP) will help position the patents more rigid, traded, commercialized, and bring new liquidity to the asset class for new investors and innovators.
The tokenization of IP provides greater transparency, and it will also make related transactions more superficial and more cost-efficient. With this, the IP can be licensed, sold, and commercialized. Organizations can also easily view the IP as an asset on their balance sheet. NFTs can be used to represent digital art, sports memorabilia, and even iconic Tweets. The early adoption of IP-based could bring in a transformation in how investors and enterprises treat IP.
The use of NFTs to represent patents will help to create new ways to interact with IP. This will benefit large enterprises and bring new opportunities to small and medium enterprises and even individual IP owners. These NFTs will be stored and shared on the IPwe Platform, hosted on IBM Cloud, and powered by IBM Blockchain.