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IBM is turning patents in to NFTs—says it’s a future ‘trillion-plus dollar market’

Tech huge IBM and intellectual real estate specialists at IPwe yesterday revealed the IPwe Platform and the Global Patent Industry, a blockchain-based platform that could allow tokenizing and investing patents in the form of non-fungible bridal party ( NFTs ).

“The IPwe System is designed to transform the obvious asset class by growing transparency and promoting engagement, which we believe may encourage innovation, ” stated CEO Erich Spangenberg in the announcement.

While NFTs are at the core of the ongoing crypto-collectible craze, they have been used mostly to trade artworks, images, music, and other media so far. However , the concept itself—that of non-interchangeable unique bridal party that represent digital accreditation of authenticity and ownership—also perfectly suits the corporate patents.

Unlocking a $1 trillion market

According to Spangenberg, just 2-5% of patents translate into $180 billion of value in the market. However , traditional patents are “notoriously difficult to handle, value, and transact to become treated as a liquid asset. ” In this light, NFTs represent an opportunity to make the sector much more transparent and cost-efficient, unlocking a $1 trillion—or more—market.

“The use of NFTs to represent patents will help create completely new ways to interact with IP [intellectual property]. This really is expected to benefit not only big enterprises that have significant intellectual property, but it will bring brand new opportunities to small and medium enterprises and even individual IP owners, ” Spangenberg described.

For each the announcement, patent NFTs will be stored and distributed on the IBM Blockchain-powered IPwe Platform, which also allows the Global Patent Marketplace. These would allow members of the ecosystem to engage and transact, buy, license, finance, sell, study, and commercialize patents.

“It starts with being able to evaluate these huge amounts of data from patent information. Once that’ s done, blockchain is a technology that allows you to definitely tokenize these patents and make them available in capital marketplaces, ” said Shyam Nagarajan, executive partner at IBM Blockchain Services.

He added:

“Three to 5 years from now, it’ s going to be a trillion-plus dollar market that you and I will be trading on. ”

Trials of NFTs on IPwe’s Global Patent Marketplace are expected to start “soon. ”

The post IBM is turning patents into NFTs—says it’ s i9000 a future ‘ trillion-plus buck market’ appeared first on CryptoSlate .

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