USING ELEMENTS OF WEB3.0 FOR PROTECTING INTELLECTUAL PROPERTY ASSETS

People don't look into Intellectual property (IP)?as they should as it is really important in the global economy because it provides legal protection and incentives to innovators and creators. In the United States, industries that rely significantly on intellectual property accounted for 41% of economic activity in 2019. Whilst Counterfeit commerce poses a serious difficulty, accounting for 6.8% of shipments into the European Union.?

?So how does NFT help in this?

Non-fungible tokens (NFTs) have the ability to reduce fraud and improve intellectual property (IP) protection. As digital assets, NFTs may authenticate ownership and track the history of an item on an immutable blockchain ledger. This transparency can help IP licensors, licensees, and regulators by providing more effective licensing processes and enhancing overall IP regime efficiency.

Because the blockchain is compatible with existing intellectual property rules, it is easy to incorporate blockchain innovations into the legal environment. While there is scant case law surrounding intellectual property on the blockchain, the necessity for better action against infringement is becoming more apparent. However, it is critical to define the rights associated with NFTs. Many NFT art projects merely provide consumers with usage licenses rather than true ownership of the underlying work. Transparency and clear articulation of intellectual property rights are required for the decentralized goal of web3 to flourish. VeeFriends is an example of how to use NFTs while explicitly explaining what holders receive. VeeFriends uses copyrights and trademarks to develop an audience and community that is protected by traditional intellectual property rights.

By tokenizing ideas at a granular level, NFTs have the ability to track IP more efficiently than traditional approaches. Unlike centralized companies that manage IP applications, NFTs are distributed and immutable ledgers that are published on public blockchain networks.?Integrating NFTs and blockchain technology can improve intellectual property protection, ease licensing processes, and encourage entrepreneurship among smaller organizations which will be critical for widespread adoption and scalability.

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