Are NFTs the next step for patent management and commercialisation?
It was recently announced that IBM and IPwe have partnered to trial representing patents as non-fungible tokens (NFTs) as an easier way to sell, trade, or license patents. The aim is to move intellectual property assets onto a digital, centralised and secure blockchain network, enabling easier commercialisation of patents, especially for small or medium enterprises (SMEs). Smart contracts can be attached to NFTs so terms of use and ownership can be outlined and agreed upon without incurring as many legal fees as a traditional IP transfer.