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IBM Is Turning Patents Into NFTs

Decrypt | Scott Chipolina | Apr 20, 2021

IBM image - IBM Is Turning Patents Into NFTsIBM has announced it is using its blockchain technology to turn corporate patents into non-fungible tokens with the help of patent firm IPwe.

In brief

  • IBM is partnering with blockchain patent firm IPwe to turn patents into NFTs.
  • The tokenized intellectual property will be made "commercially available" in Q4 2021.

IPwe, a platform for the world’s IP ecosystem, today announced that it plans to begin representing corporate patents as non-fungible tokens (NFTs), in collaboration with major computer company IBM.

The tokenization of intellectual property will, per the announcement, help position patents to be easily sold, traded, commercialized or otherwise monetized. In other words, turning patents into NFTs makes it easier to have those patents reach the market.

“The use of NFTs to represent patents will help create completely new ways to interact with intellectual property,” said IPwe CEO Erich Spangenberg.

Non-fungible tokens are cryptographically-unique digital assets that can be associated with digital content such as images or video—but any kind of content can be attached to an NFT, in this case patents.

See:  After you die what happens to your digital assets and NFTs?

Intellectual property has traditionally been difficult to manage, value and transact, and the introduction of NFTs into this space is expected to change that. Spangenberg added,

“This is expected to benefit not only large enterprises that have significant intellectual property, but it will bring new opportunities to small and medium enterprises and even individual intellectual property owners.”

The NFTs will be stored and shared on the IPwe Platform, hosted by IBM Cloud, and powered by IBM’s blockchain.

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