The company believes that transforming intellectual property into NFT tokens will facilitate selling, trading and monetising patents
IBM and IPwe, a global patents marketplace, is planning to convert its patents into non-fungible tokens (NFT) using IBM blockchain. By taking this step the company aims to position itself as to be able to ease the sale, trade or monetising the intellectual property, and to add liquidity to this asset class for investors and innovators.
NFT patent tokens will be based on the IBM blockchain and stored on IMB Cloud and IPwe platforms. IPwe expects the non-fungible tokens to be commercially available on the platform in Q4 of 2021.
IPwe is the first global market for patents, combining information and tools to identify, research, evaluate and transact in patents. It operates in over 50 countries with offices in Asia, Europe, and North and South America.
NFT tokens are units of data, having unique features and cannot be replaced. They are used to confirm the right to intellectual property and can’t be substituted without the owner’s consent.