However, it is a relatively new concept, and many areas of application need to be explored. NFTs are developing remarkably and have provided many applications such as artist royalties, in-game assets, educational certificates, etc. Another example is NBA Top Shot 11, an NFT trading platform for digital short films buying and selling NBA events. CryptoKitties is an early blockchain game that enables users to buy, sell, collect, and digital breed cats. ![]() With the gamification of the breeding mechanics, CryptoKitties 10 officially placed NFTs at the forefront of the market in 2017. CryptoPunks 9, as one of the first NFTs on Ethereum, has developed almost 10,000 collectible punks and helped popularize the ERC-721 Standard. They enthusiastically participate in NFT-related games or trades. Recently, blockchain enthusiasts have indicated significant interest in various types of NFTs. The non-fungible token is unique and therefore cannot be substituted 8. In particular, fungibility is the ability to exchange one with another of the same kind as an essential currency feature. NFTs are tradable rights of digital assets (pictures, music, films, and virtual creations) where ownership is recorded in blockchain smart contracts 7. They can be digital representations of real-world objects. NFTs became one of the most widespread applications of blockchain technology that reached worldwide attention in early 2021. NFT was initially suggested in Ethereum Improvement Proposals (EIP)-721 5, and it was later expanded in EIP-1155 6. Actually, non-fungible tokens are digital assets with a unique identifier that is stored on a blockchain 4. In the landscape of blockchain technology, there could be defined two types of tokens, including fungible tokens, in which all the tokens have equal value and non-fungible tokens (NFTs) that feature unique characteristics and are not interchangeable. Nowadays, by leveraging the advantages of blockchain and taking into account the governance issues, digital assets could be represented as tokens that existed in the blockchain network, which facilitates their transmission and traceability, increases their transparency, and improves their security 3. Recent advances in distributed ledger technology have developed concepts that lead to cost reduction and the simplification of value exchange. With smart contracts, developers and businesses can create financial applications that use cryptocurrencies and other forms of tokens for applications such as decentralized finance (DeFi), crowdfunding, decentralized exchanges, data records keeping, etc. Ethereum, which is a second generation of blockchain, was introduced in 2014, allowing developers to run smart contracts on a distributed ledger. The blockchain mechanism was introduced in Bitcoin white paper in 2008, which lets users generate transactions and spend their money without the intervention of banks 1. By the emergence of blockchain, centralized organizations can be substituted with a decentralized group of resources and actors. Traditionally, most companies used centralized authorities in various aspects of their business, such as financial operations and setting up a trust with their counterparts. The proposed framework provides fundamental elements and guidance for businesses in taking advantage of NFTs in real-world problems such as grant patents, funding, biotechnology, and so forth.ĭistributed ledger technologies (DLTs) such as blockchain are emerging technologies posing a threat to existing business models. Furthermore, a series of open challenges about NFT-based patents and the possible future directions are highlighted. ![]() Hence, we offer a layered conceptual NFT-based patent framework. The main objective of this paper is to examine the requirements of presenting intellectual property assets, specifically patents, as NFTs. It can promote transparency and liquidity and open the market to innovators who aim to commercialize their inventions efficiently. NFT has considerable potential in the intellectual property domain. Applying for a patent and trademark is not only a time-consuming and lengthy process but also costly. ![]() However, there is a lack of research in utilizing NFT in issues such as Intellectual Property. It has been successfully applied to digital fantasy artwork, games, collectibles, etc. NFT has widely attracted attention, and its protocols, standards, and applications are developing exponentially. Here non-fungible tokens refer to those with unique and non-substitutable properties. By taking advantage of blockchain technology, digital assets are broadly grouped into fungible and non-fungible tokens (NFT). With the explosive development of decentralized finance, we witness a phenomenal growth in tokenization of all kinds of assets, including equity, funds, debt, and real estate.
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