Intellectual Property Tokens
The main purpose behind Intellectual property tokens is turning Ideas into digital assets. While, InvArch is an intellectual property and decentralized development network for the web3.0. The additional importance of the network is to provide an environment in which users can protect their Ideas and then form partners with other users on the network to realize their ideas and bring these realized ideas to life.
Intellectual Property Tokens can be documents, videos, images, diagrams, GIF or any other file one can use to represent Ideas. Also, they are digital records of ownership of assets. Making it obvious that intellectual assets and, specifically, the ownership and transfer of patents may also be recorded and transferred as NFTs.
The immutable nature of the Blockchain provides a history of ownership and creation that cannot be tampered with. This is imperative to an intellectual property owner as it prevents their claim to ownership from being contested by another
Without any omissions, One of the reasons behind intellectual property tokenization is to encourage creation of wide variety Intellectual Properties. This tokens gives some other incentive for their creation, because it allows people to benefit from the information and intellectual properties they create, and allows them to protect their ideas and prevent copying.
By and large, without an agreement, ownership of a Non-Fungible Tokens will not grant ownership of the underlying content or any associated intellectual property rights. Thus, a Non-Fungible Token proprietor may not be allowed to imitate, disperse copies, reproduce, or make derivative works of the original work. And, Just because an NFT is created representing an underlying work of art or other creation, it does not mean that the creator or any later owner of the NFT will own the underlying intellectual property rights, for example the copyright.
In other words, if you own an NFT, You can easily prove you own it. Proving you own an NFT is very similar to proving you have ETH in your account. For example, let’s say you purchase an NFT, and the ownership of the unique token is transferred to your wallet via your public address.
-The token proves that your copy of the digital file is the original.
-Your private key is proof-of-ownership of the original.
-The content creator’s public key serves as a certificate of authenticity for that particular digital artifact.
Can NFTs themselves be protected with Intellectual rights?
As with cryptocurrencies, if NFT creators decide to give proprietary names to their own tokens, these may be protectable as trade marks. The likelihood of this seems slim at this point as it will only add to consumer confusion.
Can an NFT guarantee the authenticity of a product?
The potential for Blockchain to solve counterfeiting has been much discussed, but unfortunately NFTs do little to assist. While NFTs can authenticate the work and the chain of title, the issue remains that if the original entry on the ledger is false or contains errors, NFTs will simply confirm and perpetuate this falsity. While some platforms are working to address this, it’s easy to see how the system could be abused. Great caution is advised until safety checks are fool-proof and consumer understanding is improved.
Please note that, For instance, when creating an NFT for a short video, the creator must obtain consent from copyright and trademark owners if the works or products of those third parties are being shown. If any person appears on the video, that person’s rights of publicity should also be authorized. Unlike fungible (that is, indistinguishable and interchangeable) digital assets such as bitcoin or other crypto currencies, non-fungible tokens are unique assets that cannot simply be swapped for an identical replacement.