An entrepreneur has acquired legal rights in the form of NFT-license for 1 ETH (At the time of purchase, it was about $1,400) to use a trademark on his products.
This October, an owner of the wallet “0x26D03C07268cfdbbf7bc8e57194867D7c760F259” bought an NFT-license and automatically signed a License Agreement to use a trademark on the products he manufactures.
Traditionally, to use intellectual property (trademark), one needs to sign a license agreement, which might take weeks, but with blockchain, it takes 15 minutes. Smart Contracts allow one to acquire Intellectual Property and obtain entirely legitimate rights in a matter of minutes.
IP License Agreements evolve into Smart Contracts
Tokenization Factory is a tech startup bridging Intellectual Property and Blockchain. IP tokenization allows a radical decrease in the effort needed to acquire rights from weeks to minutes. Moreover, this opens IP to small businesses and individual entrepreneurs.
“My vision is that hundreds of thousands of small entrepreneurs are included in the IP market as they don’t need weeks to buy IP rights. IP infringement is rare even in developing countries because buying IP rights is easy and instant” Victor Bondarenko, CEO TokenizationFactory.com.
Victor Bondarenko – CEO