This is a very complex use case where NFTs and blockchain technology could be used. NFT space is a new market which is developing now and the enterprises have huge potential using these technologies. For example, there is 5G technology and multiple companies have a patent for different parts of this technology.' When there is such an advanced technology, all the patent owners can pool-in their patents, and that pool of patents can be licensed and royalties can be distributed to the pool of stakeholders. The technology where multiple patent owners pool-in their patents together. Also we are helping to extend the use cases. “We have written the history of ownership on blockchain, so there are no questions. “We work with an intellectual property management platform,” says Ashok Ranadive, Director of Professional Services at CasperLabs. At recent NYC NFT events, I met with some industry leaders to learn more about the active NFT boom. With an NFT, there will be no argument of the provenance. However, this isn’t the only use case for NFTs.įor example, NFTs can be implemented in the copyright and intellectual property industry. In addition, NFTs have given graphic artists and content creators the chance to express themselves and earn money without getting involved with top galleries, auction houses, or other middlemen, which is pretty hard to do. It’s considered a certificate of authenticity of the asset you own, and the proof of your ownership is publicly available because it is stored on blockchain and it is decentralized. The hash is completely unique and one of a kind, which is why it is called a non-fungible token. Is that true? And what do the crypto space and blockchain technology have to offer in the near future other than NFTs?Īccording to those who have heard about NFTs once or twice in their life, it’s just a funny meme or video backed by the hash and stored on blockchain. Right now, NFTs are at the peak of hype: Bored Ape #8585 just sold for $2.7 million, the NFT NYC conference was attended by Quentin Tarantino and Busta Rhymes, and huge NFT-related billboards were hung at Times Square.īut many people doubt that NFTs are nothing more than just a speculative asset with no real value, lacking any tangible use cases.
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