Creating legal NFTs in 3 steps, and protecting as intellectual property
Let’s order the chaos immediately and stop the scam, look at the current situation and international law.
The explosion of interest and growth in the NFT token market has brought key industry issues to the surface. Let’s look at the legal model for creating NFTs based on the Paris Convention for the Protection of Industrial Property and the new World Intellectual Property Organisation (WIPO) tool at the UN.
This method has supranational legal status and does not require additional legalisation in 177 countries. It also takes only 15 minutes and costs pennies. By combining international law and NFT we will create a huge new market.
What intellectual property can be turned into NFT using this method?
- Trade secrets and undisclosed know-how;
- A creative work. Audio, visual or literary;
- Creative design. For example, a brand logo, ornamentation, textile or architectural design;
- Industrial design. Various technical schemes, plans and processes.
Software code. Games, applications, etc.; - Research. Including in the form of lab notes, reports and other results;
- Data. For example, training results of artificial intelligence algorithms, results of genetic sequencing.
Such information can be converted into NFT tokens and realised, either as a whole or in shares in the creation, development and use of IP objects.
About half of outstanding inventions remain partly or wholly in the form of know-how, to prevent illegal use. This method creates a market for legal trade in such intellectual property.
In addition, not every result of intellectual activity is subject to legal protection and is considered an invention by definition and by virtue of statutory exemptions.
Such objects can be non-technical solutions to problems, designs, schemes, ideas, etc. The method discourages theft and may also bring some order to know-how transactions.
Step 1. Create a PDF document of your intellectual property. Sign with your electronic signature
The signature is linked to you, as the author, as well as to the document itself. A document signed with an electronic signature has the same legal validity as a hand-signed document in paper format.
Step 2: On the WIPO PROOF service of the World Intellectual Property Organization (WIPO) at the United Nations, download the document and obtain a WIPO token
It is an online service that quickly creates tamper-proof evidence of the existence of your digital file at a particular point in time. This new service from a major international intellectual property rights organization provides a way to protect valuable digital assets, whether they are creative work, product design, invention or research data and findings from innovative work.
Step 3: Turn into an NFT token
- In the public description (metadata) specify the terms of ownership of the intellectual property transferred by the author to the owner of the issued NFT token. And we include an IPFS link to the Public Offer Agreement for the sale of the know-how, signed by the author.
- There we also describe the essence of the undisclosed invention, the field of application and the results of experiments. Describe the material contained in the private part.
- We enclose a certificate from the World Intellectual Property Organisation.
- Optionally, an international patent attorney’s report on novelty, inventive step of know-how and industrial applicability can be added. This allows the buyer to “feel” the invention before buying it.
- In the private description (Unlockable Content), which is accessible only to the owner of the token, we provide an IPFS link to the encrypted archive with all the materials and drawings. As well as the IPFS link to the WIPO token, which is inextricably linked with the certificate in the public part.
Supranationality of Agreement and the WIPO Arbitration and Mediation Centre
To make a holistic procedure for international transactions with NFT tokens valid in the vast majority of jurisdictions use the resources of a supranational governing organisation as much as possible. From applying the WIPO PROOF certificate to designating their arbitration centre as the venue for resolving any disputes. WIPO understands the nature of a know-how transfer agreement exceptionally well. It has the expertise and ability to navigate the complex, non-standard technological processes of any transaction involving intellectual property.
The environment for the emergence of a new intellectual property market is now in place. On the one hand, WIPO has created a unique certificate of priority with author authentication well matched with its supranational arbitration. On the other hand, the new NFT technology has established itself as a multi-billion dollar market and confirmed its primary viability.
SWAP.NET Team
Official site — https://swap.net/
Twitter — https://twitter.com/NFTSwapnet
Discord — https://t.co/uzz0Qt12tf
Medium — https://medium.com/@NFTSwapnet
Docs&WhitePaper — http://docs.swap.net
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
