ICONLOOP and Intellectual Bridge partner on an intellectual property NFT platform
Here is our first news of 2023, and we hope your year got off to a strong start. :)
ICONLOOP is partnering with Intellectual Bridge Inc. (CEO Seokki Moon), which provides open innovation services for startup intellectual property, to energize the NFT market by expanding the range of items non-fungible tokens (NFTs) can be applied to.
◇ Countdown to an innovative platform where NFT technology lets you establish ownership of an invention without filing a patent
◇ Invention ideas and technologies will be tradable as NFTs over a blockchain network built on ICONLOOP technology
To that end, ICONLOOP and Intellectual Bridge signed a memorandum of understanding to pursue an intellectual property NFT platform business. ICONLOOP CEO JH Kim and Intellectual Bridge CEO Seokki Moon attended the signing ceremony at ICONLOOP headquarters, where the two sides agreed to work together on an innovative NFT platform to replace the existing patent system and on promoting open innovation through it.
At the heart of this agreement is using the particular strengths of NFT technology to resolve the friction in the traditional patent system, and to open up a market where NFT transactions can happen in the field of invention ideas and technologies. Each company will bring what it does best: ICONLOOP its blockchain technology, and Intellectual Bridge its intellectual property services and operational know-how, both applied directly to building the platform and growing the market.
It could replace the existing patent system and energize open innovation. Unlike patents, even small ideas become usable, so startups can combine a wide range of technologies easily, and that should accelerate innovation.
Intellectual Bridge CEO Seokki Moon
The intellectual property NFT platform the two companies are planning would let inventors establish ownership without filing a patent — something expected to bring fresh air to the patent market. Its biggest advantage is that issuing an NFT for an invention idea or technology takes almost no time and almost no money. An intellectual property patent typically takes more than two years from application to registration, and the cost of filing, registering, and maintaining it averages more than KRW 5 million. An NFT can be registered in a single day, cutting both time and cost dramatically.
Another notable feature comes from the nature of NFTs: you can see not only the original owner but also the current one. Even the parties who have viewed the NFT for a given invention are identifiable, so ownership can be confirmed and infringement prevented.
Issuing an invention as an NFT also makes ideas easy to trade, which in turn should energize open innovation. Take a company running a contest to source new ideas — until now that came with the difficulty of confirming ownership and the risk of infringement that follows. NFT technology heads that off, which makes the format far more usable.
This is an exciting new challenge, bringing blockchain technology into the intellectual property field. Together with Intellectual Bridge, an intellectual property specialist, we will create innovation that decisively resolves the pain points of the existing patent market
ICONLOOP CEO JH Kim
The platform will be built on PARAMETA, ICONLOOP's own blockchain framework, and the two companies plan to work together so that invention idea and technology NFTs issued on it can be traded over a blockchain network built on ICONLOOP technology.
Follow along as ICONLOOP keeps taking on new fields and delivering the real value of blockchain technology! :)
[Reference] Read the full ICONLOOP press release ▼
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Life Meets Blockchain, ICONLOOP