How NFTs can transform intellectual property rights for enterprises

Not too long ago, art NFTs created a hype that deceived about the real benefits of non-fungible tokens. In contrast to the noise that accompanies this hype, NFTs are quietly revolutionising the areas where they yield real benefits. As a new medium built on blockchain, NFTs bring many attributes that will mean a paradigm shift for many industries dealing with intellectual property rights.

Below are some of the different ways that NFTS can transform intellectual property rights for enterprises:

Immutable proof of ownership: NFTs provide an indisputable digital certificate of ownership that is recorded on the blockchain. This decentralised ledger ensures that the owner’s rights are securely and transparently established, reducing the need for expensive legal procedures.

Smart contracts and royalty mechanisms: NFTs can embed smart contracts that automatically execute predefined actions when certain conditions are met. This enables creators to receive a percentage of sales each time their NFT is sold or transferred, ensuring a consistent stream of revenue even in the secondary market.

Global marketplace and accessibility: NFT marketplaces operate 24/7 on a global scale, enabling enterprises to reach a broader audience without the limitations of geographical boundaries. This opens up new revenue streams and potential customers.

Fractional ownership and collaboration: Enterprises can tokenise various aspects of their intellectual property, allowing for fractional ownership. This facilitates collaborative ventures and diversification of ownership while maintaining clear records of who owns what.

Provenance and authentication: NFTs inherently carry metadata that can detail the history and origin of an asset. This is particularly beneficial for combating counterfeit products and establishing authenticity.

Interoperability of assets: NFTs can represent a wide range of intellectual property, from art and music to patents and trade secrets. This interoperability streamlines the management of diverse assets under a unified technological framework.

Real-world applications built on BSV

There are many more examples of the transformations that NFTs can bring. You can learn more about these in the use case section of bsvblockchain.org. We have also unpacked some of the different ways BSV blockchain-based companies are using NFTs below.

Omniscape – linking digital items to real-world goods in the Metaverse

Transmira’s OMNISCAPE™, a Metaverse platform on the BSV blockchain, transforms intellectual property rights by blending AR and VR with real-world locations.

It creates NFTs linking virtual 3D objects to physical items, enabling unique ownership and redemptions. BSV’s blockchain ensures data security, tracks identities, and supports monetisation, making the Metaverse practical for commerce and more.

This approach leverages XR to seamlessly integrate digital and physical realms, with OMNISCAPE aiming for accessibility through various devices while relying on the BSV blockchain for its foundation.

Jamify – giving artists control over their creative works

Jamify is revolutionising the music industry through blockchain-powered NFTs. By utilising blockchain technology, it aims to solve long-standing issues like revenue inequality and lack of transparency.

Artists can tokenise their music as NFTs, gaining more control and offering exclusive content to fans. The BSV blockchain provides transparency in accounting, ensures fair royalty distribution through smart contracts, and reduces costs.

Jamify fosters a direct connection between artists and fans, reshaping the music industry by prioritising creators and enhancing fan engagement. It offers a transformative solution to the challenges faced by musicians and represents a significant shift in the music landscape.

An alternative to Jamify with a similar concept is Soundoshi.

LaMint improves monetisation for content creators

LaMint is disrupting content monetisation with blockchain technology, enabling micropayments for content consumption. Unlike traditional platforms with rigid payment models, LaMint offers flexible payment options for creators of all sizes. It leverages the BSV Blockchain for real-time, direct payments to content creators, eliminating intermediaries, reducing fees, and providing financial freedom at lower thresholds.

Blockchain ensures transparent, tamper-proof transactions, protects content rights, and offers lower transaction costs. Through LaMint, creators can set paywalls and receive instant payments, presenting a more inclusive and sustainable model for content monetisation and empowering creators worldwide.