There has been a rise in the discussion of intellectual property thefts, the importance for protecting our original ideas, inventions and creations. One problem that NFTs are out to solve is the problem of theft of intellectual properties.
Intellectual property theft is the robbing of people or companies of their ideas, inventions and creative expressions(intellectual properties). With NFTs, people can make digital representations of their intellectual assets and store it on the blockchain. That way, it becomes difficult for intellectual properties to be stolen, destroyed or forged.
Essentially, though, anyone can create an NFT, including artists, musicians, entertainers, entrepreneurs, companies and platforms . NFTs are great for demarcating intellectual property and creative works that otherwise could be easily copied and disseminated online.Before NFTs, one would have to protect their intellectual property with either a patent, trademark, or copyright from the government.
As Miss Funmi Oyatogun puts it , “If you invent something original, patent it. If you create something original, trademark it. If you design something original, copyright it”. Today, with the help of the blockchain, companies like Bernstein , Opulous by Ditto and Randlabs , Digimarc , RealT , etc have been able to protect their intellectual property in different sectors by harnessing the power of the blockchain space.
A Trademark is a word, phrase, design or symbol that distinguishes a product or service (service mark). It protects words and design elements that identify the source of a product. Many companies have trademarks for their brand names, logos, taglines and even catch phrases. It ensures that no one else profits off your brand identity.
A Patent is protection for your invention. If you created a new design, composition, combination or process that has never been done before, you ought to get a patent license. Patent is subdivided into two major types;
- Design Patents: Used to protect the overall graphical representation of your invention.
- Utility Patents: Used to protect the functionality of your invention.
A Copyright protects “original works of authorship,” such as writings, art, architecture, and music. For as long as the copyright is in effect, the copyright owner has the sole right to display, share, perform, or license the material. Copyright is a set of ‘exclusive’ rights, giving creators the right to control the use of their work and the ability to earn from it.
Now, with Blockchain technology, security of Intellectual property is easier and better reducing the risk of theft, plagiarism, forgery, and all other associated ills.