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The New Paradigm of Non Fungible Tokens (NFTs) and the Importance to Business and Investment
In the recent months a new business and investment related instrument has surfaced and began to gain credibility in the global marketplace. The Non Fungible Token (NFT) promises to be an extremely important phenomenon in future business and investment transactional activity with potentially historic implications.
A Non Fungible Token (NFT) is a Blockchain Registration Certificate of Authenticity, Uniquity, Origination, and Ownership of a Digitized Asset. A NFT is a collection of all of the pertinent information relating to the uniqueness and origination of any asset which can be compiled in a digital file, registered, preserved, and secured on Blockchain.
A NFT is a unique representation of the Digitized Asset which cannot be replicated on Blockchain even though the physical copying of the asset can be accomplished for sales or other purposes.
Blockchain Registration and Certification ensures that the Digitized Asset is effectively registered and archived globally, documenting its most important and valuable attributes on a worldwide Cyber Secured Platform. Because NFTs are Blockchain Registered and Listed on a Blockchain Marketplace, they can be easily purchased and tracked for royalties, investments and other transactional purposes. The Asset can therefore be readily utilized in efficiently conducting important business, financial, and transactional marketplace activities on a global basis.
The value of NFTs depend on the substance and market interest of the underlying Asset such as cryptocurrency, art, music, photography, film, video, and other potentially valuable productions. They are already becoming extremely profitable for the Owners of some Blockchain Certified Digital Assets, generating millions of dollars in several recent high profile sales.
Due to the rapidly gaining recognition and importance of NFTs there is an increasing number of NFT marketplaces and venues to create and maintain such assets. The processes involved are complex, requiring the use of cryptocurrencies and use of a crypto language and convoluted terminology that can be confusing to the typical onlooker.
While NFTs are not the same as Intellectual Properties (IPs), they are somewhat similar and may become as important an engine for modern business and corporate operations.
At this time a Non Fungible Token (NFT) is not a legally recognized Intellectual Property (IP) such as a Copyright, Patent, Trademark, or Industrial Secret, which are Government Registration Certificates affording the owners certain Jurisdictional Rights in the Use of the Asset. However, the intrinsic power of a NFT as a collectible item and commercial product derives from the fact that it may be the best way to establish the ownership and origination of the first existence of a Digitalized Production or Asset. Also, NFT Blockchain Registration is established on a global basis not limited by jurisdictional registration, lowering the costs and facilitating the administration of transactions utilizing the Instrument.
Additionally, under certain circumstances those attempting to claim and enforce legal rights under jurisdictionally registered Intellectual Property (IP), may not be able to prevent the owner of a prior established Blockchain NFT from exercising what would otherwise be IP Protected Rights in the production or asset. Important concepts and requirements in IP Law, such as establishment of first instance of origination in Copyright, first instance of Use in Trademark, and the existence of Prior Art in Patent Law will certainly be affected by the the new paradigm of NFTs.
It may be prudent for holders of IPs to establish a NFT, and likewise those who establish NFTs to register applicable IPs if available. It is highly probable that the combination of IPs and NFTs will become a future Standard for the protection of valuable commercial creations, inventions, and productions. Perhaps the most important need for creators, producers, inventors, and developers of NFTable assets is the necessity to seek competent legal advice and representation when considering establishing a NFT. The process is fairly complex and the individual components, royalties, and other provisions are important legal elements which require expert legal assistance. Hannaian Law Associates is one of the Law Firms specializing in this process.
Stay tuned, we will report on various aspects of this phenomenon, and the potential for its business and investment utilization going forward.
Increasing Corporate and Industrial Sentiment and Interest in NFTs and Blockchain Technology
Many companies are recognizing the power of Blockchain and NFTs and transitioning their businesses to utilize these tools. One of these companies iMD Companies, Inc. ( ICBU ) explains their involvement as follows:
"iMD is focused on the new commercialization tools of Non-fungible Tokens (NFTs). As a developer of NFTs for clients, we can extract the real value of assets, commerce and various forms of creative expression. The next generation of value will be found where people can participate in the success of other people, brands, talents, artists and more. We believe that through this model we unlock the real values of items, but even more importantly, allow the true success to come through the individuals and not the multiple layers of commerce.
This becomes a peer-to-peer marketplace where value, price and sales are actually rewarded and not so diluted that the participants literally see more of their money. The blockchain prevents the false sales of similar items and can completely keep track of both the sale and monetary exchange. In the case of NFTs, the owner will enjoy the majority of the revenues which is the way we believe it should be."
......"Moreover, the next great phase of digital information is the creation of Non-Fungible Tokens which is cryptographic assets or real world tangible assets on the blockchain with unique identification codes and metadata that distinguish them from each other and can not be replicated. " Tokenizing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud."
iMD's original article can be viewed at:
All opinions, analyses and information included on this website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that owners, employees and writers of, and for The National Market Report, the National Market Exchange (NMEX) or the Hannaian Investment & Publishing Group (HIPG) may have long or short positions in securities that may be discussed in this article, this website, or newsletter. All users of this website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision.
The National Market Report (NMR), is hosted by Intellectual Property and Securities Attorney Harlington L. Hanna Jr., founder of the Law Firm Hannaian Law Associates (http://hannaianlaw.com. He is...
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