Tue, Sep 21, 2021
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

First sale of a patent via NFT blockchain token happens today

Wednesday, April 21, 2021
Opalesque Industry Update - True Return Systems LLC and D. Tiller Law PLLC are preparing the sale of U.S. Patent No. 10,025,797 on the blockchain in the form of an NFT (Non-Fungible Token). This event, which begins on or about Wednesday, April 21st, and will be available here, is expected to be the first sale of a patent via NFT blockchain token.

The Patent is based on pioneering and foundational work to integrate on-chain and off-chain systems. Its uniquely forward-looking approach holds numerous potential benefits for many of the most important sectors in today's economy, including healthcare, pharma, global trade, financial services, and data sciences, as it allows for the creation of hybrid data and data storage systems where transaction records reside on a distributed blockchain while other data and processes reside on linked parallel storage devices. This combination of "on chain" and "off chain" data storage has a number of significant real world use cases, including:

• Using cryptocurrencies as a substitute for dollars;

• Using coins or tokens to represent securities, commodities or other property;

• Easily bringing "off chain" data "on chain"; and

• Smoother use of pure blockchain technology to validate transactional aspects like ownership, identities, outcomes and authenticity.

"NFTs have made significant inroads with the art world, and the most impactful patents are themselves functioning works of art," said Jack Fonss, noted financial industry entrepreneur and creator of the approach underpinning the Patent. "They combine literature and visual arts, speaking to the history that came before and the 'aha moment' of the inventor, as he or she realized what more was possible."

In addition to their artistic merit, U.S. patents include certain temporary exclusive rights to the invention. These rights are founded in the IP Clause of the U.S. Constitution and are enacted in the United States patent laws, 35 U.S.C. §§ 1 et seq. Patents can help secure competitive benefits to the owner and thereby promote the progress of the technological arts.

"Blockchain technology has struggled to move beyond being a solution 'for crypto for crypto's sake' but the NFT is a truly impactful next step in blockchain's evolution," continued Fonss. "Where the struggle remains is in the tug of war between the orthodoxy of early blockchain adherents and those who want to link blockchain's potential benefits to the messier outside world. That's what this patented approach is designed to do, and what better way to acquire a key blockchain patent than to record it directly on the blockchain as an NFT?"

This offering presents an opportunity to participate in what may be the first sale of a patent via blockchain NFT, and further presents a historically significant opportunity to acquire a pioneering blockchain patent through blockchain technology.

With the Patent NFT, the purchaser will receive an executed agreement transferring to the purchaser all of True Return's right, title, and interest in and to the Patent. This includes True Return's right to sue for past, present, and future infringement of the Patent and to collect for damages from past infringement of the Patent.

True Return Systems LLC is being advised by Haynes and Boone, LLP, a global law firm with one of the leading practice groups focusing on FinTech, Virtual Currency and Blockchain.

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. PE/VC: Private equity GPs, LPs alike working on diversity and inclusion, Chinese regulator vows to crack down on private equity, venture capital funds, The VC playbook for portfolio companies: learning from the Covid-19 crisis[more]

    Private equity GPs, LPs alike working on diversity and inclusion From PIonline.com: Private equity general partners and limited partners are doing more to increase diversity in private markets, according to a report released Tuesday by the Institutional Limited Partners Association.

  2. PE/VC: Private equity continues to lead fund closings, Venture capital firms are fighting to throw money at cleantech[more]

    Private equity continues to lead fund closings From PIonline.com: Among private fund closings, private equity funds have led the pack starting in 2011, based on data collected by Pensions & Investments. During those years, private equity's share has ranged from 56% to 72% of the total

  3. PE/VC: Climate tech is hot, but VCs can't forget about water, Five top trusts to tap into the private equity boom[more]

    Climate tech is hot, but VCs can't forget about water From Crunch Base: "It is unequivocal that human influence has warmed the atmosphere, oceans, and land." These fiery words come from the latest landmark U.N. report detailing intensifying, universal climate change impacts. They cover

  4. New Launches: H.I.G. closes first European buyout fund at $2.4bn, Cheyne Capital raises another $1.18bn credit fund to invest in struggling European companies, Falfurrias Capital Partners raises $850m in oversubscribed fund, Alan Howard-backed 10T raises $750m for debut crypto fund, Crayhill Capital strikes $820m hard cap close for second credit-focused fundraise, Edmond de Rothschild's Eres IV eyes second close in H1 2022, Revaia closes Europe's largest female-founded VC fund, Octopus unveils UK Future Generations sustainable fund, TrueBridge Capital Partners closes seed & micro-VC fund I, at $170m, Federated Hermes launches low-carbon bond fund with Swedish partner[more]

    H.I.G. closes first European buyout fund at $2.4bn From PIonline.com: H.I.G. Capital closed its first European middle-market buyout fund, the H.I.G. Europe Middle Market LBO Fund, at €2 billion ($2.4 billion), a news release shows. The fund targets middle-market companies prim

  5. U.S.: Peter Thiel gamed Silicon Valley, Donald Trump, and democracy to make billions, tax-free[more]

    From Bloomberg: The meeting started with a thank-you. President-elect Donald Trump was planted at a long table on the 25th floor of his Manhattan tower. Trump sat dead center, per custom, and, also per custom, looked deeply satisfied with himself. He was joined by his usual coterie of lackeys