ICONLOOP and Intellectual Bridge Join Forces on an Intellectual Property NFT Platform
- Countdown to an innovative platform where NFT technology lets inventors have ownership recognized without filing a patent
- Invention ideas and technology NFTs to be tradable via a blockchain network built on ICONLOOP technology
[Photo caption: At the signing ceremony for the ICONLOOP–Intellectual Bridge agreement on an intellectual property NFT platform — ICONLOOP CEO JH Kim (left) and Intellectual Bridge CEO Seokki Moon (right)]
January 4, 2023, Seoul — ICONLOOP (CEO JH Kim), a leading Korean blockchain company, is cooperating with Intellectual Bridge (CEO Seokki Moon), a provider of intellectual property open innovation services for startups, to grow the NFT market by expanding the range of items to which intellectual property NFTs (non-fungible tokens) can be applied.
ICONLOOP announced on the 4th that it has signed an agreement with Intellectual Bridge to pursue an intellectual property NFT platform. At the signing ceremony, held at ICONLOOP headquarters, ICONLOOP CEO JH Kim and Intellectual Bridge CEO Seokki Moon agreed to work together on developing an innovative NFT platform to replace the existing patent system and to promote open innovation through it.
At the heart of the agreement is using the distinctive strengths of NFT technology to resolve the inconveniences of the traditional patent system, and opening up a market in which NFT transactions can take place in the field of invention ideas and technology. To that end, the two companies will make full use of their respective expertise — ICONLOOP contributing blockchain technology, and Intellectual Bridge its intellectual property services and operational expertise — in developing the platform and growing the market.
The intellectual property NFT platform the companies are jointly planning will allow inventors to have ownership recognized without filing a patent, and is expected to bring fresh momentum to the patent market. Its greatest advantage is that issuing an NFT for an invention idea or technology takes almost no time or money. An intellectual property patent typically takes more than two years from filing to registration, with average costs exceeding KRW 5 million for filing, registration, and maintenance; using an NFT that can be registered in a single day dramatically reduces both time and cost.
Another significant feature is that, by the nature of NFTs, both the original and the current owner can be verified. Who has viewed the NFT for a given invention can also be verified, allowing ownership confirmation alongside infringement prevention.
Issuing an invention as an NFT also makes ideas easy to trade, which should promote open innovation. When a company holds a contest to source new ideas, for instance, the difficulty of confirming ownership and the resulting risk of infringement have been persistent problems; applying NFT technology prevents these, making such contests far more usable.
The platform will be built on PARAMETA, ICONLOOP's own blockchain framework, and the companies plan to cooperate so that invention idea and technology NFTs issued on the platform can be traded via a blockchain network built on ICONLOOP technology.
"I have high expectations for this new challenge of applying blockchain technology to the intellectual property field," said ICONLOOP CEO JH Kim. "Together with Intellectual Bridge, a specialist in intellectual property, we will create innovation that decisively resolves the pain points of the existing patent market."
"This can replace the existing patent system and promote open innovation," added Intellectual Bridge CEO Seokki Moon. "Unlike patents, even small ideas can be put to use, which we expect will let startups readily combine a range of technologies and accelerate innovation."
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