Expected to be world’s first offering of a patent as an NFT; buyer of token will hold all associated rights to underlying intellectual property
Patent provides elegant solution for maintaining blockchain’s foundational benefits while expanding applications, easing combination of "on chain" and "off chain" data storage
True Return Systems LLC and D. Tiller Law PLLC are preparing the sale of U.S. Patent No. 10,025,797 ("the Patent") 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.
The ‘797 NFT is expected to be offered for sale at https://opensea.io/accounts/TrueReturnSystems on or about Wednesday, April 21, 2021.
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.
About True Return Systems LLC and D. Tiller Law PLLC
True Return Systems LLC is a financial-technology consulting company operating in Connecticut. D. Tiller Law PLLC focuses on intellectual property and technology, providing legal and technical counsel to its clients.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210420006085/en/
MacMillan Sullivan Communications