Tech giant IBM and global patent marketplace IPwe have teamed up with the goal of turning patents into non-fungible tokens (NFTs).
According to an announcement shared yesterday by IBM, the two companies hope that turning patents into NFTs will make them easier to sell, trade and monetize, and will bring liquidity to this asset class.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The NFTs will be stored on IPwe's platform, which runs on IBM's blockchain.
According to Erich Spangenberg, CEO of IPwe, "NFTs should be considered as a certificate of title, so owners who wish to sell or fractionalize ownership of the NFT, will be able to do so."
The tests of the conversion of patents into NFTs, which will focus on both small and medium-sized companies, is expected to start during the second quarter of this year.