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First Patent Auctioned As An NFT on OpenSea

A US patent is currently listed on the OpenSea platform as an NFT — yet again finding another use for NFT.

True Return Systems LLC and Boag Law PLLC are auctioning US Patent No. 10,025,797 on the blockchain as a non-fungible token (NFT), making it the first known sale of a patent in the form of an NFT.

The auction is currently active as of writing and will remain ongoing until September 9, 2021 at 5:10am UTC+08:00.

The patent comes with unlockable and actionable licensing and litigation content, which can aid the buyer’s rapid development of said patent in a portfolio or a business operation.

The unlockable content is expected to provide both a roadmap and running start related to Patent and blockchain developments for the past several years. It contains litigation work product and documentation on 15 products, companies and platforms that are related to the Patent’s invention.

The winning buyer will receive an executed agreement, which transfers all of True Return’s right, title, and interest in and to the Patent. This also includes True Return’s right to sue for past, present, and future infringement of the Patent and to collect for damages that were caused by past infringement of the Patent.

To those who have yet to fully grasp the full potential of an NFT, they would assume that NFTs are limited to only expensive digital artworks and that it is just another passing fad. However, the auction’s novel use of unlockable content expands the uses and markets for NFTs.

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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