First Patent Being Auctioned as an NFT Adds Unlockable License and Litigation Prospects Content
Innovative patent, currently listed on the OpenSea platform, introduces an entirely new use for NFT unlockable content
NEW CANAAN, Conn. & NEW YORK–(BUSINESS WIRE)–True Return Systems LLC and Boag Law PLLC are auctioning U.S. Patent No. 10,025,797 (“the Patent”) on the blockchain in the form of an NFT (Non-Fungible Token). This revised auction is currently active, and is available here. The patent (viewable here) is the first known sale of a patent via an NFT.
Today, True Return and Boag Law are announcing that the NFT currently up for auction now includes unlockable and actionable licensing and litigation content to assist the buyer’s rapid deployment of the Patent in a portfolio or a business operation.
The unlockable content is expected to provide the buyer with both a roadmap and running start relating to the Patent and blockchain developments over the past several years. The buyer will unlock litigation work product and documentation on 15 products, platforms and companies relating to the Patent’s invention. Interested bidders are encouraged to visit the True Return Systems LLC website for additional information here.
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 Patent’s 2018 grant represents some of the earliest foundational work integrating “real world” applications and “off-chain” data on to new and existing blockchains and ledgers in a fast, reliable, auditable, and environmentally responsible manner.
This offering continues to present an opportunity to participate in what looks to 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. The auction’s novel use of unlockable content is expected to expand the uses and markets for NFTs.
The Patent
The Patent is based on pioneering and foundational work which continues to be uniquely forward-looking with expected benefits to many businesses and industries including healthcare, pharma, global trade, financial services, and data sciences. The Patent’s combination of “on-chain” and “off-chain” storage and processes relate to advances in both the on-chain digital and cryptocurrency worlds, and the natively off-chain worlds of trade, manufacturing, and banking.
The general approach of the ’797 Patent employs layered processing and data storage, where new or pre-existing blockchains or ledgers can reflect the performance of an outside event, observation, or price. The Patent improves previous blockchain systems by moving functionality and storage off the blockchain while simultaneously allowing the blockchain to utilize off-chain data to update transaction records on the blockchain.
ESG and Climate
There is also an important ESG climate component to the Patent. Filed in early 2018, the Patent was already addressing the inefficiencies of certain blockchain validation processes. Broader advancement of certain blockchain sciences risks exacerbating crypto’s current environmental challenges. The Patent presents streamlined and trusted processes and storage systems to address the issues of today and tomorrow, and its technology should be a core component of socially responsible blockchain systems going forward.
About True Return Systems LLC and Boag Law PLLC.
True Return Systems LLC is a financial-technology consulting company operating in Connecticut with ownership in a range of technology, ledger and fintech properties. Boag Law PLLC is a boutique intellectual property law practice that serves clients in litigation, licensing, prosecution, and monetization matters related to patents and trademarks.
Contacts
Media:
Chris Sullivan
MacMillan Sullivan Communications
(212) 473-4442
[email protected]
