NFTs (Non-Fungible Tokens) are digital blockchains that represent real-world objects. They are unique digital cryptographic identities that cannot be replaced, reproduced or replicated.
NFTs are now being linked to artworks and digital intellectual property. For example, any intellectual property, artwork, musical recording and associated proof of ownership can have a unique NFT associated with it.
'The global non-fungible token (NFT) market size is expected to grow by USD 147.24 billion by 2026.'
NEW YORK, May 11, 2022 /PRNewswire/
The unprecedented increase in demand for the validation of data has created a dynamic marketplace that now has twice as many buyers than sellers, with musicians, artists, publishers and individuals harnessing this potential new revenue channel, whilst maximising returns for their intellectual property rights and irrefutably proving ownership.
The Problem
How do you prove that an NFT is actually linked to intellectual property or artwork? They are two separate items.
An NFT's value is inextricably linked to its authenticity - even if you are buying directly from the original creator.
The Solution
The Evident Proof NFT Service utilises blockchain technology to store all ownership data in a 100% un-hackable state.
Evident’s NFT service enables you to encapsulate, encrypt and store on the blockchain, digital signatures of the digital asset and the NFT, immutably linking the two together.
It is able to withstand repudiation and provides court level evidence that an NFT is genuinely linked to the item.
The NFT marketplace is unique and currently unregulated with a number of legal considerations that need to be addressed when creating NFTs- licensing, assigning, or transferring intellectual property rights to protect their intrinsic value.
These include:
Proving ownership has never been this easy
An overview of the service
The Evident Proof NFT service enables you to encapsulate, encrypt and store on the blockchain, a copy of the digital asset and the NFT, immutably linking the two together.
The Evident Proof NFT service protects the value of the NFT and the digital asset and can provide court admissable evidence, proving that the owner of the digital asset approved the NFT.
Enables the owner of the NFT to withstand repudiation attempts and prove a genuine NFT with court evidence certificates, digital signatures and blockchain proofs.
Provides a legally provable way of showing multiple intellectual property owners and third party interests, a bespoke IP owner agreement and proof certificate.
At the press of a button, the Evident Proof NFT service can provide court-ready evidence that the owner of the digital asset approved the NFT at a particular time and date.
The Evident Proof NFT Encrypted Container
An NFT 'Proof Module' is created and NFT data provenance is stored on our un-hackable blockchain data proof service.
