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July 24, 2023
John Rizvi, Esq.

Patentability of NFTs – 877-728-7763 – Digital Intellectual Property

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Will blockchain technology change the scope of intellectual property law as we know it? To answer that, let's first ask the question are NF T's and blockchain centric inventions patentable? The answer is a resounding yes. But like any other invention, and FTS must still meet the strict requirements for patentability. Those key requirements are eligible patentable, subject matter, utility, novelty and non obviousness. In layman's terms, if it satisfies all the criteria for a patent, then it would be patentable, just like any other invention. Remember that apart from the patent itself, inventors can still use NF T's and other blockchain entries to demonstrate the ownership of their intellectual property. In this case, an inventor would have already filed with the United States Patent Office and be recognized as the lawful and rightful holder of the patent application or patent, then and only then could they sell NF TS granting licenses or shares of the invention to others. This is a perfectly legal practice, which people in corporations do all the time with intellectual property already. In this case, NF T's are simply a more tech savvy way of doing the same thing. And then finally, I've been asked often if FFTs and blockchain tech can somehow be a replacement for patents? Absolutely not. And anyone that tells you otherwise, is simply not familiar with the fact that the US patent law is no longer on a first to invent system. In 2013. US patent law underwent the single biggest change in this century, when the standard for awarding patents change to a strict first to file system. This replaced the centuries old first to invent standard for awarding patent rights. Remember that the United States Patent can only be issued by the US government. And while an NFT or blockchain entry can be used as supporting evidence to prove your ownership of an invention. They are not patents in themselves. The fact is, there is no such thing as a poor man's patent. And just as the idea of proving ownership of an idea with a sealed envelope is a myth. The high tech version of this myth is that NF Ts can circumvent the need for patent protection, and this is just as dangerous. So until there is a major change in the law, the old fashioned paper patent will beat the high tech blockchain industry any day

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