As you all know that digitalization is at its peak and every day it starts with a new beginning, and a day comes when people will live in a digital world 24/7, No one knows about the future, but the metaverse is certainly expanding rapidly as the world deep dive into the digital realm, for that company needs to know how to protect their intellectual property and its assets.
Consider that somehow the top 10 global most valuable NFTs were sold for more than $6 million each. OpenSea, the largest global NFT marketplace, sold 2.4 million NFTs in January 2022. In comparison to December 2021, this represents a million extra NFT transactions. (Others, on the other hand, predict that now the bubble will burst.) The growth of NFTs demonstrates that digitized artwork has actual value and therefore is big business. Some people make millions of dollars making clothes for someone’s avatar.
Additional, more typical digital assets of the company exist as well, therefore they all need to be protected. Patents, copyrights, trademarks, franchises, customer databases, as well as trade secrets are just a few examples. Development code for a newly inventive application can also be included within IP. Many people are left wondering how intellectual property rights may be protected during the creative process.
Given the ever-present threat of cyberattacks, precious assets require adequate security, both legally and technically.
What requires your ip to protect?
Here are some examples of the intellectual property list.
Works of author
Trade names business
It seems as if IPR can be applied to something which can be digitized, written, or even drawn. However, whether it’s digital, it also can be duplicated and stolen. This threat would only grow once metaverse plans expand. In January 2022, artist Aja Trier is astounded to see that his Van Gogh-inspired paintings were transformed into nearly 86,000 unlicensed NFTs available for purchase on OpenSea.
What if someone copies and pastes lines of coding your team produced for a game-changing new app? Do you remember the Tesla threat detection incident? Under bogus identities, an employee allegedly made code changes to the firm’s operating system as well as exported enormous amounts of very sensitive information to unidentified third parties.
These real-life instances will very certainly continue. The best defense is a combination of technical and legal safeguards.
How Can You Safeguard Your Intellectual Property?
Although the Protection of intellectual property is a broad topic, there are certain basic tactics that can be applied. Come up with a list of one’s digital assets, for ex. These would include the following:
Social media accounts
Client database and customer information
Photos and videos
Anything comes under copyright, trademark and patents
Then, with the help of your legal staff, figure out how ownership has been lawfully established. Identifying a standard value of digital content is yet another step within the collection process. Every dispute over digital asset fraud or theft, as well as merger & acquisition negotiation, may involve IP value.
Protection of NFT Intellectual Property
A non-fungible token (NFT) is a one-of-a-kind blockchain-based token made up of a series of digital references to a single intangible item. A digital file encoding music, art, video, icons, GIFs, or indeed any other digital product will be an asset.
NFTs allow artists to manage how their digital assets are sold, displayed, and reproduced. Because NFTs are stored in smart contracts that have programmable self-executing commands, the author can include a ‘resale right’ in any consecutive NFT sale. Whenever the NFT facilitates trade, the royalties are paid. It enables artists to commercialize their work even without the involvement of third parties like private galleries or music distributors.
First, before NFT can really be produced for exchange, a digital asset must always be supplied to a hosting platform. It’s vital to use a recognized platform that adheres to strict IP policies. Unauthorized uploading and minting of NFTs should be emphasized in the policy, with a clearly ‘take down’ approach if the infringement is discovered.
Intellectual Property Protection in Software Development
Have you ever wondered how to safeguard intellectual property rights during the development of a new product? When it comes to software development, the first step in safeguarding your asset is documentation. It’s important to get this correctly for two reasons. For starters, it streamlines the development cycle, makes it a lot easier to track, and ensures that efforts are aligned with business objectives. It also aids in the safeguarding of intellectual property rights.
They won’t have proof of development if someone takes your program and try and sell it as one of their own. However, if you’ve meticulously documented the development process, you’ve demonstrated ownership.
For larger projects, it’s also a good idea to split up teams, even geographically if possible. Access should be restricted so that no one can capture or destroy the entire enterprise.
Make Your IP Security Future-Proof
Any brand or company must have strong intellectual property protection. It has become more critical than ever to protect your possessions. Your IP protection will continue to defend your digital assets especially if we become totally submerged with in metaverse.