Although the drive to establish a more digitalized approach to things is still holding sway in many sectors of the economy, there are also plans to create a synergy between the virtual and real-world scenarios. The time is already here because Colletrix is leading the way to this interoperable system using the fragmented system of intellectual property access as a stepping-stone.
What is wrong with Intellectual Property?
For many years now, content creators were battling with the problem of remaining relevant, especially with the proliferation of fake properties that tend to undermine their stake. This is just as they lose a huge amount of money and are yet to take advantage of the impressive functions of blockchain technology.
The Solution
A wide range of solutions awaits IP owners, who are now victims of circumstance because of the current state of affairs in obtaining intellectual property. The solution comes through Colletrix, and we would look at some of them, thus:
New Economic Model
The idea here is to empower IP owners to be in charge and take control of their properties without third-party interference. In addition to a distributed registry, they would be able to have full control and prove their ownership of the items in view.
The Value Ecosystem
Colletrix also has an ecosystem that hosts major players in the intellectual property industry, including owners, buyers, and merchandise. All their operations tilt towards an angle – creating a continuous stream of income, especially for the IP owner.
How it Works
You may be wondering about the possibility of monitoring and having full control over IP. Although the system is fragmented, the use of blockchain and application of the model below helps the ecosystem to thrive:
The first thing is the creation of a property by the owner. Soon after this, the item is converted into a tokenized form using a non-fungible token under the ERC-721 protocol. The token, in turn, is paired with the merchandise.
NB: It’s worth mentioning here that Colletrix partners specific companies in the IP industry such as Future Arena and UNDONE. These help in designing and converting an item into merchandise, after which they would have an NFC chip inserted into them.
After the pairing with merchandise, a buyer can then purchase it to redeem the token. The buyer would need to use a Near Field Communication (NFC) reader in his mobile device to scan the item with the aim of retrieving the private key, which would be used to redeem the token.
The buyer can choose to hold onto the item pending rise in its value or trade to another buyer using the NFT marketplace constituted by Colletrix. By doing so, the owner of the item would receive a licensing fee as passive income from the transaction.
Connecting the Physical to the Virtual
It’s been a long time coming for more collaborations between the fiat environment and the decentralized world. It’s thrilling that Colletrix thinks in that direction. Property owners can now convert it to digital assets by providing relevant details. With this in place and a verification process in sight, buyers won’t have a hard time verifying the identity of an IP.
**Milestones
Meet The Amazing Team
Advisors
Token Information
Ticker: CIPX
Platform: Ethereum
Token Supply: 10 billion
Exchange Rate: 1 CIPX = $0.01 USD
Accepted Currencies: BTC, ETH
Colletrix is Impressive
Considering the amazing features packed by this project, there’s optimism that it would do a great job to restore the dignity and value of an intellectual property.
Website: https://www.colletrix.com/
Bitcointalk bounty thread: https://bitcointalk.org/index.php?topic=5137351.0
Bitcointalk ANN thread: https://bitcointalk.org/index.php?topic=5138397.0
Facebook: https://www.facebook.com/colletrix.io/
Twitter: https://twitter.com/colletrix
Telegram: https://t.me/colletrix
LinkedIn: https://www.linkedin.com/company/colletrix
Author's detail
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