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The IP-NFT combines two legal contracts with a smart contract. |
The IP-NFT combines two legal contracts with a smart contract to enable on-chain registration and management of IP and R&D data rights. The two legal contracts involved are the (a) Research Agreement (Sponsored Research Agreement) and (b) Assignment Agreement. The Assignment Agreement assigns the Research Agreement to the owner of a Non-Fungible Token (NFT), thereby transforming the NFT into an IP-NFT.
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The Sponsored Research Agreement:
This agreement is entered into between the researcher and the sponsor or funder of the research, granting IP and R&D data rights to the sponsor in exchange for research funding. It outlines:
- Scope of Work: The specific research activities to be conducted.
- Deliverables: The expected outputs of the research.
- Timeline: The schedule for the research project.
- Budget: The financial plan for the project.
The Sponsored Research Agreement ensures also that the research is conducted according to the sponsor's requirements and includes provisions for confidentiality, intellectual property rights, data ownership, and the publication of results. It may also include terms for any licenses or patents resulting from the research and may sponsor related activities such as overheads costs, conferences and workshops.
The Assignment Agreement:
This agreement assigns the contractual position in the Sponsored Research Agreement to the owner of the NFT. It acts as a bridge between the legal contract and the smart contract, bringing the IP and R&D data rights on-chain. The Assignment Agreement includes a crucial clause that ensures the rights attached to the IP-NFT are transferred to a new owner:
Assignment Agreement example available in the Molecule Github.
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