The cryptocurrency industry has contributed significantly to the growth and strengthening of multiple other industries. Every day we are seeing new additions to the crypto space that solidify the belief that Decentralized Finance and blockchain technology are disruptive innovations with the potential to change how we interact with a number of components.
One of the latest additions to the crypto ecosystem is NFTs, which have taken the intellectual property management industry by storm. Several artists, sportspeople, teams, celebrities, etc., are launching their own NFT collections on different platforms. One such platform that stands out from the rest is Fomo Lab.
Fomo Lab is an exclusive NFT management agency offering several services which will be covered later in this article. First, let's talk about how NFTs are securing intellectual property.
NFTs and Their Role in Securing Intellectual Property
NFT refers to a non-fungible token that is a unique, digital representation of intellectual property such as software, music, artwork, collectibles, etc. NFTs are registered on a blockchain ledger and cannot be modified once registered, thus creating a secure and reliable historical record of ownership.
NFTs in themselves are just data which represents the item associated with them. This data details all the transactions regarding the item and its copyright. In simple terms, it is evident that NFTs can provide immutable ownership to the item, thus securing the property. However, their benefits are multi-fold and are contributing to the digital community in a number of ways.
NFTs offer a solution to the complexity of gaining a patent, copyright or trademark for any innovative or personal item, by streamlining the process. The traditional process is a lengthy procedure and is vulnerable to several loopholes like the date of registering, establishing the ownership of the idea, etc. However, providing copyright using NFT is an indisputable and straightforward process and can be completed within minutes.
Additionally, NFTs are helping artists worldwide to secure their art from infringement and theft on digital platforms; something which was not possible before now. Certain platforms offer photographers and artists the opportunity to associate NFTs with their artworks and create permanent copyright. These NFTs can then be sold or traded on an NFT marketplace both quickly and effortlessly.
These platforms also offer expert management and features which can be leveraged by the holders to increase their monetary benefits. NFTs, therefore, are not only a tool to secure your intellectual property, but are also a digital medium to gain rewards. An NFT marketplace gives leeway to regular users for easy and secure trading, selling, and purchasing of artwork using NFTs.
How is Fomo Lab Helping the NFT Community?
Fomo Lab is a team of crypto experts, passionate NFT lovers, and artist representation specialists who have created a sophisticated platform for renowned artists, athletes, celebrities, and other influential figures. The company offers four key products which enable them to provide unparalleled services and solutions.
A P2P marketplace where users can trade, sell and purchase NFT art collectibles and in-game assets.
A staking platform which helps users earn rewards in FOMO tokens by supplying liquidity to FOMO pools.
FomoWallet is a passive staking wallet for NFTs where users can earn FOMO tokens by storing their NFTs.
FomoVault lists some of the most valuable NFTs audited to achieve FOMO tokens' minimum redeemable value.
Fomo Lab is one of the fastest-growing suites of the NFT DeFi platform on BSC (Binance Smart Chain), and integrates services for all creative and entertainment industries. They create blockchain media content and manage them for multiple celebrities around the globe.
For the Future
The digital world is rigged with intellectual thefts due to a lack of accountability. NFTs have helped secure copyrights and monetize art such as photos, music, videos, albums, etc. As NFTs have only just started to gain popularity, we can certainly expect to see an influx of use cases in the future.