Intellectual Property in the Knowledge Economy (Part 2)
A Framework for the Individuals and Brands Creator (Digital) Economy
In our previous piece, The Intellectual Property in the Knowledge Economy (Part 1), we discussed the importance of IP and the ways in which it can be monetized. In this follow-up piece, we look at some specific examples of how brands are adapting to the shifting economy by adopting new business models based on intellectual property and data.
In the metaverse, companies will have the unprecedented ability to exploit the full potential of the data they collect.
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Please remind me, what’s crypto again? 🤔
Cryptocurrency is a digital currency that does not need to be backed by a central bank. Cryptocurrencies are a type of digital asset and can be traded. You can buy or sell cryptocurrencies, or exchange them for other currencies. Cryptocurrencies don’t exist in physical form; they are simply computer code stored on blockchain technology. The blockchain is an online public ledger where all transactions are recorded chronologically and publicly. The first cryptocurrency was Bitcoin, created in 2009 by an unknown person using the alias Satoshi Nakamoto (the name means “central intelligence”).
Cryptocurrency has become more popular since then because it provides users with more privacy than traditional payment methods like credit cards or cash. Transactions are recorded on the blockchain and cannot be tampered with once they have been verified by miners who verify each transaction before adding it to their copy of the chain so everyone else can see what was transacted between buyer and seller at any given time (but not necessarily who bought from whom).
Ok cool, now explain NFTs to me…
Let's consider another example, this time with a specific example: non-fungible tokens (NFTs). NFTs are digital representations of art, collectibles and other non-fungible assets. Imagine you've been invited to an exclusive VIP event at which you get to meet your favorite celebrity artist. To gain access to this event, you purchase a ticket on the blockchain using ETH or any ERC20 token as your currency; that ticket functions as both proof that you were there and evidence of ownership over a special edition print made by said celebrity artist and limited to only 10 prints in existence. If we take this one step further, imagine that print itself is now an NFT (it has been since its creation) with its own set of rules governing who can sell it and for what price—an auctioneer could buy one for $10 million dollars but never sell it again unless he gives permission first—and so on until someone else buys his copy from him directly off their Ethereum wallet via Metamask or MyEtherWallet.
Listen in if you would like to learn more.
METAverse right?
As you might recall from the first part of this series, intellectual property is a collection of legal rights that allow one to control how their work is used and distributed. As businesses continue to move into the digital space, they are finding it increasingly important to protect their IP. The concept of virtual worlds—what many people call "the metaverse"—has been around since the early days of science fiction literature and film. In these fictional universes, avatars interact in a shared space where they can do business with each other or go on adventures together. Today's technology makes creating such spaces possible: as users become increasingly comfortable using 3D applications like Second Life (which launched in 2003), more companies are exploring opportunities for building similar platforms that provide even more immersive experiences than before."
Monetizing IP in the New Economy
Monetizing intellectual property (IP) in the new economy is not just a legal issue. It's also a business, economic, social and environmental one. In fact, it's every bit as political and ethical as it is legal.
All of which makes the issue of IP in the new economy so complex, so tangled and so vexing.
The new economy is a globalized, digital and knowledge-based system of production. It has no respect for borders, jurisdictions or traditional legal concepts like property rights or copyrights. The very idea of "ownership" has become a quaint relic of the past in this new environment where ideas can be shared and replicated at the speed of light.
But wait! There's more! Complete your knowledge economy transformation by leveraging data as a revenue stream.
Data as a brand asset. Your company has spent countless hours and dollars building a reputation that makes it stand out in the marketplace, and now you can use this distinction to make money. For example, if your business offers pet services for dogs and cats, you've probably got some data on what people are searching for when looking for someone to take care of their pets. If it's "feline litter box," then maybe there's an opportunity waiting on the other side—you could sell ads based on those keywords on Google or Facebook. Or maybe there's another way you could use this information: You could offer them personalized coupons via email or text message that say something along the lines of "get 10% off cat food" (or whatever). This will help encourage repeat visits by turning customers into loyal fans who are likely look no further than you when they need pet supplies again (or perhaps even recommend your business to friends).
Data as a product feature. In addition to using data in marketing efforts and generating revenue from it, companies can also leverage their existing clientele base as an asset by mining customer behavior patterns through analysis tools such as market research surveys or customer satisfaction surveys (like Net Promoter Score) in order -to identify trends within particular groups so as not only improve upon products/services but also tailor them specifically around consumer needs
IP & the Economy
IP is a valuable asset. It can be used to build businesses, create jobs, and drive economic growth. But it's often overlooked—and even abused.
As the economy changes, IP is changing along with it: Intellectual property is becoming an increasingly important part of business development strategies around the world. The knowledge economy demands innovation and creativity from its participants; effective intellectual property management has become essential for success in today’s competitive environment.
IP is the foundation of innovation and creativity. It is a key tool for business development, competitiveness and economic growth.
It is a new dawn for IP, and for brands. It's not just the government that can use it to generate revenue—it's you, too!
IP is a powerful tool to monetize the new economy. Your intellectual property is a valuable asset that can be leveraged to create new ways of monetizing data and creating value in the knowledge economy. You can use it as an instrument of control, or as a way to protect your brand from imitation or theft. Whatever your approach, we hope this guide has provided you with some tools and ideas on how best to make use of your intellectual property going forward
Our goal is to help you monetize the new economy, and we hope this guide has been a useful tool in that process. We wish you all the best!
IP NFTs - Applying CC0
Creators considering the CC0 agreement should read the statements by the Creative Commons about the potential that the CC0 agreement might not be enforceable in some countries. The adoption of the CC0 agreement cannot be reversed.
Statement of Purpose:
Certain owners wish to permanently relinquish those rights to a Work for the purpose of contributing to a commons of creative, cultural and scientific works ("Commons") that the public can reliably and without fear of later claims of infringement build upon, modify, incorporate in other works, reuse and redistribute as freely as possible in any form whatsoever and for any purposes, including without limitation commercial purposes. These owners may contribute to the Commons to promote the ideal of a free culture and the further production of creative, cultural and scientific works, or to gain reputation or greater distribution for their Work in part through the use and efforts of others.
Copyright and Related Rights. A Work made available under CC0 may be protected by copyright and related or neighboring rights ("Copyright and Related Rights"). Copyright and Related Rights include, but are not limited to, the following:
the right to reproduce, adapt, distribute, perform, display, communicate, and translate a Work;
moral rights retained by the original author(s) and/or performer(s);
publicity and privacy rights pertaining to a person's image or likeness depicted in a Work;
rights protecting against unfair competition in regards to a Work, subject to the limitations in paragraph 4(a), below;
rights protecting the extraction, dissemination, use and reuse of data in a Work;
database rights (such as those arising under Directive 96/9/EC of the European Parliament and of the Council of 11 March 1996 on the legal protection of databases, and under any national implementation thereof, including any amended or successor version of such directive); and
other similar, equivalent or corresponding rights throughout the world based on applicable law or treaty, and any national implementations thereof.
Additional Features. Creator may choose to make additional features, access, content, items or other benefits available to owners of Project NFTs (“Additional Features”). Creator has no duty or obligation to provide you with any Additional Features, and you should not expect any Additional Features when acquiring a Project NFT. Additional Features may be subject to additional terms and conditions, which may be presented to you at the time they are made available.
The immediate conclusion, however, is that there are a good number of precedents to rely on when debating the necessity for specific uses of IP rights in NFTs or the metaverse. As said, nothing comes from nothing and, in fact, historically, the development of new regulation has been based on the application of the principle of learning from previous experiences. Another takeaway is that the metaverse and NFTs are not, at least from a legal standpoint, as disruptive as some believe; at the end of the day, virtual worlds and digital objects have already existed for two decades.
We believe this is a great time to be alive. With the evolution of blockchain technology and cryptocurrencies, we are witnessing a shift in how intellectual property is valued and monetized. The new economy is here, and it’s up to us all to innovate at every level.
If you’d like to discover more ways to monetize your digital content using technology like Web3 and NFTs, I’m holding a free workshop “Monetization Attention” this Thursday at 20:00pm SAST.
Register to join here (spots are limited).
In the workshop, I’ll reveal how you can monetize your digital content at a higher level while working less.
There will also be a Q&A time at the end where you can ask me any of your burning questions about digital assets.
It’s going to be a great time, and I hope you’ll join me.
Let us ALL be great!
Wisani
P.S Whenever you’re ready, there are 4 ways I can help you:
Join my free Monetization Strategy for Creators workshop here.
Pre-order Monetizing Attention.
Let me help you navigate Web3, NFTs confidently. Book exclusive 1:1 coaching with me here.
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