Bloomberg Law
May 10, 2021, 9:51 AM

The Trendy, Hot NFT Market Has a New Entrant: Patents

Matthew Bultman
Matthew Bultman

Jack Fonss may be making digital history with his blockchain patent.

Fonss and his consulting company, True Return Systems LLC, are auctioning U.S. Patent No. 10,025,797 on the NFT marketplace OpenSea. Bidding for the patent, believed to be the first to be auctioned as a non-fungible token, starts at around $7.5 million.

NFTs are a trendy new digital sensation, but Fonss and others see real benefits for the digital token technology in the patent space.

Built into the NFT representing Fonss’ patent is a self-executing contract. When someone buys the NFT, they get all rights in the patent, including the ...

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