Molecule announced a new partnership with VitaDAO and Nevermined with a focus on a biopharma IP-to-NFT transfer. This decentralized biopharma marketplace is aiming at being the first to provide a transfer solution that will ultimately help longevity researchers.
Nevermined is a Web3 solution provider that will help Molecule in this project. They created the first biopharma IPNFT and transferred it successfully to VitaDAO, a research collective. The result helped them fund novel longevity therapists at the University of Copenhagen.
NFTs for Transferring IP Ownership in Medical Research
Non-fungible tokens are among the most innovative products of blockchain technology. Although many people know them through high price digital arts being sold on platforms like OpenSea, they can be used for many situations.
Real-estate investment, buying stakes of luxury cars, and even IP transferring are among the top alternative use-cases for NFTs. Molecule, a decentralized pharma marketplace, has started a partnership with nevermined to offer IP transfer using NFTs in medical researches. They worked with VitaDAO to transfer an IPNFT and fund researches on longevity.
Molecule platform offers researchers a marketplace that gives them access to numerous IPs and researches. It solves many of the challenges in biopharma research, among which IP liquidity is the biggest one.
The decentralized solution completely changes the way researchers find access to IPs.
VitaDAO is a research collective that focuses on medical researches. It has been successful to benefit from the partnership of Molecule and Nevermined. The firm transferred IP resulting from longevity research run at the Danish Scheibye-Knudsen Lab.
Molecule CEO Paul Kohlhaas said:
“This NFT transfer marks a historic milestone for both the NFT and biopharma space. It’s the first time real-world pharma IP is transacted on a blockchain while also moving into the custodianship of a DAO. IP NFTs could effectively replace patent models and become new value drivers thanks to Nevermined’s data storage frameworks. We hope to enable a myriad of use cases like this, first focusing on longevity and mental health and then broadly becoming a sort of “OpenSea” for Biotech NFTs that helps empower new research organizations like VitaDAO.”
Nevermined provides the backbone for storing and transferring IP data in a decentralized system. It provides a robust solution that is more complex than normal NFT protocols.
The firm implemented its Access Control module to create NFTs on steroids with Molecule. Thus kinds of solutions are perfect for research transfers and the medical industry as a whole. Besides, the module provides cross-technology use-cases.
In simple terms, the NFTs can be transferred from the blockchain (Ethereum for Molecule) to other services like cloud storage.
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