PRESS RELEASE. Molecule, a decentralized biopharmaceutical marketplace, has developed a novel IP-to-NFT framework with the Web3 technology innovator Nevermined. In a historic transaction, the first biopharmaceutical IPNFT was successfully transferred to the VitaDAO research collective to fund novel long-life therapeutics at the University of Copenhagen.
August 18, 2021, Basel, Switzerland – For the first time in history, NFTs are being used for transferring IP ownership in medical research. This unique milestone is the result of a partnership between the Biopharma IP marketplace molecule, and VitaDAO, a decentralized collective (DAO) that funds longevity research, and the University of Copenhagen. This innovation is made possible by a groundbreaking data storage solution developed by the web3 technology innovator Never dismantled.
VitaDAO, Nevermined and Molecule master the challenges of the biopharmaceutical industry
Early-stage biopharma research is the elixir of life that drives advances in medicine. However, many areas of biopharmaceuticals suffer from chronic underfunding or commercialization problems that prevent innovations from reaching patients. Legal complexity, illiquidity of IP assets, and lack of access to investors add to the problem for researchers.
By using Web3 technology, molecule enables a world in which researchers have access to an open marketplace that makes novel research and intellectual property discoverable, universally fundable and the distribution of property. Never dismantled‘s data storage and access control frameworks create completely new possibilities for handling and accessing data rights relating to this intellectual property.
VitaDAO was recently the first sponsor of this further development. The collective used Molecule’s protocol and IP-NFT framework to acquire IP resulting from longevity research by the Danish Scheibye-Knudsen Laboratory and transferred ownership to VitaDAO.
Molecule CEO Paul Kohlhaas specified:
“This NFT transfer marks a historic milestone for both the NFT and the biopharmaceutical sector. It is the first time that real pharmaceutical IP is processed via a blockchain and that a DAO is custody at the same time. “
Combination of legal frameworks with Web3 interoperability
The early stages of research are plagued by a phenomenon known as the Valley of Death – where funds are hard to come by, meaning many promising discoveries never hit the market. Molecule is building a marketplace for biopharma IP.
A specialized technical framework combines legal agreements such as IP licenses with the novel technology of NFTs and decentralized secure data storage networks that are coupled to the NFT. By recording ownership rights to Ethereum, molecule Builds a marketplace for liquid biopharma research data and intellectual property through NFTs. Researchers and biotechs list their projects and discoveries, receive funding through DeFi and can get in direct contact with patients. Paul Kohlhaas added:
“IP NFTs could effectively replace patent models and become new value drivers thanks to them Never dismantled‘s data storage frameworks. We hope to enable a variety of use cases like this that will initially focus on longevity and mental health and then, by and large, become a kind of “OpenSea” for biotechnological NFTs that will help empower new research organizations like VitaDAO. ”
At the same time, new vehicles for collaboration and research funding are emerging in the web3 space. VitaDAO is a “Decentralized Autonomous Organization” that collectively finances research projects on early longevity through its community donors. In June 2021, she raised $ 5 million from hundreds of individuals through a Gnosis batch auction and placed the organization directly in the hands of her community. Now it’s on a mission to fund the most promising longevity research and decentralize ownership.
Do you want to live forever? There is an NFT for this
The complex requirements for storing, transferring, and accessing IP-related files require more than just a standard NFT. Never dismantled implemented its access control module to use Molecule to create NFTs on steroids. These novel NFTs enable the acting parties to come into contact with the underlying protected research data via a federated access control. This use case has a wide range of uses in the pharmaceutical industry.
No matter CTO Aitor Argomániz specified:
“Access control enables creators and owners of digital assets to attach conditions to an NFT. Think things like prices, verified users, privacy parameters, etc. At the same time, it acts as a gateway to ensure that only parties who meet certain conditions have access to the underlying documents. “
The module is also cross-tech compatible. This enables apps to establish secure, critical connections between Ethereum, the cloud (e.g. AWS) and decentralized hosting (e.g. Arweave). This is the only way to guarantee a certificate of authenticity with integrated durability, traceability and data protection.
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