Web3 IP Ownership To Democratize IP creation and Extensible IP Repository [Video]

Like any new concept or invention, the idea of intellectual properties (IPs) in Web3 is subject to legalities still at an experimental stage. IPs in Web2 are controlled by strict corporations that tiptoe around the concept, as traditional models are opaque and favor the big studios.

IPs in Web2 are also tedious to manage. They are slow, costly, and difficult to enforce. Disputes arising from IP use and ownership take years to resolve, and enforcement mechanisms are weak depending on jurisdictions.

STR8FIRE, a company seeking to revolutionize entertainment, breaks down the oligarchical Web2 corporations’ tight hold on digital property rights that prevents permissionless access and facilitates P2P commerce. Hence, the need to democratize.

Transformative Use Cases and Improvements

The need to democratize the IP space is why Web3 technology takes the front seat. Many of the issues that the traditional model presents are resolved in Web3.

Firstly, blockchain technology is built as an immutable record …