Blockchain technology keeps expanding in the medical field as Molecule, a decentralized biopharma marketplace, has collaborated with Web3 technology developer Nevermined and VitaDAO to create a unique IP-to-NFT platform.
The first biopharma, IPNFT, was successfully transferred to the research collective VitaDAO to support novel lifespan therapies at the University of Copenhagen in a historic transaction.
NFTs are being used for the first time in history to transfer IP ownership in medical research. This significant achievement is the product of a collaboration between Molecule, a biopharma IP marketplace, VitaDAO, a decentralized collective (DAO) that funds longevity research, and the University of Copenhagen.
Nevermined, a web3 technology inventor, devised a new data storage solution that enables this innovation.
Early-stage biopharmaceutical research is the lifeblood of medical progress. However, many biopharmaceutical sectors have chronic underfunding or commercialization issues, which stifle innovation.
avoid getting to the sufferers. The challenge for academics is exacerbated by legal complexity, illiquidity of IP assets, and a lack of access to investors.
Molecule is allowing a world where researchers have access to an open marketplace that makes unique research and IP discoverable, universally fundable, and distributes ownership by utilizing Web3 technology.
Nevermined’s data storage and access control frameworks provide up totally new avenues for transacting and accessing the data rights associated with this IP.
VitaDAO was the first to benefit from this breakthrough. The collective acquired IP arising from lifespan research conducted at the Danish Scheibye-Knudsen Lab and transferred ownership to VitaDAO using Molecule’s protocol and IP NFT framework.
Paul Kohlhaas, CEO of Molecule, stated:
“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.”
The Valley of Death is a phenomenon that affects early-stage research, where financing is difficult to come by, resulting in many promising discoveries never reaching the market. Molecule is creating a marketplace for biopharma intellectual property.
A specialized technical framework integrates legal agreements such as IP licenses with the unique technology of NFTs and decentralized secure data storage networks that are associated with the NFT in a specialized technical framework.
Molecule is creating a marketplace for liquid biopharma research data and IP via NFTs by pledging ownership rights on Ethereum.
Researchers and biotechs can list their studies and discoveries, apply for funding through DeFi, and contact patients directly. Paul Kohlhaas went on to say:
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.”
In the web3 arena, new vehicles for collaboration and funding research are arising at the same time. VitaDAO is a “Decentralised Autonomous Organisation” that uses community contributions to fund early longevity research studies. It raised $5 million from hundreds of people through a Gnosis batch in June 2021.
More than a normal NFT is required to store, transport, and read IP-related files due to their complexity. With Molecule, Nevermined used its Access Control module to construct NFTs on steroids.
Through federated access control, these innovative NFTs allow transacting parties to interact with the underlying protected research data. In the pharmaceutical business, this use case offers a wide range of applications.
Nevermind CTO Aitor Argomániz stated:
Access Control allows creators and owners of digital assets to attach conditions to an NFT. Think of things like pricing, verified users, privacy parameters, etc. At the same time, it acts as a Gateway to guarantee that only parties that fulfil certain conditions can get access to the underlying documents.”
