How developing an NFT platform allowed a global Fintech company to increase its annual revenue by 34%, rack up the number of B2B clients by 47%, and wipe out the risks related to intellectual property when selling and buying patents all over the world.
Fintech, Intellectual property
team lead, BE engineers, FE engineers, business analyst, project manager, QA specialist, UI designer
*instinctools was approached by IPwe for assistance in revamping their marketplace for monetizing patents encased in non-fungible tokens or NFTs. Their goal was to make the intellectual property market more transparent, liquid, and accessible to every stakeholder interested in patent acquisitions or sales. The key requirements for the IPwe Platform were the following:
The primary purpose of the project’s first stage was to construct the core application for market launch, allowing new users, customers, stakeholders, and investors to gain a better understanding of IPwe’s products and their features. The *instinctools team was challenged to cover the following tasks:
“We have delivered the core web application functionality meeting all client’s requirements for the platform, and now we actively continue to bolster it with new features. The IPwe team clearly knows what they want, and we always have ideas in our stash on how to meet their needs.” – Alesia V., Account Executive at *instinctools.
The NFT marketplace platform is a complex solution consisting of several components delivered by the *instinctools dedicated team: web app, user account, and a Smart Pool system.
Patent owners can add their assets to the IPwe Platform according to the privacy levels they wish to apply to their tokens. There are two types of privacy for the assets: “private capture” and “strictly confidential.” Private capture allows users to add trade secrets with related documents and send them to the blockchain. Strictly confidential implies the same procedure except that the files that a particular person signs are hashed and not stored in our backend. Though the user still can save the original file name or hash it.
Currently, the *instinctools’ team is enriching the application with new functionality and maintaining the stable operability and security of the platform.
The NFT marketplace for selling and buying patents helps businesses increase the value of their assets, establish new partnerships, and mitigate risks related to intellectual property. With this solution enriched with new functionality, our client is expanding their B2B service offering, bringing revenue and added value to the business.
The *instinctools team exhibits the flexibility and professionality required for young companies. You can rely on their tested structures and processes that integrate nicely with your internal workflows. Being able to grow your team quickly with experienced professionals that start delivering value immediately and without a long interview process is a huge help. And personally, you will be working with a team of kind and interesting people.