EUIPO, the European Union Intellectual Property Office plans to use NFTs to combat counterfeiting and infringement of intellectual property rights. For its initiative, EUIPO has already found a company to develop the technology.
IP owners will register their goods on the blockchain to prove authenticity. They can also easily track their goods during transportation.
The EU Intellectual Property Office will implement the technology by the end of 2023, but before that, it will create a single register of all IP owners, retailers, and logistics companies in the EU.
For the EU, this is the first large-scale initiative related to NFT technologies. The success of the implementation and operation of the system will determine the entire approach to registering intellectual property and obtaining patents, experts say.