PRESS REELEASE. Molecule is a decentralised marketplace for biopharmaceuticals. They have developed a unique IP-to-NFT framework together with Nevermined, a Web3 technology innovator. The first ever biopharma IPNFT was transferred to VitaDAO, a research collective that will fund new longevity therapies at the University of Copenhagen. This is a historic transaction.

18th August 2021, Basel, Switzerland — For the first time in history, NFTs are being used for a transfer of IP ownership in medical research. This unique milestone is a result of a partnership between biopharma IP marketplace Molecule, and VitaDAO, a decentralized collective (DAO) funding longevity research, and the University of Copenhagen. This innovation is enabled by a groundbreaking data storage solution developed by web3 technology innovator Nevermined.

VitaDAO, Nevermined and Molecule Overcome Biopharma Industry Challenges

Early-stage biopharma research is the lifeblood that fuels advances in medicine. Many biopharma domains are plagued by underfunding and commercialization problems that hinder innovation. Researchers face problems due to legal complexity, insolvency of IP assets, and lack of investors access.

By applying Web3 technology, Molecule is enabling a world where researchers get access to an open marketplace that makes novel research and IP discoverable, universally fundable and distributes ownership. Nevermined‘s data storage and access control frameworks create entirely new ways of how the data rights surrounding this IP can be transacted with and accessed.

VitaDAO recently became the first benefactor of this advancement. To acquire IP from the Danish Scheibye-Knudsen Lab’s longevity research, the collective used Molecule and IP NFT frameworks. Ownership was then transferred to VitaDAO.

Molecule CEO Paul Kohlhaas stated:

“This NFT transfers 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 custodianship of a DAO.”

Combining Legal Frameworks with Web3 Interoperability

The Valley of Death is a problem in the early stages of research. It is where funding is difficult to get, so many promising discoveries don’t make it to market. Molecule is creating a market for biopharma IP.

This specialised technical framework integrates legal agreements, such as IP licenses, with the new technology of NFTs. It also includes decentralised secure data storage network that is coupled with the NFT. By ledgering ownership rights on Ethereum, Molecule is building a marketplace for liquid biopharma research data and IP via NFTs. Biotechs and researchers can list their discoveries and receive funding via DeFi. They can also connect directly to patients. Paul Kohlhaas added:

“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.”

Simultaneously, new vehicles to collaborate and fund research are forming in the web3 space. VitaDAO, a “Decentralised Autonomous Organisation”, funds early longevity research projects through its community contributors. In June 2021, it raised $5 million from hundreds of individuals via a Gnosis batch auction – placing the organisation directly into the hands of its community. It is now on a mission, to fund the most promising longevity research endeavors and decentralize their ownership.

Want to Live Forever? There’s an NFT for That

The complex requirements of accessing, transferring, and storing IP-related files requires more than a standard NFT. Nevermined implemented its Access Control module to create NFTs on steroids with Molecule. These NFTs allow transacting parties access to the protected research data through federated control. This use case is used in a variety of industries, including the pharmaceutical industry.

Nevermind CTO Aitor Argomaniz 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 fulfill certain conditions can get access to the underlying documents.”

The module is also cross-tech-compatible. This allows apps to establish secure, critical connections between Ethereum and the cloud (e.g AWS), and decentralised hosting services (e.g Arweave). This is the only way to guarantee a Certificate of Authenticity with permanence, traceability and privacy built-in..

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Media Contact Details

Contact Name: Oana Ionescu

Contact Email: oana@keyko.io

Molecule is the source of this content. This Press Release is intended for informational purposes only. This information is not intended to be an investment recommendation or offer to invest.

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