Non-Fungible Tokens (NFTs): A Report From INTA

• Follow the work of the WIPO Nice Classification Committee of Experts and recommend either the introduction of a class including virtual goods or the inclusion of virtual versions of all of the existing goods and services into the current relevant classes in the Nice Classification. [...] This use case is beneficial for several reasons: • An NFT can be easily traded and distributed without the need for the purchaser to deal with the physical product; • The NFT purchaser can decide whether to trade the NFT on the blockchain or to redeem the NFT for a physical product as the NFTs constitute certificates of ownership for the product; • Security, transparency, and traceability over the. [...] The consumer is in the position to collect the sneakers both in the real world and in the metaverse. [...] Minting An NFT can be created (“minted”) by the creator deploying on the blockchain a smart contract designed to generate NFTs, then connecting its wallet to the contract.[9] The smart contract may then allow for the possibility of minting an NFT by paying a GAS fee to the blockchain.[10] An NFT creator/owner now has the option to keep the NFT or resell it through a third-party marketplace. [...] The first core element of an NFT is a number known as the token ID, which is generated upon the creation of the token; the second is the contract address.[12] By way of example, a listing on Open Sea shows on the left the visual digital work incorporated in the NFT, on the top right the owner, and on the bottom right the price: [13] Furthermore the Details panel shows additional information includ.