Please describe your proposed solution.
<https://www.youtube.com/watch?v=4N3f16OggCU>ADMN is a RealFi utility solution that aims to:
- Provides real legal copyright/trademark protection to creators, regardless of geolocation
- Give those creators a platform to license or sell their rights to others
- Convince governments to utilize blockchain technology - Dual registration with government & on-chain paves the way for the government to use Cardano NFTs for registration of intellectual property in the future
- Creates a possibility for automation of contract negotiation for content seekers looking to license rights legally
- Provides a framework for Cardano NFT projects to pay IP royalties to creators, and can be ecosystem friendly with other Cardano projects paying royalties for IP.
This is a tool for users to register their works with the US Copyright Office / US Patent and Trademark Office, while simultaneously creating an NFT on Cardano representing ownership.
The Cardano blockchain and ADMN IP NFT will be used to track the IP rights that can be transferred from one owner to the next, which means that ADMN will be updating government registrations when the NFT changes owners.
Our eventual roadmap item is to also create a licensing portal for these creators to shop out their works to those that would license it.
FAQ:
Q:Why the US Copyright/Patent Office? What if the users are outside of the US?
A: Anyone, regardless of their residing territory can register with the US Copyright office.
The same is true for the Patent Office, although that requires US legal counsel of which we will
procure.
Q: Why would people want to register their copyrights or trademarks in the way? Can't we just make the NFT as proof?
A: You could, but you could not sue for the income derived from your work- Without real legal copyright registration, you can only issue an 'injunction' which would stop the infringing party from continuing to exploit the work, but would not receive any income from the illegal sales.
This is why copyright/trademark protection is so important!
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
For the Cardano ecosystem this could:
- Bring creators of Intellectual Property to Cardano, who previously were only using traditional (Web2) registration systems to register their works, as well as tracking the rights on chain and automatically updating government records.
- Create the possibility to give NFT creators and blockchain brands a utility to license their trademarks and create liquidity.
- Provide a revenue share opportunity for other creative content projects in the Cardano ecosystem- Book Publishers, Music Marketplaces, Video Streaming Platforms
- Bring blockchain adoption to the greater public, by coming to Cardano to register and license works
- Create a market for trading IP rights on Cardano
This project is also committed to assisting with providing Intellectual Property infrastructure and having a social impact on territories and disadvantaged individuals.
We have joined the SIMBA Initiative (Social Impact Through Business Media Alliances) by SoundRig for this purpose:
How do you intend to measure the success of your project?
1) The success of ADMN would mean that Intellectual Property registration and administration brings innovation and adoption to the Cardano ecosystem.
2) Additionally, the success of ADMN makes administering these rights more cost-effective to creators and licensors globally. Traditional competitors (Legal Zoom / Cosynd) charge a 30%-135% mark up for these services. Our goal is to price this service for 50% less than these competitors using Cardano.
3) Local governments have been slow to accept/utilize cost-effective and transparent blockchain technology for uses cases like Copyright and Trademark registration;
ADMN can provide a transitionary service to prepare for a future where the Cardano blockchain is included in government applications.
4) Each year, over 300 billion US dollars is spent globally in legal fees for copyright infringement!
Imagine if that money actually went to creators for new art or innovation instead.
Cardano could change these statistics on a positive way for creators with utilities like ADMN.
5) Assist individuals in territories without an infrastructure for Intellectual Property by providing an accessible method of IP ownership. The cost savings to an individual in one of these territories using our project includes having a US-based attorney to register their Trademarks, an expense those folks have never been able to obtain.
Please describe your plans to share the outputs and results of your project?
The initial goal is to give an automated path to registration of intellectual property to Cardano users that hold legal value.
We are excited to be able to update both the Catalyst stakeholders as well as the Cardano community as a whole as progress continues.
There will be value add partnership opportunities with music marketplaces, video streaming services, book publishers, record labels and more on Cardano, so hopefully we can pull the ecosystem together and foster innovation at a reduced cost compared to Web2 competitors.
Building the registration module will be the first item and this project will be tasked with updating NFT standards, (building on CIP-68) to include Copyright and Trademark attribute types and necessary additional fields to show proof of registration and various rights types, that will further cement Cardano with legal compliance.
This project can be a very viable business based on ROI from web2 competitors like Cosynd, that recently have had extremely profitable years in excess of 1M USD in revenue. We believe that this type of utility will not only lure Record Labels, Book Publishers and others to the Cardano ecosystem, but could bolster Cardano's NFT market.
Projected Volume in 2nd year (post-build and subject to change based on market conditions):
1K Copyright registrations ~103,000 ADA profit
75 Trademarks registrations ~ 12,931 ADA profit
5 B2B revenue sharing partnerships secured ~ 300,000 ADA profit