Like any new concept or invention, the idea of intellectual properties (IPs) in Web3 is subject to legalities still at an experimental stage. IPs in Web2 are controlled by strict corporations that tiptoe around the concept, as traditional models are opaque and favor the big studios.
IPs in Web2 are also tedious to manage. They are slow, costly, and difficult to enforce. Disputes arising from IP use and ownership take years to resolve, and enforcement mechanisms are weak depending on jurisdictions.
STR8FIRE, a company seeking to revolutionize entertainment, breaks down the oligarchical Web2 corporations’ tight hold on digital property rights that prevents permissionless access and facilitates P2P commerce. Hence, the need to democratize.
Transformative Use Cases and Improvements
The need to democratize the IP space is why Web3 technology takes the front seat. Many of the issues that the traditional model presents are resolved in Web3.
Firstly, blockchain technology is built as an immutable record of ownership. It creates a transparent and easily traceable genealogy of ownership that can’t be tampered with. With this, IPs are verifiable in a tamper-proof manner, mitigating the incidence of fraud and unnecessary disputes over ownership.
Secondly, it creates digital provenance. The entire life cycle of digital assets, from creation to ownership transfer, is tracked on the blockchain. There’s no break in transmission or transfer, as the public can see the true record of creation, ownership, and sale. The secrecy that shrouds Web2 IPs is unmasked on-chain. STR8FIRE leverages this positive aspect to help put the most popular IPs on-chain. The transmission, transfer, and ownership of these IPs will be known without the need for protracted legal battles.
In addition, decentralized marketplaces facilitate the trading and licensing of IP assets. They remove the cumbersome and bureaucratic processes common in Web2, save costs by increasing transaction speeds, and empower creators to connect directly with their fans while they earn.
Smart contracts further enhance the infrastructure by embedding a set of rules within the blockchain that automate complex processes. These use cases present a glimpse into Web3’s potential. It fosters a more transparent, efficient, and accessible economy where everyone can have a piece of the pie.
Startups have sprung up in response to this need for democratization, each of them propelling the innovation and widespread adoption of Web3.
Startup Influence
As NFT mania died off between 2022 and 2023, startups in DeFi and SocialFi sprung up to leverage other use cases of blockchain.
Startups like Flight of Primes, STR8FIRE, ICONOMI, and MetaLend are at the forefront of this democratization of Web3 IPs.
STR8FIRE is a prime example. It is an IP-based entertainment company expanding Web2 IPs into the Web3 ecosystem, developing its own IPs, and helping traditional IPs create new forms.
The company is built on the concept of blockchain ownership of digital assets. It merges the traditional world of intellectual properties in Web2 with the possibilities of expanding IPs into other forms.
The company is expanding VIRUS, a Sci-Fi animation they co-developed with China’s largest animation studio, Bilibili, into a toy collection, mobile game, and NFT collection.
It aims to bring the best of IPs into other media forms with the help of Web3. With the STR8FIRE value proposition, big media corporations can make their IPs available to Web3 communities in an immersive environment and play-to-earn reward system.
The conclusion to be drawn here is that the democratization of traditional IPs is ongoing. The problems that the traditional model presents are gradually being overcome. The multitude of use cases that blockchain enables transcends speculative hype. It’s now at the frontier of digital ownership, management, and trading of assets. STR8FIRE positions itself as a visionary in democratizing IP ownership.
