Collectrix: A new world of endless possibilities for the IP industry

chikky08 (46)in #blockchain • 5 years ago

The intellectual property (IP) industry is said to be valued around $180b globally. Everyday, new investors, advisors and stockbrokers develop interest in the industry,as well honed intellectual creativity is instrumental towards improving our quality of life. Vital as intellectual property is, it sadly isn't properly rewarded in today's market. Most of the funds IP owners are to pocket often ends up in the hands of counterfeiters. This growing menace must be effectively tackled, if there are any hopes of recording reasonable progress.
Many ideas to fight product counterfeiting have been coined and refuted almost immediately. The fact duly remains that until full licensing can be offered to IP owners, they will continually be robbed off their revenue, and the industry in it's entirety will remain far off from reaching it's maximum potentials.
The integration of blockchain into the industry could however produce a way out of these seemingly incessant issues, just as it has in numerous other industries. Colletrix shows us how productivity and efficiency can be restored by harnessing blockchain technology.

Colletrix

Colletrix features a pioneer business model which will forever change the industry for good. It's major objective is to enable IP owners benefit from their products, and it aims to achieve this through the introduction of Non fungible tokens (NFTs). This idea will likewise be beneficial to merchandisers and collectors in the ecosystem.

On Colletrix, each merchandise will possess a unique NFT which is redeemable on purchase of the said product. The IP owner will generate revenue based on the trade price of his NFT in the NFT trade marketplace. This system ensures that IP owners are properly rewarded for their innovations.
The Colletrix working principle can best be understood through the practical use case illustrated below ;

ProFit is a company that specialises in the production of diverse sports wears ranging from shorts, to trainers, caps, vests and other sports equipments. Due to unending issues of counterfeiters flooding the market, the CEO decides to tokenise his merchandise using Colletrix. This solitary move would go on to protect his brand's equity, reduce counterfeiting of the company's product, increase annual revenue and increase customers and investor confidence in the company.

The CEO tokenised his IP (ProFit) into a unique NFT called "FIT" token. The FIT token is paired to his merchandise (I.e products of ProFit) and can be traded for/with CiPx (Colletrix's ERC-721 native token) in the NFT marketplace. Whenever a customer purchases any ProFit item, he redeems the FIT tokens which he can trade in the marketplace. These trades in turn places ProFit in line to receive a licensing fee,which forms a major part of the brand's revenue. Hence, more purchases of their products would generally result in higher revenue.
This, in a nutshell is how the Colletrix platform is built to operate.

Other key features of the platform includes:

Gamification; which involves the use of CiPx tokens to play games.
NFT priority purchasing; which ranks users in line for future NFT sales based on the amount of CIPX they hold.

Conclusion

The adoption of NFT will finally place way for valuation of IP owners and their merchandise. Colletrix, being the project that delivers the highly sought after change is definitely one for the books.

For more details about this project, click on the link below

Website: https://www.colletrix.com/

Twitter: https://twitter.com/colletrix

Facebook: https://www.facebook.com/colletrix.io/

Telegram: https://t.me/colletrix

LinkedIn: https://www.linkedin.com/company/colletrix

Writers Details
Bitcointalk Username: Chika08
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2107609

#cryptocurrency #colletrix