How to mint an Idea NFT with patent pending status on MindMiner

1. Create an Invention

First, assemble solutions into an invention profile to create a cohesive concept.

 

You can choose solutions that you have created, or publically available solutions contributed by other MindMiner users.

 

When you incorporate crowdsourced solutions into an Idea NFT, the users that contributed those solutions will earn IdeaCoin crypto rewards.

2. Mint an Idea NFT

Once you have added enough solutions to your invention profile, you can use a MindMiner credit to mint an Idea NFT.  Simply click the NFT button on your invention profile to mint.

 

MindMiner will auto-generate the patent application documents and the needed assigments to assign the patent pending rights to the holder of the Idea NFT.

 

 

After MindMiner files the patent application for your concept, MindMiner will transfer the Idea NFT with patent pending rights to your crypto wallet.

3. Sell Your Idea NFT

When you mint an Idea NFT, MindMiner will automatically handle the filing of a patent application.  It will then allocate the invention rights to your Idea NFT.

You can then sell your patent pending ideas as an Idea NFT on MindMiner directly or on other NFT marketplaces.  

You can also sell your Idea NFT – and the associated patent pending rights – directly to others in wallet to wallet transactions.

Frequently Asked Questions

Why was MindMiner created?

MindMiner exists to incentivize solutions to the world’s pressing problems.

It is a new paradigm for shared innovation and collaboration to build invention rights and make ideas easier to transact by leveraging the power of NFTs.

Does MindMiner file a patent application for each Idea NFT minted?

MindMiner repackages each invention profile, and all associated solutions, into a provisional patent application.  MindMiner files the patent application along with all of the associated assignment documents (which each user signs during the process of adding innovation content on the MindMiner platform)

Does a patent automatically issue from each Idea NFT minted?

Each Idea NFT minted on MindMiner creates “patent pending” status for each invention that it covers.   This derives from MindMiner’s filing of a provisional patent application pertaining to each invention tied to the Idea NFT.

MindMiner does not engage in patent prosecution pertaining to any invention after filing the provisional patent application.   It is the responsibility of the owner of the patent application, which by virtue of the assignment documents stored on the blockchain is the owner of the Idea NFT linked to the invention within the patent application, to (as desired) continue prosecution of the divisional and/or non-provisional patent application tied to the invention on the timelines prescribed by the United States Patent and Trademark Office.  In other words, no, a patent application does not automatically issue unless the holder of the invention rights independently undertakes to pursue patent prosecution.

Does MindMiner provide legal advice or patent prosecution assistance?

No.

MindMiner does not provide legal advice or any assistance with patent prosecution.  No attorney-client relationship is ever created between and among MindMiner and users of MindMiner.

Upon the minting of an Idea NFT tied to a patent application, the inventor temporarily assigns rights in the invention to MindMiner, with MindMiner contractually obligated to file a patent application for the invention and assign the rights in the invention to any holder of the specific Idea NFT that MindMiner creates for the invention.  MindMiner then transfers the Idea NFT to the user that purchased the Idea NFT.

MindMiner does not maintain any invention ownership rights in the underlying invention.  Instead, the entirety of the assignment of the invention rights is allocated to the owner of the particular Idea NFT specifically associated with the invention.  This is done via electronically signed assignment documents which are stored on the blockchain in IPFS and accessible via the metadata of the particular Idea NFT.

To mint an Idea NFT, each user temporarily assigns the invention to MindMiner, and MindMiner agrees to assign the ownership rights in the invention to the owner of a newly minted NFT.   No attorney-client relationship is ever created between MindMiner and its users or consumers.

How does MindMiner allocate invention rights to an Idea NFT?

Upon the minting of an Idea NFT tied to a patent application, MindMiner does not maintain any ownership rights in the underlying invention.  Instead, the entirety of the assignment of the invention rights is allocated to the owner of the particular Idea NFT specifically associated with the invention.  This is done via electronically signed assignment documents which are stored on the blockchain in IPFS and accessible via the metadata of the particular Idea NFT.

To mint an Idea NFT, each user temporarily assigns the invention to MindMiner and MindMiner agrees to assign the ownership rights in the invention to the owner of a newly minted NFT.   The assignment document that a user signs when minting an Idea NFT specifies that MindMiner must allocate the invention rights to the holder of a particular Idea NFT:

“As a condition of acceptance, ASSIGNEE [MindMiner] shall undertake reasonable efforts to allocate ownership or exclusive license of the INVENTION RIGHTS to the owner of the particular NFT as described in Exhibit B, created by ASSIGNEE [MindMiner] upon the direction of ASSIGNOR [the user minting the NFT] with the intent to allocate ownership of the INVENTION RIGHTS. Upon acceptance of this assignment and the creation by the ASSIGNEE [MindMiner] of the particular NFT described in Exhibit B, ASSIGNEE [MindMiner] hereby assigns and transfers to the owner of the particular NFT described in Exhibit B ASSIGNEE’s [MindMiner’s] right, title and interest in the INVENTION RIGHTS.”

Thus, the assignment document executed during the process of minting an Idea NFT obligates MindMiner to allocate the rights to the holder of the Idea NFT (initially, the user who created the Idea NFT).

Because MindMiner is not acting as an attorney or an agent for the user during the process of creating the Idea NFT and filing a patent application, it is critical for MindMiner to temporarily receive custody of the underlying rights in each user’s invention to file the patent application and assign the invention rights to the owner of the Idea NFT.   If for any reason the filing of the patent application or minting of the Idea NFT is unsuccessful (unlikely), MindMiner will return the invention rights to the original inventor/user.

No attorney-client relationship is ever created between MindMiner and its users or consumers.

How can you sell you invention with an Idea NFT?

MindMiner allows you to mint an Idea NFT which is tied to your invention rights deriving from a filed patent application.

In the United States, invention rights only follow the filing of a patent application.  According to the USPTO, “applications for patetn, patents, or any interest therein, shall be assignable in law by an instrument in writing.”  (Manual of Patent Examining Procedure §301 / 35 U.S.C. 261).

When you contribute a solution or create an invention profile on MindMiner, you must e-sign assignment documents to ensure the invention rights associated with your contribution are assignable to an Idea NFT.   The signed assignement documents associated with your invention contribution are saved as a PDF and stored on the blockchain (in IPFS).

MindMiner’s built in assignment documents are structured to assign the invention rights to the holder of the Idea NFT after you have triggered the filing of a patent application pertaining to your inventions.

Note however that invention rights do not last forever.   MindMiner files a provisional patent application only.  In order to maintain invention rights, the owner of a patent application must prepare and subsequently file (generally with the assistance of a patent lawyer) a non-provisional patent application within 12 months of the filing date of the provisional patent application.   Therefore, to ensure that an Idea NFT maintains value into the future, its holder must undertake to meet all deadlines associated with patent prosecution prior to the abandonment of the filed provisional patent application.

What is the difference between MindMiner Credits, Idea Points and IdeaCoins?

MindMiner Credits

To mint an Idea NFT, you need to spend a MindMiner Credit.  

You can either purchase MindMiner Credits with a credit card or with crypto or earn MindMiner Credits by performing innovation activities on MindMiner.

Idea Points

Earn Idea Points for activities that contribute to innovation on MindMiner.   There is a fixed pool of 21,000,000 Idea Points – every time an Idea Point is allocated, each subsequent reward is slightly less.  Therefore, earlier MindMiner participants earn more rewards than later contributors.

You automatically earn 1 MindMiner Credit for every 25 Idea Points you earn.  You can track your balances by clicking the Idea Points icon in your feeds.

When someone mints an Idea NFT from a problem or other item that you shared, or incorporating a public solution that you contributed, the Idea Points that you earned from such contributions transform into IdeaCoins.

IdeaCoins

IdeaCoins are a ERC20 token that you can earn through contributing innovative activities on MindMiner that ultimately result in an Idea NFT.

At MindMiner’s own discretion (and subsequent to legal approval!  the law regarding what is and is not legal regarding cryptocurrencies or quasi-cryptocurrencies still remains unclear), MindMiner may from time to time distribute royalties or a portion of royalties from the sales of Idea NFTs proportionately to all holders of IdeaCoins.

Important legal clarification regarding IdeaCoins: It is the intention of MindMiner to reward innovative activity using MindMiner.   It is NOT an intent of MindMiner to associate IdeaCoins with any expectation of profit derived from the efforts of others.   Users may NOT purchase IdeaCoins from MindMiner.  IdeaCoins are intended to be decentralized and not sold or controlled by MindMiner.

MindMiner reserves the right to change its allocation of or the structure of IdeaCoins to ensure maximum and unambiguous compliance with the law, especially as the relevant law evolves and becomes clearer.

What benefits exist with patent pending status?

Patent pending offers many benefits that often are overlooked relative to the more obvious benefit associated with an issued patent.  

First, minting an Idea NFT (and patent pending status more generally) establishes and records the priority date that you have in the associated invention that you contribute. When you submit a patent application, you establish a date of conception of the invention as of the filing date of the patent application.  Because NFTs are recorded on the blockchain generally, this immutable record provides proof that you invented something (or part of an invention) prior to someone else.   This can be useful in situations where you are obligated to assign future invention rights (pursuant to an employment agreement for example) after a specified date.

Second, labelling an invention as “patent pending” can have marketing benefits – both for the product itself and for you personally. A patent pending notice can  often be used as a marketing tool on a broader level, to indicate that you or your company are innovative. The notice associates you, your brand or company with inventiveness and innovation and tells potential consumers and inventors that you are serious about investing in new technologies and in protecting your inventions.  

Third, if you expose your invention, there is a chance that others may attempt to copy it to share in the profits. “Patent pending” sends a signal to these competitors that an essential aspect of your product may soon be legally protected by an enforceable patent and such competitors risk facing a patent infringement lawsuit in the future.

Finally – when you improve someone else’s products, you want to create a credible risk that simply using your ideas may have consequences.   An Idea NFT tied to a patent application inherently facilitates patent pending status for your underlying invention (for instance, your newly invented product improvement), making clear that any company that steals your idea risks facing a patent infringement lawsuit in the future.  MindMiner for its part may (or may not) choose to identify and expose companies that attempt to circumvent Idea NFTs and avoid purchasing underlying invention rights after a patent application has been filed.  Thus, there are many benefits (aside from the simple value in filing a patent application) that derive from creating an Idea NFT on MindMiner.

However, you should not proceed to mint an Idea NFT (or file a patent application) if you wish to maintain secrecy over any inventive contribution.  It is important to likewise remember that neither an Idea NFT nor a filed patent application guarantees that patent rights will ultimately issue in association with an invention.  You should independently consult with an attorney to get an opinion of patentability, which MindMiner never provides.

How can I earn royalties on MindMiner?

By minting an Idea NFT, you can earn the proceeds from the sale of each Idea NFT less the royalties that derive from the transaction.

The royalties from the sale of Idea NFTs are held in a wallet.  MindMiner’s intent (subject to periodic legal compliance review) remains to distribute the royalties proportionately among holders of IdeaCoins.

You can earn Idea Points (which manifest into IdeaCoins once the item you created becomes part of an Idea NFT) when you contribute inventive activities on MindMiner.  You may not purchase IdeaCoins directly on MindMiner.  You do not need to make a purchase (of MindMiner Credits, for example) on MindMiner to earn IdeaCoins.

MindMiner will (subject to legal compliance and review per evolving SEC-related regulations) keep the royalties from the sales of all Idea NFTs in a standalone wallet or liquidity pool, and distribute those royalties to holders of IdeaCoins at a proportionate level (number of IdeaCoins in a wallet / total number of IdeaCoins issued).   Only 21,000,000 IdeaCoins will ever be issued, and the amount rewarded for activities diminishes over time.  

So get started building out innovations on MindMiner to be in a position to earn the most royalties!

What can I do with an Idea NFT?

Once you mint your Idea NFT, you can list your Idea NFT on marketplaces (both MindMiner’s marketplace and external marketplaces).  Or, you can sell your NFTs directly to others that might be interested to collect or utilize the rights in your inventions.

 

How do I create an invention that I can use for an Idea NFT?

You can use MindMiner to build out an invention profile for your idea.  Simply create solutions on MindMiner and add them to a new invention.

When you click “Mint NFT” on the invention profile, MindMiner will automatically file your patent application for the ideas listed as solutions that you include in your invention profile.

Can I download a copy of a patent application I create on MindMiner?

It depends.  There are two categories of Idea NFTs that can be minted on MindMiner, each with a patent application.  

The first, less expensive patent application is the “shared” patent application.  To bring the USPTO cost down to about 1/10th of the typical filing fee for a provisional patent application ($150), MindMiner combines 10 inventions into a single patent applications.  This strategy of combining multiple inventions into a single patent application is commonplace among patent lawyers, but requires the filing of a “divisional” application as each patent application can only have one invention (to satisfy the “unity of invention” requirement) before it issues into a patent.  Advantageously, however, when filing a divisional patent application to continue patent prosecution, the applicant can claim the benefit of the earlier-filed patent application.   In other words, the patent application can incorporate all of the advantages and content of the parent patent application into the subsequently filed patent application.   Remember, MindMiner ONLY files provisional patent applications and assigns the rights in each provisional patent application that it files to the owner of a particular NFT.   Moreover, provisional patent application procedures require that a person file a subsequent non-provisional patent application before a patent can issue anyway.   The holder of the invention rights deriving from the patent application that MindMiner files is exclusively responsible for subsequent filings.

The primary disadvantage to including multiple inventions in the same patent application is that in order to give the original filer the option to maintain privacy, the patent application must not be visible to all inventors.   So in essence, in exchange for the lower price to file a patent application (by paying only a portion of the USPTO fee), the user cannot download the patent application because it includes 9 unrelated inventions which may be private.

To avoid this situation, there is a second category of Idea NFT – the “downloadable” patent application.   In this case, a user pays MindMiner an amount equivalent to the entire $150 USPTO filing fee (instead of only $15 in the “shared patent application” model).   When the user pays the entire cost of the patent application filing, the user can download the patent application (as only the user’s invention is included in a patent application).

How is MindMiner so much less expensive than a patent attorney?

First, MindMiner always recommends that when you can afford it, that you speak with a patent attorney.  MindMiner loves patent attorneys – in fact, its founder is a patent attorney.  One of the main challenges that he saw, however, is that many people with good ideas let them go to waste merely because they did not think that they could afford the patent process.

MindMiner is built as a low cost way to temporarily build some patent pending protection into good ideas until an inventor can afford a patent lawyer or otherwise sell their ideas.   MindMiner is definitely not a replacement for a patent attorney.  While MindMiner attempts to replicate the process of articulating problems and solutions into a typical patent application format, nothing can approach the benefit of speaking to a patent attorney one on one to get tailored advice for your invention.   Speaking with a patent attorney will always give you a better quality “patent pending” than using any form-fill tool like MindMiner.

That said – we are definitely proud of MindMiner and what it stands for: creating incentives for solutions to humanity’s pressing problems.   We hope that with the understanding that you should protect your ideas with the help of a patent attorney as soon as practicable, you can leverage MindMiner to build protection in your inventions when lower cost and easier transactability of your ideas via NFTs is most appropriate.

You might notice that the cost to mint an Idea NFT is less than the cost of a filing fee of a single patent application.   This is because (in most cases) MindMiner aggregates multiple inventions from unrelated parties into single provisional patent applications.  

To bring the USPTO cost down to about 1/10th of the typical filing fee for a provisional patent application ($150), MindMiner combines 10 inventions into a single patent applications.  This strategy of combining multiple inventions into a single patent application is commonplace among patent lawyers, but requires the filing of a “divisional” application as each patent application can only have one invention (to satisfy the “unity of invention” requirement) before it issues into a patent.  Advantageously, however, when filing a divisional patent application to continue patent prosecution, the applicant can claim the benefit of the earlier-filed patent application.   In other words, the patent application can incorporate all of the advantages and content of the parent patent application into the subsequently filed patent application.   Remember, MindMiner ONLY files provisional patent applications and assigns the rights in each provisional patent application that it files to the owner of a particular NFT.   Moreover, provisional patent application procedures require that a person file a subsequent non-provisional patent application before a patent can issue anyway.   The holder of the invention rights deriving from the patent application that MindMiner files is exclusively responsible for subsequent filings.

The primary disadvantage to including multiple inventions in the same patent application is that in order to give the original filer the option to maintain privacy, the patent application must not be visible to all inventors.   So in essence, in exchange for the lower price to file a patent application (by paying only a portion of the USPTO fee), the user cannot download the patent application because it includes 9 unrelated inventions which may be private.

To avoid this situation, there is a second category of Idea NFT – the “downloadable” patent application.   In this case, a user pays MindMiner an amount equivalent to the entire $150 USPTO filing fee (instead of only $15 in the “shared patent application” model).   When the user pays the entire cost of the patent application filing, the user can download the patent application (as only the user’s invention is included in a patent application).