The Luxembourgish emotive-tech sells the intellectual property of its connected emotional flowerpot in the form of NFT to relaunch the manufacturing and sales of its product.
Photo: The buyer of the NFT will be able to use the design for personal use / Credits © Mu Design
Luxembourg-based emotive-tech Mu Design, creator of interactive emotion-like objects, announces a partnership with INNO, the strategy and innovation consultancy firm, for the licensing of a unique intellectual property of its LUA product in the form of Non-Fungible Tokens (NFT).
LUA, the flower pot equipped with sensors that signal the emotional state of the plants through a digital facial expression, is the latest connected product from the startup.
A non-fungible token (NFT) is a unit of data stored on the blockchain. It confers a property right on the product itself, while the creator of the product keeps his copyright.
The NFT thus certifies that the digital asset is unique and therefore not interchangeable. The tokens can however be resold on the specialized platform OpenSea.
“So the goal is to sell a license related to LUA’s intellectual property,” says Vivien Muller, founder and CEO of Mu Design. “As the owner of the design, the buyer of the NFT will be able to use the design for personal use and will have his or her name on the product packaging.”
The startupper made the choice to sell the license to one person, in order to preserve its rarity and value.
A good investment lever
By selling a license related to LUA’s intellectual property as an NFT, Vivien Muller expects to raise 40 Ether (about €100,000).
“Such a crypto operation is more secure and cheaper than financing via the traditional banking system,” he explains. “It is also a very good investment with a very good return in the long run, despite the high fluctuation of the Ether price.”
The funds will partly finance a new production of 5,000 copies of LUA.
“One of our production plants as well as our sales partners had to cease operations during the pandemic, and we are currently experiencing a huge increase in components. This financing will allow us to restart sales of the product,” Muller continues.
In June 2019, the startup housed in the Belval Technoport had launched a fundraising campaign to finance the first production and sale of the product.
“INNO helped us set up the NFT and the contract on the IP-related license,” Muller continues. “Its experience and expertise were indispensable, to set up the NFT and especially for the legal drafting of a license agreement (with the future owner of the token) adapted to the specificities of blockchain.”
Launched in 2015, Mu Design designs, develops and markets products that combine robotics and internet capabilities, and are based on personality interaction and visual communication.
The Luxembourg-based emotive-tech is also the creator of ULO, an interactive surveillance camera designed as an owl.
Founded in 2017 by serial entrepreneur Wesley Deglise, INNO is a network of partners specialized in designing and implementing innovation strategies.