Tokenization of Intellectual Property Using Blockchain Technology: Opportunities, Challenges, and Future Directions

The limitations of traditional intellectual property (IP) management, which suffers from exorbitant costs, inadequate transparency, and lax cross-border enforcement, have been made clear by the quick development of digital technologies. This study investigates how blockchain can provide a decentralised, transparent, and automated approach to IP asset management through tokenization and smart contracts. Creators can track ownership, manage licensing, and get royalties instantly by converting intellectual property into digital tokens. The study also discusses current legal and technical issues, especially the requirement for international legal frameworks to validate tokenized intellectual property, using instances such as the WazirX NFT marketplace. In the end, it makes the case that tokenized IP could democratise creative markets, enhance creators' revenue models, and promote a more inclusive global knowledge economy with the correct legislative changes and technological developments. Key Words: Intellectual Property, Blockchain, Tokenization, Smart Contracts, Licensing, Royalty Automation, Legal Challenges, Creative Economy