Iran’s Intellectual Property Market was inaugurated on Sunday at the Tehran Over-The-Counter Stock Exchange, also known as Farabourse.

The stated objective of the Intellectual Property Market is to promote the economy of resistance, which has been proposed by the Supreme Leader, according to the Mehr News Agency.

As the first transaction at the Intellectual Property Market, the patent of an invention related to the car industry was sold at 2 billion rials (about $80,000).

Recently, Cantor Fitzgerald, announced today that a new global IP Auction marketplace to provide a suite of solutions to patent owners, acquirers and those seeking to secure rights in IP assets.

Cantor Fitzgerald’s IP platform is led by Managing Director, Andrew T. Ramer, a pioneer of the intellectual property auction and transaction market. It Builds upon Cantor’s extensive experience in creating world-class, proprietary, technology-based tools and marketplaces that provide outstanding transactional and liquidity solutions to buyers and sellers across a range of asset categories.