The ubiquitous deployment of IoT devices has enabled the collection of large amounts of data, which can be used to infer intimate information about user behavior and preferences. However, this potential for data collection raises concerns about user privacy. Obtaining informed consent from users can build trust and enable data gathering for socially beneficial purposes, leading to the development of new services and capabilities for research in various fields, including those involving human subjects. However, this promise cannot be realized as long as apprehensions regarding the discretion of confidential data are satisfied among the masses. In an attempt to secure the confidence of users, the notion of informed consent is taken to new echelons in this article. A model for incentivizing the notion of informed consent in the context of IoT is presented in this work, where the aspiration is to persuade users into accepting the disclosure of information in return for tangible as well as intangible incentives. This results in developing a trust-based relationship with users and can prove to be the next step towards revealing the full spectrum of the IoT wonders. Scopus