Activity-Based Cryptocurrency and NFT Marketplace Framework
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Solution Overview
Problem
Current mechanisms for purchasing and allocating cryptocurrency and NFTs are limited to electronic environments such as gaming and trading, lacking a system where real-world activities can trigger the acquisition of these digital assets.
Innovation Solution
A computational framework that utilizes on-site video recording and analysis to reward users with cryptocurrency and NFTs based on their real-world activities, such as golfing, by allocating specific cryptocurrencies and NFTs tied to their performance in competitions or course play.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional mechanisms are used for purchasing and allocating cryptocurrency and NFTs, then the system operates within established electronic environments (gaming, trading, auctions), but the system lacks the capability to trigger digital asset acquisition through real-world activities
Solution Approach 1:
The system enables cryptocurrency and NFT allocation through multiple channels including electronic gaming, trading, auctions, and real-world activities. The smart contract framework is designed to handle diverse triggering events across different domains, making the system universally applicable for digital asset distribution regardless of the activity type.
Solution Approach 2:
The patent introduces an intermediary layer consisting of activity tracking systems, video recording capabilities, and smart contract intermediaries that bridge real-world activities with digital asset allocation. This intermediary infrastructure captures real-world events, verifies them through multiple sources including video evidence, and triggers appropriate cryptocurrency or NFT allocations without requiring direct integration between physical and digital systems.
2Reliability
If on-site video recording and analysis is implemented to verify real-world activities, then users can be rewarded based on verified performance, but the system complexity and resource requirements increase
Solution Approach 1:
The system merges multiple verification sources including on-site video recording, computational video analysis, and existing activity tracking systems into a unified verification framework. By combining these resources, the system achieves reliable verification of real-world activities without requiring any single component to be overly complex or resource-intensive.
Solution Approach 2:
The system employs autonomous activity monitoring and video analysis capabilities that automatically verify user activities without requiring manual review. The computational video analysis system self-manages the verification process, comparing captured footage against expected activity patterns and automatically triggering rewards when verification succeeds, reducing the need for human intervention and infrastructure complexity.
3Productivity
If cryptocurrency allocation is tied to specific real-world activities and performance metrics, then users receive targeted rewards, but the system requires sophisticated tracking and measurement capabilities
Solution Approach 1:
The system pre-establishes smart contracts with predefined activity criteria, reward structures, and verification rules before real-world activities occur. Users can register their intended activities in advance, and the system automatically matches completed activities against pre-configured reward conditions, eliminating the need for complex real-time measurement and calculation during activity execution.
Solution Approach 2:
The system implements continuous feedback loops where user activities are tracked, verified through video analysis, and compared against target metrics. The smart contracts automatically adjust and allocate cryptocurrency rewards based on the degree of performance achievement, providing real-time feedback to users about their progress toward reward thresholds and enabling dynamic reward optimization.
Data Source
AI summary
The disclosed systems and methods provide a novel framework for an activity based interactive cryptocurrency and non-fungible token (NFT) marketplace. The disclosed framework provides a computational environment where a user's real-world and/or digital activity can cause the user to be provided with a quantity and/or a value of cryptocurrency, as well as granted exclusive rights to an NFT that captures their real-world activity. The disclosed systems and methods can utilize on-site video recording capabilities that enables users to have their activities recorded (or captured) for the purposes of determining whether they are to be rewarded with a digital asset(s). In some embodiments, users can be granted specifically created and allocated cryptocurrency for playing a venue and/or winning a completion at a venue; and in some embodiments, users can obtain a NFT associated with their on-site activity/recording.