Blockchain Agnostic NFT Network Eliminates Escrow
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Solution Overview
Problem
Existing NFT transaction systems are limited by complexity and cost due to the need for third-party escrow services, which increase transaction risks and costs, and are not blockchain agnostic, limiting mobility and interoperability between different blockchain networks.
Innovation Solution
A blockchain agnostic network-connected computing system that enables real-time minting, purchasing, selling, and maintenance of NFTs across various blockchains, using a payment service to facilitate transactions and eliminate the need for third-party escrow services, while allowing for lazy minting and bulk management of NFTs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If third-party escrow services are used to facilitate NFT transactions, then transaction security is improved, but transaction costs and complexity increase
Solution Approach 1:
The patent removes the third-party escrow service from the transaction system entirely. Instead of using an external intermediary to hold funds, the system implements direct peer-to-peer transactions where the buyer's cryptocurrency wallet directly transfers funds to the seller's wallet upon successful NFT delivery, eliminating the complexity and costs associated with escrow services while maintaining security through blockchain's inherent transparency and immutability
Solution Approach 2:
The system enables both buyers and sellers to autonomously complete transactions without external intervention. The buyer initiates the purchase, the NFT is transferred directly to the buyer's wallet, and funds are automatically transferred to the seller's wallet. This self-service model eliminates the need for third-party escrow services, reducing transaction complexity and costs while maintaining security through the blockchain's decentralized nature
2Reliability
If third-party escrow services are used to facilitate NFT transactions, then transaction security is improved, but transaction costs increase
Solution Approach 1:
The patent eliminates the third-party escrow service that imposes additional transaction costs. By implementing direct peer-to-peer transfers where the buyer's wallet sends cryptocurrency directly to the seller's wallet upon NFT delivery, the system removes the fee structure associated with escrow services, thereby reducing transaction costs while maintaining security through blockchain's transparent and immutable record-keeping
Solution Approach 2:
The system allows buyers and sellers to conduct transactions autonomously without paying escrow service fees. The direct wallet-to-wallet transfer mechanism eliminates the need for external intermediaries that charge fees, reducing transaction costs while maintaining security through the blockchain's decentralized verification and transparent transaction recording
3Reliability
If blockchain-specific NFT systems are used, then transaction reliability on that blockchain is improved, but interoperability and mobility between blockchains deteriorate
Solution Approach 1:
The patent implements a universal NFT transaction system that operates across multiple blockchain networks. The platform supports NFTs from different blockchains (such as Ethereum, Binance Smart Chain, and other EVM-compatible chains) within a single interface, allowing users to buy, sell, and manage cross-chain NFTs without being restricted to a single blockchain ecosystem, thereby achieving both reliability through blockchain-specific protocols and interoperability through multi-chain support
Solution Approach 2:
The patent employs a centralized marketplace platform as an intermediary that bridges multiple blockchain networks. This intermediary system accepts NFT listings from various blockchains, verifies their authenticity, and facilitates transactions while maintaining the integrity of each underlying blockchain. The platform acts as a mediator that enables cross-chain interoperability while preserving the security and reliability characteristics of each specific blockchain network
4Reliability
If traditional NFT minting processes are used, then NFT authenticity is ensured, but transaction speed and accessibility deteriorate
Solution Approach 1:
The patent implements lazy minting where NFT metadata and information are prepared and stored in advance on the platform's servers before actual blockchain minting occurs. When a buyer purchases an NFT, the minting process is already prepared and can be executed rapidly, significantly reducing transaction time while maintaining authenticity through proper blockchain verification. This preliminary preparation of minting data accelerates the transaction process without compromising the authenticity guarantee provided by blockchain technology
Data Source
AI summary
A blockchain agnostic token network is described. In an example, a request to purchase a non-fungible token (NFT) minted on a blockchain from a seller is received relative to a listing that offers the NFT for sale via a timed auction. In response to determining that the request to purchase the NFT satisfies one or more purchase conditions, the NFT is issued to user account that requested to purchase the NFT. As part of issuing the NFT, the NFT is recorded on a blockchain, such as a blockchain selected by a seller of the NFT or a blockchain selected by the user account to which the NFT is issued.