Blockchain Digital Platform for Secure NFT Trading and Pricing
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Solution Overview
Problem
The NFT market faces challenges such as uncertainty in pricing due to lack of standards, high risk of cyber threats, counterfeit NFTs, and unclear ownership, leading to fraud and scams, which complicates the trading experience.
Innovation Solution
A digital platform utilizing blockchain technology to create and trade cryptographically secured digital assets, where products and services are listed with transparent pricing determined by edition, launch, run size, and volume using smart contracts, and users can link products and services securely, enabling transparent ownership verification and fraud prevention.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If NFT pricing is determined by market factors such as creativity, uniqueness, and scarcity, then the NFT market has vast potential and flexibility, but price uncertainty and fluctuations increase making evaluation difficult
Solution Approach 1:
The patent changes the parameters used for NFT pricing from subjective market factors (creativity, uniqueness, scarcity) to objective, verifiable parameters stored on blockchain (provenance, authenticity, ownership history, transaction data). This allows pricing to remain flexible while becoming more measurable and evaluable through cryptographic verification of these parameters.
Solution Approach 2:
The patent implements feedback mechanisms where blockchain-stored information about NFT provenance, authenticity, and transaction history provides verifiable data that feeds into pricing models. This feedback loop reduces price uncertainty by allowing buyers and sellers to make informed decisions based on transparent, immutable records rather than speculative factors alone.
2Productivity
If NFT stores use original logos and content to appear authentic, then they attract more buyers and increase market activity, but the risk of cyber threats and counterfeit NFTs increases
Solution Approach 1:
The patent introduces blockchain technology as an intermediary between NFT stores and buyers. The blockchain acts as a trusted mediator that verifies authenticity through cryptographic proofs and smart contracts, allowing stores to operate with original logos and content while the blockchain intermediary prevents counterfeit transactions and reduces cyber threat risks.
Solution Approach 2:
The patent applies preliminary anti-action by implementing blockchain-based authentication and smart contract verification before NFT transactions occur. This preemptive measure prevents counterfeit NFTs from being traded and protects against cyber threats before they can cause harm, while still allowing authentic stores to conduct business normally.
3Adaptability or versatility
If sellers can list products and services freely on the platform, then the platform offers high adaptability and user freedom, but verifying ownership and preventing fraud becomes more difficult
Solution Approach 1:
The patent applies preliminary action by requiring sellers to register their products and services on the blockchain before listing them on the platform. This advance registration creates immutable records of ownership and authenticity that can be verified later, allowing free listing flexibility while ensuring reliable ownership verification through pre-established blockchain credentials.
Data Source
AI summary
A digital platform is provided for reframing a trading experience, and creating and securely trading physical products and cryptographically secured digital assets through on-chain and off-chain communities. The platform's method comprises: receiving one of first product information and first service information, through a blockchain network, from a seller; creating one of a first product and a first service, on the blockchain network, on a digital platform; transparently listing product details of one of the first product and the first service, using the blockchain network, on the digital platform; and dynamically assigning and publishing a price of one of the first product, and the first service based on combination of one of an edition, and a launch, and one of a run size, and a volume of one of the first product and the first service using a smart contract.