Digital Twin NFT Listing with Smart Contract Obligations
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Solution Overview
Problem
Conventional platforms lack the functionality to transfer ownership of digital twin NFTs associated with physical items, as they cannot physically deliver the digital twin NFT to the purchasing entity, leading to unique considerations and inadequate listing systems for such transactions.
Innovation Solution
A system is developed to list NFTs associated with physical items, generating a dashboard for digital wallets to display NFT information, specifying obligations for transfer, and using a smart contract template executed on a blockchain to ensure obligation fulfillment and transfer the NFT from one digital wallet to another.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional platforms are used for transferring digital twin NFTs, then physical delivery mechanisms can be applied, but the platforms lack the functionality to transfer ownership of digital twin NFTs associated with physical items
Solution Approach 1:
The patent introduces a digital twin NFT as an intermediary that represents ownership of a physical item. The NFT serves as a mediator between the physical item and the ownership transfer mechanism, enabling conventional platforms to handle digital asset transfers while maintaining connection to physical goods. The NFT encapsulates ownership rights and can be transferred digitally, while the physical item remains in the buyer's possession.
Solution Approach 2:
The patent creates a digital copy (NFT) of the ownership rights to a physical item. This digital twin NFT is a copy of the ownership certificate that can be transferred electronically without physically moving the actual item. The NFT contains metadata linking it to the specific physical item, allowing ownership transfer through digital means while maintaining the connection to the physical asset.
2Speed
If digital twin NFTs are transferred without physical delivery, then transfer speed increases, but conventional platforms cannot physically deliver the digital twin NFT to the purchasing entity
Solution Approach 1:
The patent replaces the mechanical delivery system with a digital transfer mechanism. Instead of physically delivering ownership certificates or documents, the system uses blockchain-based NFT transfers that occur instantaneously or near-instantaneously. The mechanical process of physical delivery is substituted with cryptographic key pair operations and blockchain transaction processing, dramatically increasing transfer speed while eliminating the need for physical logistics.
3Ease of operation
If NFTs are listed without obligation specifications, then listing simplicity increases, but conditions for transferring NFT ownership cannot be enforced
Solution Approach 1:
The patent implements preliminary action by requiring sellers to specify transfer obligations and conditions when creating the NFT listing. These obligations are encoded into smart contracts or binding agreement terms before the NFT is offered for sale. Common obligations include transferring physical possession of the item, providing authenticity certificates, or meeting specific delivery requirements. This preliminary specification ensures that all transfer conditions are established upfront, making the listing process straightforward while guaranteeing enforceable obligations.
Data Source
AI summary
Listing NFTs associated with physical items is described. Input specifying at least one obligation to be performed as a condition for transferring an NET from a first digital wallet to a second digital wallet is received. A listing for the NFT is then generated with information that describes the NET and the at least one obligation. A smart contract template is also generated, which includes instructions that are configured to ensure performance of the at least one obligation and transfer the NET from the first digital wallet to the second digital wallet. Responsive to purchase of the NFT via the listing, a smart contract is generated by updating the smart contract template with an identifier of the second digital wallet, and the NFT is transferred by executing the smart contract using a distributed state machine implemented on a blockchain.