Location-Based NFT Minting via Smart Contract Verification
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Solution Overview
Problem
Conventional NFT minting and distribution platforms fail to incentivize collectors to meet in person or virtually, as they do not consider location or social interactions, leading to a lack of scarcity and value for NFTs.
Innovation Solution
Implementing a location-based NFT minting and distribution system that rewards collectors for their presence at specific physical or virtual locations, creating variant NFTs that are scarce due to their location-specific availability, and allowing for the minting and distribution of NFTs as souvenirs or rewards for participation in events.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If conventional NFT minting and distribution platforms enable collectors to buy, sell, or trade NFTs at will, then the ease of operation is improved, but the scarcity and value of NFTs deteriorate due to lack of location-based constraints
Solution Approach 1:
The patent applies local quality by making NFT availability location-specific. Different locations have different NFT offerings, and collectors can only mint certain NFTs when physically present at designated locations. This creates local scarcity while maintaining overall system operability through a decentralized platform that tracks collector locations via GPS or other location services.
2Quantity of substance
If location-based constraints are imposed on NFT minting, then the scarcity and value of NFTs are improved, but the ease of operation deteriorates due to location verification requirements
Solution Approach 1:
The system implements self-service by automatically tracking collector locations through mobile device GPS or other location services and enabling or disabling NFT minting capabilities based on location data. Collectors simply interact with the platform interface as usual, while the system autonomously verifies location compliance and enforces location-based constraints without requiring manual verification or complex user actions.
3Ease of operation
If conventional platforms allow free trading of NFTs, then the ease of operation is improved, but social interaction and collector engagement deteriorate
Solution Approach 1:
The patent merges traditional NFT trading functionality with location-based social interaction features. The platform combines decentralized autonomous market operations with physical world engagement by requiring collectors to visit specific locations, potentially meet other collectors, and complete location-based challenges. This integration maintains trading ease through automated smart contracts while adding social interaction dimensions through location verification and community events.
Data Source
AI summary
A system includes a hardware processor and a memory storing software code, the software code is executed to receive an assembly message for a plurality of users including first and second users to assemble at a same physical or virtual location, confirm that the first and second users are present at the same physical or virtual location, verify that each of those users is an owner of a respective NFT related to the assembly message, and generate a smart contract governing minting of variant NFTs. The software is further executed to mint, based on the smart contract, a first variant NFT based on the NFT of the first user and a second variant NFT based on the NFT of the second user, and distribute the first or second variant NFTs to the first user and the other of the first or second variant NFTs to the second user.