NFT Payment Objects with Embedded Authorization Credentials
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
The metaverse lacks effective solutions for implementing payment systems, particularly in facilitating secure and authorized transactions using virtual and augmented reality devices, where existing methods fail to ensure financial security and integrate authorization features seamlessly.
Innovation Solution
A computer system utilizing non-fungible tokens (NFTs) as payment objects, which includes a mint engine for generating NFTs with unique visual appearances associated with currency accounts and authorization credentials, a ledger engine for maintaining NFTs on a blockchain, and a transaction engine for processing payments and converting currencies, ensuring only authorized users can access and utilize these NFTs for transactions within the metaverse.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional payment systems are used in the metaverse, then existing payment infrastructure can be leveraged, but financial security and authorization integration are insufficient
Solution Approach 1:
The patent combines authorization credentials directly with the payment object (NFT) by embedding them in the same data structure. The NFT contains both payment information and authorization tokens, merging what were previously separate functions into a single integrated object that provides both payment capability and security verification.
Solution Approach 2:
The NFT payment object serves multiple functions simultaneously: it acts as a payment instrument, an authorization credential, and a security token. This multi-functional design eliminates the need for separate payment systems and authorization systems, providing a universal solution that handles both transactions and security verification.
2Reliability
If authorization features are integrated into payment objects, then financial security is enhanced, but the complexity of payment object creation increases
Solution Approach 1:
The system enables self-service NFT creation by allowing users to generate their own NFT payment objects with embedded authorization credentials through automated processes. The minting mechanism automatically incorporates security features without requiring manual intervention from complex authorization systems, making the creation process accessible while maintaining security standards.
3Reliability
If NFTs with unique visual appearances are created for each currency account, then payment security is improved, but the resources required for generation and storage increase
Solution Approach 1:
The patent uses cryptographic copying where the authorization credential is embedded within the NFT data structure rather than storing separate physical representations. The visual appearance of the NFT is generated from the underlying data, allowing secure verification through cryptographic methods without requiring proportional storage for each visual representation.
Data Source
AI summary
A computer system for implementing a non-fungible token (NFT) as a payment object in a metaverse space. The system includes one or more processors and non-transitory computer-readable storage media encoding instructions which, when executed by the one or more processors, causes the computer system to create: a mint engine programmed to generate an NFT having a unique visual appearance, the NFT being associated with a currency account and including an authorization credential for the currency account; a ledger engine programmed to maintain the NFT on a ledger; a wallet engine programmed to generate a presentation of the NFT in response to a user request, wherein the presentation includes the visual appearance of the NFT to provide a visual representation of the authorization credential; and a transaction engine programmed to access the currency account, based on the authorization credential, in response to a payment request.