Digital Storefront Platform for NFT Minting and Trading
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Solution Overview
Problem
Current solutions for interacting with blockchain to protect and verify ownership of non-fungible tokens (NFTs) require deep expertise in blockchain development, smart contracts, anti-money laundering (AML), and counter-terrorism financing (CTF) practices, and lack integrated AML/CTF screening capabilities, customization options, and Software Development Kits (SDKs for integration with existing systems.
Innovation Solution
A digital storefront platform that includes a mint module for creating NFTs, a trade module for transacting NFTs, a key cycler for parallel transactions, and an AML module for regulatory compliance, allowing users to securely create, mint, transfer, buy, and sell NFTs across different blockchains while supporting fiat and cryptocurrency purchases.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If conventional solutions are used to interact with blockchain, then basic NFT functionality is provided, but deep expertise in blockchain development, smart contracts, AML, and CTF practices is required
Solution Approach 1:
The patent introduces a digital storefront platform as an intermediary layer between users and the blockchain. This platform handles complex blockchain operations, smart contract interactions, AML/CTF compliance checks, and key management automatically, allowing users to interact with NFTs through simple user-friendly interfaces without needing deep technical expertise in these areas.
2Adaptability or versatility
If centralized marketplace interfaces are used, then NFT trading is enabled, but customization options are limited
Solution Approach 1:
The digital storefront platform is designed as a universal, multi-functional system that can be configured and customized for different use cases. It supports various NFT types, integration with existing systems through SDKs, configurable compliance rules, and adaptable user interfaces, allowing organizations to tailor the platform to their specific needs while maintaining core blockchain functionality.
3Reliability
If AML/CTF screening capabilities are integrated, then regulatory compliance is improved, but system complexity increases
Solution Approach 1:
The patent combines AML/CTF screening capabilities with the core NFT marketplace functionality into a unified digital storefront platform. The compliance screening is performed automatically as part of the standard transaction flow, merging security compliance with trade operations rather than treating them as separate complex systems.
4Productivity
If parallel transactions are processed, then transaction throughput is improved, but key management complexity increases
Solution Approach 1:
The system implements self-service key management where the digital storefront platform automatically handles cryptographic key generation, storage, rotation, and distribution. The platform maintains secure key management infrastructure that enables parallel transactions without requiring manual intervention or complex key management processes from users.
Data Source
AI summary
A computing apparatus, a non-transitory computer-readable storage medium, and a method of offering blockchain transactions of non-fungible tokens (NFTs) including providing a digital storefront platform for the NFTs with a mint module, configured to create and mint NFTs on blockchains, and a trade module configured to transact with the minted NFTs. A key cycler is configured to allow parallel transactions with blockchains, payment processors, the mint module, and the trade module. The key cycler includes a plurality of private keys on a web-based key management service (KMS). The key cycler is configured to facilitate transaction payments using fiat currency or cryptocurrency. Anti-money laundering (AML) and counter-terrorism financing (CTF) screening capabilities may be incorporated into the disclosed solution.