NFT Asset ID and Wallet ID Integration for Simplified Trading
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Solution Overview
Problem
Users face inconvenience and high transaction fees when buying or selling digital assets, as they need to convert fiat currency into cryptocurrencies and navigate complex technical concepts for trading, especially due to the separation of NFT asset IDs and wallet IDs in existing systems.
Innovation Solution
An asset management method and device that integrate a non-fungible token (NFT) asset ID and a wallet ID uniquely generated for a real asset onto a blockchain, allowing the NFT asset to be transferred alongside the real asset, eliminating the need for separate cryptocurrency conversions and digital asset exchanges.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users trade digital assets through existing cryptocurrency exchanges and digital asset exchanges, then digital asset trading can be performed, but users need to convert fiat currency to cryptocurrency, pay high transaction fees, and navigate complex technical concepts
Solution Approach 1:
The patent combines the cryptocurrency exchange function and digital asset exchange function into a single integrated platform. The asset management device merges the wallet ID system with the NFT asset ID system, allowing users to trade digital assets directly without separate conversion steps. This integration eliminates the need for users to navigate multiple exchanges and understand complex cryptocurrency conversion processes.
2Adaptability or versatility
If users convert fiat currency to cryptocurrency to purchase digital assets, then digital asset purchase is enabled, but transaction fees increase and trading becomes more complex
Solution Approach 1:
The asset management device enables universal payment functionality by accepting both fiat currency and cryptocurrency for digital asset purchases. The system is designed to handle multiple payment types through a single interface, allowing users to pay for NFT assets directly with fiat currency without mandatory conversion to cryptocurrency, thereby reducing transaction fees and simplifying the purchase process.
3Reliability
If NFT asset ID and wallet ID are kept separate in existing systems, then digital asset ownership can be tracked, but users must understand complex technical concepts and pay additional fees
Solution Approach 1:
The patent merges the wallet ID and NFT asset ID into a unified identification system. The asset management device integrates these previously separate identifiers, allowing the NFT asset ID to be directly associated with the user's wallet without requiring separate management. This integration maintains reliable ownership tracking while significantly simplifying user interaction, as users no longer need to understand or manage separate cryptocurrency wallets and digital asset identifiers.
Data Source
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AI summary
An asset management method including obtaining a non-fungible token (NFT) asset identifier (ID) of an NFT asset linked to a real asset, mapping the obtained NFT asset ID to a wallet ID that is uniquely generated in a one-to-one manner in association with the real asset, and registering the mapped NFT asset ID and wallet ID on a blockchain, wherein the NFT asset is uniquely identifiable in association with the real asset through the registered NFT asset ID and the wallet ID that are integrated into the real asset.