Validated NFTs with Embedded Proof Packages
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Solution Overview
Problem
The NFT market faces challenges with fraudulent activities, where creative works can be easily copied and misrepresented, leading to vulnerabilities in trust and authenticity for buyers, sellers, and owners.
Innovation Solution
A system and method are introduced to encapsulate trust mechanisms within NFTs by validating creative works, generating validated NFTs, and writing them to a blockchain, along with creating collectible NFTs and providing a package of proof that includes the creative work, supporting documents, and validation information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If NFTs are created without validation mechanisms, then the ease of manufacture and operation is improved, but the reliability and trustworthiness of NFT ownership deteriorates
Solution Approach 1:
The system performs validation of the creative work before the NFT is minted and transferred to the marketplace. A validation component verifies the authenticity and ownership of the creative work, generating a validation result that is stored in the NFT metadata. This preliminary validation ensures that only authenticated works become NFTs, establishing trust before the NFT enters circulation.
Solution Approach 2:
The patent introduces a validation component as an intermediary between the NFT creator and the blockchain network. This component acts as a trusted third party that verifies the creative work's authenticity and generates validation information. The validation result serves as a mediator that bridges the gap between unverified creative works and the trust requirements of NFT ownership.
2Reliability
If validation mechanisms are implemented for NFTs, then the reliability and authenticity of creative works is improved, but the device complexity and processing time increases
Solution Approach 1:
The system divides the NFT creation process into separate functional components: a validation component that verifies creative work authenticity, a minting component that creates the NFT, and a marketplace component that handles transactions. Each component has a specific responsibility, with the validation component generating validation information that is stored in the NFT metadata. This segmentation allows the validation mechanism to be added without fundamentally redesigning the entire NFT system.
Solution Approach 2:
The validation component is designed to work with multiple types of creative works (images, videos, audio, 3D models) and can be integrated into different NFT creation platforms. The validation information generated is stored in a standardized format in the NFT metadata, making it universally compatible with various blockchain networks and marketplaces. This multi-functionality reduces the need for separate validation systems for different use cases.
3Reliability
If comprehensive validation and proof packaging is performed, then the transparency and trust mechanism is improved, but the loss of time and processing overhead increases
Solution Approach 1:
The system extracts only the essential validation information needed to prove authenticity and ownership, storing it in the NFT metadata rather than keeping the entire validation process record. The validation component generates a concise validation result that includes key authenticity indicators, which are then embedded in the NFT. This extraction approach provides sufficient transparency for trust verification while minimizing the time and storage requirements compared to keeping complete validation logs.
Data Source
AI summary
The disclosure is directed at a method and system for the providing trust and transparency relating to non-fungible token (NT) ownership.