SYSTEM AND METHOD FOR NON-FUNGIBLE TOKEN ECONOMY SINKS

Number: 20230410066
Published: 2023-12-21
Filed: 2023-04-12
Assignee: Disney Enterprises, Inc.
Inventors: Khalfan; Alif et al.
CPC: G06Q20/065; G06Q20/401
Verdict: Set aside NFT/blockchain economy, business
Source: Google Patents · FreePatentsOnline

Abstract

A system includes a hardware processor and a memory storing software code. The hardware processor executes the software code to determine how many users are present at a location at a starting time of an NFT acquisition event, identify, based on how many users are present, a collaborative activity for the users, the collaborative activity requiring relinquishment of a plurality of NFTs, and communicate the collaborative activity to the users. The hardware processor further executes the software code to verify that the collaborative activity has been completed, and provide, in response to verifying, one or more new NFT(s) for distribution to at least one of the users, wherein (i) a value associated with the new NFT(s) exceeds a value of the NFTs relinquished, or (ii) a number of the NFTs relinquished exceeds a number of the new NFT(s).

Background

BACKGROUND

Although existing non-fungible token (NFT) minting and distribution schemes advantageously enable NFT collectors to buy, sell, or trade NFTs at will, those conventional schemes do nothing to protect the value of existing NFTs as more and more of such assets become available. However, the increasing proliferation of NFTs threatens to undesirably dilute the value of existing NFTs, both their objective market value and the subjective value arising from the perception by an NFT owner that their NFT asset is rare or precious. That is to say, conventional NFT minting and distribution approaches fail to incentivize the relinquishment of existing NFTs. Thus there is a need in the art for an NFT marketplace solution capable of preserving or enhancing the value of existing NFTs without constraining the production and exchange of new NFTs.

Claims

1. A system comprising: a hardware processor and a system memory storing a software code; the hardware processor configured to execute the software code to: determine a number of users present at a location at a starting time of a non-fungible token (NFT) acquisition event; identify, based on the number of users present at the location at the starting time, a collaborative activity for the users, the collaborative activity requiring a relinquishment of a plurality of NFTs; communicate the collaborative activity to the users; verify that the collaborative activity requiring the relinquishment of the plurality of NFTs has been completed; and provide, in response to verifying, at least one new NFT for distribution to at least one of the users; wherein (i) a value of the at least one new NFT exceeds a value associated with the plurality of NFTs relinquished, or (ii) a number of the plurality of NFTs relinquished exceeds a number of the at least one new NFT. || 11. A method for use by a system including a hardware processor and a system memory storing a software code, the method comprising: determining, by the software code executed by the hardware processor, a number of users present at a location at a starting time of a non-fungible token (NFT) acquisition event; identifying, by the software code executed by the hardware processor based on the number of users present at the location at the starting time, a collaborative activity for the users, the collaborative activity requiring a relinquishment of a plurality of NFTs; communicating, by the software code executed by the hardware processor, the collaborative activity to the users; verifying, by the software code executed by the hardware processor, that the collaborative activity requiring the relinquishment of the plurality of NFTs has been completed; and providing, by the software code executed by the hardware processor in response to verifying, at least one new NFT for distribution to at least one of the users; wherein (i) a value associated with the at least one new NFT exceeds a value of the plurality of NFTs relinquished, or (ii) a number of the plurality of NFTs relinquished exceeds a number of the at least one new NFT.