In an effort to make digital coins more reliable and trust-enhancing, a new patent (US20230259640A1) has been filed by David Metzler, potentially introducing a unique solution to the Metzler eNFT Marketplace. This fresh take on computer systems keeps a record of ownership for certain digital assets before they are transformed into a unique category of digital coins known as non-fungible tokens.
Non-fungible tokens, or NFTs, have been a hot topic in digital and tech circles lately. An analogy to grasp this concept better is to imagine having a digital receipt that shows you what was bought, who bought it, and from whom it was bought, before it was converted into digital coins.
Many issues currently plague the NFT market, including a lack of trust, contested copyrights, and fraudulent practices leading to scams. In addition, many potential buyers plunge into purchasing NFTs without understanding their true value due to the opacity surrounding transferring copyright or patents associated with their purchase.
This patent proposes a system that endeavors to provide a trustworthy badge of authenticity for NFTs while solving the issue of unclear ownership rights. It is expected that this will help increase the market price of NFTs and secure their standing as trusted assets for creators and collectors.
Further, the patented system promises to protect sensitive data through encryption. Traditionally, encryption is seen as a costly and time-consuming process that often requires substantial computing power. The innovative mechanism brought forward by this patent aims to streamline this process, saving valuable resources while maintaining the top-tier protection of sensitive data.
Better file encryption based on the content of files rather than their types or locations, along with creating secondary copies of data without significant impact on primary resources, are among the other advertised advantages of Metzler’s patented system.
As illustrated in the visual representations in Figure 1A to Figure 21 of the patent details, this system is a well-integrated, user-friendly solution to the pressing issues faced in the NFT market.
However, it is important to remember that the existence of a patent does not necessarily mean the product will appear on the market. It could simply be a way to safeguard an innovative idea or process from being copied. So while this proposed system offers some exciting potential developments in the world of NFTs, there still remains no certainty if or when it will become a reality.
Nevertheless, from the outlook, the proposed patent promises a future for NFTs that is much more secure, efficient, and transparent than what we currently have. It is a solution that seems much needed in the fast-evolving yet unpredictable world of digital coins.