Patent published on August 3, 2023

MITEL NETWORKS Develops New Method to Assess Value of Digital Collectibles for Non-Fungible Token (NFT) Conversion

In the fast-paced world of cryptocurrency, digital collectibles have become a popular way to invest and earn money. With the rising popularity of non-fungible tokens (NFTs), a new and innovative method of assessing the value of digital collectibles is now being developed by Mitel Networks. The new method looks at the creator’s clout and the popularity of the collectible, and then combines these two values into one.

Digital collectibles, such as artwork, digital cards, audio clips, music, and video games, are often traded and sold on digital markets. However, for these collectibles to be converted into NFTs, their value must first be determined. For a long time, the value of these digital collectibles has been determined subjectively and speculatively. But now, with Mitel Networks’ new method, digital collectibles can be accurately assessed and converted into NFTs.

The new method developed by Mitel Networks uses a combination of two metrics to determine the value of the collectible. The first metric is the creator’s clout, which is a measure of the creator’s influence or reputation. It takes into account factors such as the creator’s followers, likes, comments, and other forms of engagement. The second metric is the popularity of the collectible itself. This metric looks at the number of times the collectible has been traded or sold, as well as the amount of money it has been exchanged for.

Using these two metrics, Mitel Networks can accurately determine the value of a digital collectible and convert it into an NFT. This NFT can then be used to represent and securely store the collectible on a blockchain ledger. This will not only provide a public certificate of authenticity or proof of ownership for the collectible, but also ensure that the collectible is not lost or stolen.

The technology being developed by Mitel Networks could revolutionize the trading and investing of digital collectibles. It could also make it easier and more secure for people to trade and invest in NFTs, while also providing a way to accurately assess the value of a collectible. Although this technology is still in the patent stage, with patent number US20230245163A1, there is a possibility that it could be released and used in the near future.

Overall, Mitel Networks’ new method of assessing digital collectibles could be a game-changer for the world of cryptocurrency. It could make it easier for people to invest in digital collectibles, and provide a secure way to store them on a blockchain ledger. However, since the technology is still in the patent stage, there is no guarantee that it will be released or become widely used. Nevertheless, it will be interesting to see how this technology develops and what impact it will have on the world of cryptocurrency.

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