Sony Group Corporation (20240320643). NON-FUNGIBLE TOKEN (NFT)-BASED DIGITAL PRODUCT SUBSCRIPTION MANAGEMENT simplified abstract
Contents
NON-FUNGIBLE TOKEN (NFT)-BASED DIGITAL PRODUCT SUBSCRIPTION MANAGEMENT
Organization Name
Inventor(s)
PRATIKA Maheshwari of BENGALURU CA (US)
MADHVESH Sulibhavi of BENGALURU (IN)
NON-FUNGIBLE TOKEN (NFT)-BASED DIGITAL PRODUCT SUBSCRIPTION MANAGEMENT - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320643 titled 'NON-FUNGIBLE TOKEN (NFT)-BASED DIGITAL PRODUCT SUBSCRIPTION MANAGEMENT
Simplified Explanation: The patent application describes an electronic device and method for managing subscriptions to digital products using non-fungible tokens (NFTs). Users can request subscriptions for digital products, and the system determines costs based on demand information and assigns ownership or usage rights using NFTs.
- The system receives subscription requests for digital products from users.
- Costs for the digital products are determined based on demand information.
- Metadata for the digital products is generated based on the subscription requests and costs.
- Ownership or usage of digital products is controlled using NFTs.
- The system can handle multiple users and products simultaneously.
Potential Applications: 1. Digital content subscription services. 2. Online gaming platforms. 3. Streaming services. 4. E-commerce platforms. 5. Software licensing.
Problems Solved: 1. Efficient management of digital product subscriptions. 2. Secure ownership and usage rights assignment. 3. Cost determination based on demand. 4. Streamlined control of digital product access.
Benefits: 1. Enhanced user experience. 2. Improved security for digital products. 3. Cost-effective subscription management. 4. Scalable system for handling multiple users and products. 5. Streamlined control and tracking of digital product access.
Commercial Applications: Digital Subscription Management System: Revolutionizing the way digital products are subscribed to and accessed.
Questions about NFT-based Digital Product Subscription Management: 1. How does the system determine costs for digital products? 2. What are the advantages of using NFTs for controlling ownership and usage rights?
Original Abstract Submitted
an electronic device and method for nft-based digital product subscription management is disclosed. a first subscription request associated with a first user is received, for one or more first digital products. the first subscription request corresponds to a first user-right for the one or more first digital products. a cost associated with the one or more first digital products is determined, based on demand information for the one or more first digital products. metadata associated with the one or more first digital products is determined, based on the first subscription request and the cost. a second subscription request associated with a second user is received, for a second digital product. the second subscription request corresponds to a second user-right of the second user for the second digital product. a second nft is retrieved and an ownership or usage of the second digital product is controlled based on the second nft.
