Wemade Co., Ltd. (20240257121). METHOD FOR ISSUING FAN TOKEN BASED ON BLOCKCHAIN NETWORK AND BLOCKCHAIN SYSTEM USING THE SAME simplified abstract
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METHOD FOR ISSUING FAN TOKEN BASED ON BLOCKCHAIN NETWORK AND BLOCKCHAIN SYSTEM USING THE SAME
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METHOD FOR ISSUING FAN TOKEN BASED ON BLOCKCHAIN NETWORK AND BLOCKCHAIN SYSTEM USING THE SAME - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257121 titled 'METHOD FOR ISSUING FAN TOKEN BASED ON BLOCKCHAIN NETWORK AND BLOCKCHAIN SYSTEM USING THE SAME
The abstract describes a method for issuing fan tokens on a blockchain network. The method involves allowing a minter to mint fan tokens up to a preset total upper limit, issuing the tokens to a vault up to an initial issued number, and allowing a creator to distribute the tokens from the vault. Price information of the tokens in a liquidity pool is acquired, and the minter can issue additional tokens to the vault based on specific price fluctuation conditions.
- Allowing minters to mint fan tokens up to a preset total upper limit
- Issuing fan tokens to a vault up to an initial issued number
- Allowing creators to distribute fan tokens from the vault
- Acquiring price information of the tokens in a liquidity pool
- Allowing minters to issue additional tokens based on specific price fluctuation conditions
Potential Applications: - Sports teams issuing fan tokens for exclusive benefits - Music artists creating fan tokens for special access to content - Brands using fan tokens for loyalty programs
Problems Solved: - Providing a method for issuing and managing fan tokens on a blockchain network - Allowing for flexibility in token issuance based on market conditions
Benefits: - Increased engagement and loyalty from fans - Transparent and secure token issuance process - Potential for increased value of fan tokens based on market demand
Commercial Applications: Title: "Blockchain-Based Fan Token Issuance for Enhanced Fan Engagement" This technology can be used by sports teams, music artists, and brands to create fan tokens for loyalty programs, exclusive benefits, and increased fan engagement. The market implications include enhanced fan loyalty, potential revenue generation from token sales, and innovative marketing strategies.
Prior Art: Research existing methods for issuing tokens on blockchain networks, particularly in the sports and entertainment industries.
Frequently Updated Research: Stay informed on the latest developments in blockchain technology for token issuance and management.
Questions about Fan Token Issuance: 1. How does the method ensure the security and authenticity of fan tokens? 2. What are the potential regulatory considerations for issuing fan tokens on a blockchain network?
Original Abstract Submitted
a method for issuing fan tokens based on a blockchain network is provided. the method includes steps of: allowing a minter to mint fan tokens as much as a preset total upper limit of issuing the fan tokens, allowing the minter to issue the fan tokens to a vault as much as an initial issued number, and allowing a creator to distribute the fan tokens deposited in the vault, thereby registering information on the initial issued number of the fan tokens and thus updating information on a current total issued amount of the fan tokens; and acquiring price information of the fan tokens exchanged in a liquidity pool, allowing the minter to additionally issue the fan tokens to the vault as much as a specific multiple of a preset unit number corresponding to a first price fluctuation condition, and registering information on the specific multiple of the preset unit number.
