Description:FIELD OF INVENTION
[0001] The embodiments of the present disclosure generally relate to a field of blockchain networks. More particularly, the present disclosure relates to a method and a system for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment.

BACKGROUND
[0002] The following description of the related art is intended to provide background information pertaining to the field of the disclosure. This section may include certain aspects of the art that may be related to various features of the present disclosure. However, it should be appreciated that this section be used only to enhance the understanding of the reader with respect to the present disclosure, and not as admissions of the prior art.
[0003] Generally, a Non-Fungible Token (NFT) is a digital asset that is created on a blockchain network. The owner of the NFT can prove their ownership using their private key or wallet. For example, a NFT may be generated for physical or digital products, when being purchased from an electronic commerce (e-commerce) portal. The NFTs may be immutable and unique—no two NFTs are identical, making it easy to establish a proof of ownership. Any physical or digital products tethered to the NFT may enable the physical or digital products to a perfect medium for associating real-world items into a digital environment and maintaining the uniqueness of the products.
[0004] The first wave of NFT monetization may be around digital collectibles such as musicians, artists, and celebrities, that enable them to have complete ownership over respective content. Beyond digital products, physical products may also include NFTs to prove provenance and ownership of the physical product. There are emergent use cases for auto companies, jewelry companies, fashion companies, and similar passion industries that may provide NFTs with each product. The NFTs may be used to certify product provenance, or even be a digital twin replica that the customer can display. To accelerate mass-scale adoption of the NFT as an instrument to stamp immutable ownership of a physical or digital product on a blockchain network, an ‘A-league’ platform, an e-commerce platform may be accelerating the setting up of their NFT market places as part of the e-commerce platforms. The NFTs may allow to buy and sell ownership of unique digital tokens of physical/digital products and keep track of owner of the NFT using the blockchain network. The NFT may include any digital information, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one-of-a-kinds, such as a real-life painting, or one copy of many, such as trading cards. The blockchain network may keep track of ownership of the file associated with the NFT. The NFT tagged to the physical world products enables dissolving the counterfeit problem, authorizes and enables using the digital variant/equivalent of the physical product in various online galleries, games, fashion events, and the like, including in metaverse. However, with the increasing ubiquity of the NFT, it becomes imperative for the buyer to ascertain the commercial value of the NFT before deciding to own the NFT.
[0005] Therefore, there is a need for a method and a system for solving the shortcomings of the prior arts, by providing a method and a system for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment.

SUMMARY
[0006] This section is provided to introduce certain objects and aspects of the present invention in a simplified form that are further described below in the detailed description. This summary is not intended to identify the key features or the scope of the claimed subject matter. In order to overcome at least a few problems associated with the known solutions as provided in the previous section, an object of the present invention is to provide a technique that may be providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment.
[0007] It is an object of the present disclosure to provide a method and a system for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment.
[0008] It is another object of the present disclosure to provide a method and a system for providing NFTs with traits, information, metadata, and commerce utilities of the purchased physical product to enhance the value of the NFT.
[0009] It is another object of the present disclosure to provide a method and a system for providing NFTs to enable safe purchase of both digital and the physical products by associating NFT, which in turn enables easy, secure, cost-effective, multi-chain interoperable, and value-enhancing products using the NFTs.
[0010] It is another object of the present disclosure to provide a method and a system for implementing ownership-chain transparency on the blockchain network for the products and the associated NFT.
[0011] It is another object of the present disclosure to allow listing of the NFT and declaring that the user of the NFT has completely refrained from selling the product multiple times, multiple NFTs of the same artwork across blockchain networks, legal and irrevocable binding of the metadata with the NFT to protect the buyer’s interest.
[0012] It is yet another object of the present disclosure to ensure permanency of the meta-data associated with the NFT by de-centralizing the metadata, which in turn eliminates the risk of losing the meta-data.
[0013] In an aspect, the present disclosure provides a method for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment. The method includes receiving a request from a user for adding Non-Fungible Token (NFT) relevant value to at least one of a physical product and a digital product purchased in an e-commerce environment. Further, the method includes generating at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data corresponding to the at least one of physical product and digital product. Furthermore, the method includes estimating a value of the NFT to be created, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data. Additionally, the method includes creating the NFT comprising metadata and attributes, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data, wherein the NFT is created based on the estimated value. Further, the method includes triggering to list the created NFT on a blockchain network 120, and to store the metadata and attributes as an Inter Planetary File System (IPFS) hash function in the decentralized database 122.
[0014] In an aspect, the present disclosure provides a system for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment. The system receives a request from a user for adding Non-Fungible Token (NFT) relevant value to at least one of a physical product and a digital product purchased in an e-commerce environment. Further, the system generates at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data corresponding to the at least one of physical product and digital product. Furthermore, the system estimates a value of the NFT to be created, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data. Further, the system creates the NFT comprising metadata and attributes, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data. The NFT is created based on the estimated value. Furthermore, the system triggers to list of the created NFT on a blockchain network, and to store the metadata and attributes as an Inter Planetary File System (IPFS) hash function in a decentralized database.

BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWINGS
[0015] The accompanying drawings, which are incorporated herein, and constitute a part of this invention, illustrate exemplary embodiments of the disclosed methods and systems in which like reference numerals refer to the same parts throughout the different drawings. Components in the drawings are not necessarily to scale, emphasis instead being placed upon clearly illustrating the principles of the present invention. Some drawings may indicate the components using block diagrams and may not represent the internal circuitry/sub components of each component. It will be appreciated by those skilled in the art that the invention of such drawings includes the invention of electrical components, electronic components, or circuitry commonly used to implement such components.
[0016] FIG. 1 illustrates an exemplary block diagram representation of a network architecture implementing a proposed system for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment, according to embodiments of the present disclosure.
[0017] FIG. 2 illustrates a flow chart depicting a method for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment, according to embodiments of the present disclosure.
[0018] FIG. 3 illustrates a hardware platform for the implementation of the disclosed system according to embodiments of the present disclosure.
[0019] The foregoing shall be more apparent from the following more detailed description of the invention.

DETAILED DESCRIPTION OF INVENTION
[0020] In the following description, for the purposes of explanation, various specific details are set forth in order to provide a thorough understanding of embodiments of the present disclosure. It will be apparent, however, that embodiments of the present disclosure may be practiced without these specific details. Several features described hereafter can each be used independently of one another or with any combination of other features. An individual feature may not address all of the problems discussed above or might address only some of the problems discussed above. Some of the problems discussed above might not be fully addressed by any of the features described herein.
[0021] The ensuing description provides exemplary embodiments only, and is not intended to limit the scope, applicability, or configuration of the disclosure. Rather, the ensuing description of the exemplary embodiments will provide those skilled in the art with an enabling description for implementing an exemplary embodiment. It should be understood that, various changes may be made in the function and arrangement of elements without departing from the spirit and scope of the invention as set forth.
[0022] Specific details are given in the following description to provide a thorough understanding of the embodiments. However, it will be understood by one of ordinary skill in the art that the embodiments may be practiced without these specific details. For example, circuits, systems, networks, processes, and other components may be shown as components in block diagram form in order not to obscure the embodiments in unnecessary detail. In other instances, well-known circuits, processes, algorithms, structures, and techniques may be shown without unnecessary detail in order to avoid obscuring the embodiments.
[0023] Also, it is noted that individual embodiments may be described as a process which is depicted as a flowchart, a flow diagram, a data flow diagram, a structure diagram, or a block diagram. Although a flowchart may describe the operations as a sequential process, many of the operations can be performed in parallel or concurrently. In addition, the order of the operations may be re-arranged. A process is terminated when its operations are completed but could have additional steps not included in a figure. A process may correspond to a method, a function, a procedure, a subroutine, a subprogram, etc. When a process corresponds to a function, its termination can correspond to a return of the function to the calling function or the main function.
[0024] The word “exemplary” and/or “demonstrative” is used herein to mean serving as an example, instance, or illustration. For the avoidance of doubt, the subject matter disclosed herein is not limited by such examples. In addition, any aspect or design described herein as “exemplary” and/or “demonstrative” is not necessarily to be construed as preferred or advantageous over other aspects or designs, nor is it meant to preclude equivalent exemplary structures and techniques known to those of ordinary skill in the art. Furthermore, to the extent that the terms “includes,” “has,” “contains,” and other similar words are used in either the detailed description or the claims, such terms are intended to be inclusive—in a manner similar to the term “comprising” as an open transition word—without precluding any additional or other elements.
[0025] As used herein, "connect", "configure", "couple" and its cognate terms, such as "connects", "connected", "configured", and "coupled" may include a physical connection (such as a wired/wireless connection), a logical connection (such as through logical gates of semiconducting device), other suitable connections, or a combination of such connections, as may be obvious to a skilled person.
[0026] As used herein, "send", "transfer", "transmit", and their cognate terms like "sending", "sent", "transferring", "transmitting", "transferred", "transmitted", etc. include sending or transporting data or information from one unit or component to another unit or component, wherein the content may or may not be modified before or after sending, transferring, transmitting.
[0027] Reference throughout this specification to “one embodiment” or “an embodiment” or “an instance” or “one instance” means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the present invention. Thus, the appearances of the phrases “in one embodiment” or “in an embodiment” in various places throughout this specification are not necessarily all referring to the same embodiment. Furthermore, the particular features, structures, or characteristics may be combined in any suitable manner in one or more embodiments.
[0028] The terminology used herein is for the purpose of describing particular embodiments only and is not intended to be limiting of the invention. As used herein, the singular forms “a,” “an,” and “the” are intended to include the plural forms as well, unless the context clearly indicates otherwise. It will be further understood that the terms “comprises” and/or “comprising,” when used in this specification, specify the presence of stated features, integers, steps, operations, elements, and/or components, but do not preclude the presence or addition of one or more other features, integers, steps, operations, elements, components, and/or groups thereof. As used herein, the term “and/or” includes any and all combinations of one or more of the associated listed items.
[0029] Various embodiments of the present disclosure provide a method and a system for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment. The present disclosure provides a method and a system for providing NFTs with traits, information, metadata, and commerce utilities of the purchased physical product to enhance the value of the NFT. The present disclosure provides a method and a system for providing NFTs to enable safe purchase of both digital or the physical products by associating NFT, which in turn enables easy, secure, cost-effective, multi-chain interoperable, and value-enhancing of the products using the NFTs. The present disclosure provides a method and a system for implementing ownership-chain transparency on the blockchain network for the products and the associated NFT. The present disclosure allows listing of the NFT and declaring that the user of the NFT has completely refrained from selling products multiple times, multiple NFTs of the same artwork across blockchain networks, and legal and irrevocable binding of the metadata with the NFT to protect the buyer’s interest. The present disclosure ensures the permanency of the meta-data associated with the NFT by de-centralizing the metadata, which in turn eliminates the risk of losing the meta-data.
[0030] FIG. 1 illustrates an exemplary block diagram representation of a network architecture 100 implementing a proposed system 110 for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment, according to embodiments of the present disclosure. The network architecture 100 may include the system 110, an electronic device 108, a centralized server 118, a blockchain network 120, and a decentralized database 122. The system 110 may be communicatively connected to the centralized server 118, the blockchain network 120, and the decentralized database 122, via a communication network 106. The centralized server 118 may include, but is not limited to, a stand-alone server, a remote server, a cloud computing server, a dedicated server, a rack server, a server blade, a server rack, a bank of servers, a server farm, hardware supporting a part of a cloud service or system, a home server, hardware running a virtualized server, one or more processors executing code to function as a server, one or more machines performing server-side functionality as described herein, at least a portion of any of the above, some combination thereof, and the like. The communication network 106 may be a wired communication network or a wireless communication network. The wireless communication network may be any wireless communication network capable of transferring data between entities of that network such as, but is not limited to, a carrier network including a circuit-switched network, a public switched network, a Content Delivery Network (CDN) network, a Long-Term Evolution (LTE) network, a New Radio (NR), a Global System for Mobile Communications (GSM) network and a Universal Mobile Telecommunications System (UMTS) network, an Internet, intranets, Local Area Networks (LANs), Wide Area Networks (WANs), mobile communication networks, combinations thereof, and the like.
[0031] The system 110 may be implemented by way of a single device or a combination of multiple devices that may be operatively connected or networked together. For example, the system 110 may be implemented by way of a standalone device such as the centralized server 118, and the like, and may be communicatively coupled to the electronic device 108. In another example, the system 110 may be implemented in/ associated with the electronic device 108. In yet another example, the system 110 may be implemented in/ associated with respective computing device 104-1, 104-2, …..., 104-N (individually referred to as computing device 104, and collectively referred to as computing devices 104), associated with one or more user 102-1, 102-2, …..., 102-N (individually referred to as the user 102, and collectively referred to as the users 102). In such a scenario, the system 110 may be replicated in each of the computing devices 104. The users 102 may be a user of, but are not limited to, an electronic commerce (e-commerce) platform, a hyperlocal platform, a super-mart platform, a media platform, a service providing platform, a social networking platform, a messaging platform, a bot processing platform, a virtual assistance platform, an Artificial Intelligence (AI) based platform, a Non-Fungible Token (NFT) marketplace, and the like. In some instances, the user 102 may include an entity/administrator. The electronic device 108 may be at least one of, an electrical, an electronic, an electromechanical, and a computing device. The electronic device 108 may include, but is not limited to, a mobile device, a smart-phone, a Personal Digital Assistant (PDA), a tablet computer, a phablet computer, a wearable device, a Virtual Reality/Augment Reality (VR/AR) device, a laptop, a desktop, a server, and the like. The system 110 may be implemented in hardware or a suitable combination of hardware and software. The system 110 or the centralized server 118 or the decentralized database 122 may be associated with entities (not shown). The entities may include, but are not limited to, an e-commerce company, a company, an outlet, a manufacturing unit, an enterprise, a facility, an organization, an educational institution, a secured facility, and the like.
[0032] Further, the system 110 may include a processor 112, an Input/Output (I/O) interface 114, and a memory 116. The Input/Output (I/O) interface 114 of the system 110 may be used to receive user inputs, from one or more computing devices 104-1, 104-2, ……, 104-N (collectively referred to as the computing devices 104 and individually referred to as computing device 104) associated with one or more users 102 (collectively referred as users 102 and individually referred as user 102).
[0033] In some implementations, the system 110 may include data, and modules. As an example, the data may be stored in the memory 116 configured in the system 110. In an embodiment, the data may be stored in the memory in the form of various data structures. Additionally, the data can be organized using data models, such as relational or hierarchical data models.
[0034] In an embodiment, the data stored in the memory may be processed by the modules of the system 110. The modules may be stored within the memory. In an example, the modules communicatively coupled to the processor configured in the system, may also be present outside the memory, and implemented as hardware. As used herein, the term modules refer to an Application-Specific Integrated Circuit (ASIC), an electronic circuit, a processor (shared, dedicated, or group) and memory that execute one or more software or firmware programs, a combinational logic circuit, and/or other suitable components that provide the described functionality.
[0035] Further, system 110 may also include other units such as a display unit, an input unit, an output unit, and the like, however the same are not shown in FIG. 1, for the purpose of clarity. Also, in FIG. 1 only a few units are shown, however, the system 110 or the network architecture 100 may include multiple such units or the system 110/ network architecture 100 may include any such numbers of the units, obvious to a person skilled in the art or as required to implement the features of the present disclosure. The system 110 may be a hardware device including the processor 112 executing machine-readable program instructions to provide commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with the e-commerce environment.
[0036] Execution of the machine-readable program instructions by the processor 112 may enable the proposed system 110 to provide commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with the e-commerce environment. The “hardware” may comprise a combination of discrete components, an integrated circuit, an application-specific integrated circuit, a field-programmable gate array, a digital signal processor, or other suitable hardware. The “software” may comprise one or more objects, agents, threads, lines of code, subroutines, separate software applications, two or more lines of code, or other suitable software structures operating in one or more software applications or on one or more processors. The processor 112 may include, for example, but are not limited to, microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuits, and any devices that manipulate data or signals based on operational instructions, and the like. Among other capabilities, the processor 112 may fetch and execute computer-readable instructions in the memory 116 operationally coupled with the system 110 for performing tasks such as data processing, input/output processing, and/or any other functions. Any reference to a task in the present disclosure may refer to an operation being or that may be performed on data.
[0037] In the example that follows, assume that a user 102 of the system 110 desires to improve/add additional features for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with the e-commerce environment. In this instance, the user 102 may include an administrator of a website, an administrator of an e-commerce site, an administrator of a social media site, an administrator of an e-commerce application/ social media application/other applications, an administrator of media content (e.g., television content, video-on-demand content, online video content, graphical content, image content, augmented/virtual reality content, metaverse content), among other examples, and the like. The system 110 when associated with the electronic device 108 or the centralized server 118 may include, but is not limited to, a touch panel, a soft keypad, a hard keypad (including buttons), and the like.
[0038] In an embodiment, the system 110 may receive a scanned data of a NFT card, for the physical product. Further, the system 110 may receive a tokenization request and request for integration of the digital product in a given blockchain. For example, physical products include, but not limited to, real estate, art, wine, cars, and the like. The digital products include, but not limited to, digital art, music, in-game items, other financial instruments such as bonds, debt, loans, and the like.
[0039] In an embodiment, the system 110 may receive a request from the user 102 for adding Non-Fungible Token (NFT) relevant value to at least one of a physical product and a digital product purchased in an e-commerce environment. The NFT is a digital representation of the at least one of physical product and digital product.
[0040] In an embodiment, the system 110 may generate at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data corresponding to the at least one of physical product and digital product. In an embodiment, the provenance data includes, but not limited to, a user associated with the at least one of physical product and digital product, an origin and an ownership chain transparency of the product, a number of blockchain networks deployed, a cryptocurrency wallet address, a transaction amount, a time of the transaction, and the like. In an embodiment, the permanence data includes, but not limited to, a metadata permanence, asset permanence, and the like. In an embodiment, the supported utilities data includes, but not limited to, a game skin, a Three Dimension (3D) files to repurpose, an artwork with creative rights, a metaverse integration, a token gated media, a non-transferable badge, a redeemable offer, and the like. In an embodiment, the persuasive credentials data includes, but is not limited to, a uniqueness, a rarity, future value, and a scarcity of the product, a profile, and a reputation of the creator of the NFT, a product-oriented community size, a project profile, a liquidity premium, and the like.
[0041] In an embodiment, the system 110 may estimate a value of the NFT to be created, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data. In an embodiment, the value of the NFT is estimated using relative weights, based on the context of the NFT and the at least one of physical product and digital product.
[0042] In an embodiment, the system 110 may create the NFT comprising metadata and attributes, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data, wherein the NFT is created based on the estimated value. The NFT may be created using an Ethereum Request for Comments (ERC) standard-based tokens.
[0043] In an embodiment, the system 110 may trigger, to list the created NFT on a blockchain network, and to store the metadata and attributes as an Inter Planetary File System (IPFS) hash function in a decentralized database.
Exemplary scenario 1:
[0044] For example, the metadata of the NFT may be unique data that constitutes the NFT, associated traits, attributes, characteristic utilities, and the like. The e-commerce purchase process may include an integral step for taking the user 102 through pertinent steps to understand the metadata of the NFT for the purchased digital/physical product from the e-commerce portal. Further, a Virtual Reality/ Augmented Reality (VR/AR), a metaverse, and the like may be a primary source of metadata for products, and associated NFTs.
[0045] Further, the NFT may ascertain / estimate and demonstrate the commercial value of the NFT by providing metadata using core attributes that make up the value of the NFT. The attributes may include provenance, permanence, supported utilities, and persuasive credentials, based on respective underlying/associated physical/digital products. The provenance includes, but not limited to, a user associated with the at least one of physical product and digital product, an origin and an ownership chain transparency of the product, a number of blockchain networks deployed, a cryptocurrency wallet address, a transaction amount, a time of the transaction, and the like. The permanence includes, but not limited to, a metadata permanence, asset permanence, and the like. The supported utilities data includes, but not limited to, a game skin, a Three Dimension (3D) file to repurpose, an artwork with creative rights, a metaverse integration, a token gated media, and a non-transferable badge, a redeemable offer, and the like. The persuasive credentials include, but are not limited to, a uniqueness, a rarity, future value, and a scarcity of the product, a profile, and a reputation of creator of the NFT, a product-oriented community size, a project profile, a liquidity premium, and the like.
[0046] In an example, the NFT ascertains/demonstrates the commercial value of the NFT, mathematically as below:
NFT value = provenance + permanence + supported utilities + persuasive credentials
Exemplary scenario 2:
[0047] In an example, the NFTs may be used in, but are not limited to, art, collectibles, multiple utilities, digital fashion, finance, real-world assets, logistics, and the like. A tool such as a NFT- DoorWay may be used to ascertain and demonstrate the NFT value to the discerning consumer at the instance of making the key go / no-go decision making for owning the NFT, and after purchasing the product. The NFT-Doorway may sum up the NFT Value - provenance, permanence, utilities supported, persuasive credentials.
[0048] In an example, the provenance may be related to the origins of the NFT. The value or “power” of data or content of the NFT is based on unique claim of the provenance. For example, the unique claim includes, the picture or video is authentic or tamperproof, identity or attributes of an author or commentator are also authentic or tamperproof, ownership status, origin, supply chain transparency, and blockchain network deployed on are again authentic or tamper-proof, veracity is proven and uncompromisable is the fundamental hygiene pre-requisite for the NFT.
[0049] The NFTs may provide a public, verifiable audit trail of user 102, who has bought, sold, or transferred the token. Any changes in ownership of the token are immutably recorded. Knowing everyone who has bought and sold a piece of art or any other digital/physical product may not provide information on the origin of the NFT or genuineness. By adding tamper-evident metadata to the digital/physical product, the user 102 may be assured of the authenticity of the NFT creation or brand involved, by verifying the metadata. Further, the provenance may be updated each time the work/product changes from one user to another user. The embedded metadata can contain key information such as the cryptocurrency wallet address, the transaction amount, and the time of the transfer.
[0050] Further, the origin, ownership chain transparency may be needed to certify at the point of origin for attesting that anything of value (content) has been created by an identifiable person at the specific instance of time of creation. Content is anything of value (text, image, video, audio, file, or physical asset of any kind). An identifiable person is the content /product owner at the time of creation. The blockchain network 120 may provide transparency, security, authenticity, and ‘suitability’ necessary to make tracing the asset or its NFTs’ chain of ownership/custody and attributes of products or NFTs possible. This in turn allows customers to derive the high-quality information needed to make more informed choices. For example, when art or a similar asset class is sold in the secondary market, verifying authenticity can be challenging. Provenance solves this problem by providing information about the asset’s origin and the previous owners of the item.
[0051] The number of blockchain networks deployed may be extremely pivotal for the buyer purchasing the NFT to secure specific legal rights over the original asset. Either ownership or a specific set of licensed rights. In the real world, with physical artwork, that means that highly sought-after artists can sell their work for large amounts of money. However, there may be a plurality of physical artworks of less popular artists, that are either never sold, or barely allow the artist to break even. In the digital world, for the digital artwork or the digital asset representing the physical artwork that is being sold, there arises a need for the artist to establish provenance to the buyer to even know for sure they are buying the first or only tokenized version of the artwork. Normally, the artworks are hashed before being placed on the blockchain network 120, which can connotate to be a unique signature. Any digital artwork changing a single pixel to a slightly different shade of color, a single dimension, or even a single piece of metadata in the image file, may change the resulting hash.
[0052] The blockchain network 120 may prevent the ‘double spend’ problem. For example, if a bitcoin is sent from one person to another, then the bitcoin cannot be sent to a third person and creating the ethical dissonance of spending the same bitcoin twice. Traditional blockchain networks which focus on storing and transmitting value do not have this problem. The value comes from inside the network. One cannot create a Bitcoin, then hash the Bitcoin onto the Bitcoin network, then sell it. The same is not true of digital artworks which can be hashed and tokenized a potentially infinite number of times. This also means there is no easy way to check if the artwork has been hashed and tokenized previously. This predicament leads to a couple of conflicting possibilities.
[0053] For example, traditionally the artist can choose to tokenize the same artwork on multiple blockchain networks. With NFTs, the buyer can be sure that the artist or the seller has sold or transferred the same NFT to multiple people. But there is no certainty that multiple NFTs are created from the same artwork. Further, there may be another way for the artist, by tokenizing the same artwork multiple times on the same blockchain for more financial returns by adulterating the artwork and making multiple hashed and tokenized variants. To solve the problem, the artist or associated agents listing the artwork’s NFT may need to legally declare if/as the case is, the number and names of blockchain networks the NFTs are listed and legally affirm that the artwork’s digitally adulterated variants are not listed multiple times in any blockchain. In essence, by listing in the blockchain networks, the artwork’s NFT exists and declaring that the artist or originator has completely refrained from selling multiple times, multiple NFTs of the same artwork across blockchain network 120 (by digital adulteration and tokenization of the same artwork), legal and irrevocable binding of data. The artists/agents/originators can be liable for selling an NFT of the same artwork multiple times on the same or different blockchain networks. The metadata can provide the buyers specific legal rights over the original piece; either ownership, or a specific set of licensed rights.
[0054] Furthermore, the permanence may be determined based on ownership, content, and storage of the metadata. By minting an NFT on a decentralized ledger, users 102 can verify ownership and provenance of individual pieces of content such as artwork, essays, videos, music, and the like. Verified, secure, and transparent assets also enable value to be associated with NFTs. Further, NFTs may be created on the blockchain network 120 and the value of the NFT may be intrinsically connected to the concept of the permanence of multiple associated elements. The multiple associated elements can be both on-chain and off-chain of the blockchain network 120.
[0055] With the NFT ownership brought on-chain (e.g., ERC 721), the remaining two elements such as the content and associated storage may still be off-chain. When buying the NFT, the purchaser is buying a collection of metadata defining what is being owned. The tokenization of this ownership helps assert ownership of underlying digital or physical objects by “keeping them secure, ultimately revolutionizing the compensation, storage, legality and the security of property”. When the NFT is minted on the blockchain network 120 (e.g., Ethereum), the NFT itself is represented by an address on the network that is indivisible, immutable, and unique. However, the content/asset and metadata of the NFT do not, by default, be on blockchain network 120, which is a permanent storage network. Hence the net NFT value becomes a function of the permanency and immutability that can be included in the meta-data and content/asset aspects that verily compose their value in addition to the ownership data residing on the blockchain.
[0056] In another example, the permanency of meta-data stored on the decentralized database 122. The Interplanetary File System (IPFS) may be a peer-to-peer hypermedia protocol designed to preserve and grow humanity's knowledge by allowing the web upgradeable, resilient, and more open. The IPFS may be decentralized in its nature, allowing consumers to access files across the internet regardless of centralized storage. The NFT data may be provided with ubiquity (and thus to a large degree, its value) based on hashes on the IPFS – or the Interplanetary File System. Other protocols may store and transfer verifiable data with a File coin handling the storage aspect. Other Digital Solutions available and yet to be fully field hardened include Perma web, Beam, and the like.
[0057] There are several ways a purchased NFT could get lost or changed. Typical instances can be, that the token with the smart contract might not link directly to the asset. Or the asset could be on a centralized provider that could eventually shut down. And the NFT could merely link to a URL, “which means that whatever is stored from that URL can be changed”. Storing the asset as an IPFS hash is better, because “at the very least the hash acts as an immutable fingerprint and with it, the buyer can verify the integrity of the metadata”. However, the file can still become “unavailable” if the meta-data is stored on IPFS and the only node storing the asset is disconnected from the network. A couple of ways to alleviate this problem significantly are “pinning” data to IPFS: The content hash is obtained by the processor 112 and storing the file, to ensure that the hash is available to anyone that connects to the IPFS network. The second method is to pin, by the processor 112, the NFT and store the data on the decentralized database 122.
[0058] Further, the supported utilities allow buyers to derive a new form of value from the NFT. Instead of valuing the attractiveness of the art, utility defines its value. The utility of NFTs comes from the associated real application, between both physical and/or digital products. Utilities supported by the NFT can be a combination set of the game skin, the Three Dimension (3D) files to repurpose, the artwork with creative rights, the metaverse integration, the token gated media, the non-transferrable badge, the redeemable offer, and the like.
[0059] The game skin: an NFT purchase can provide complementary or points-based In-game items including different skins to improve the playing characteristics or significantly enhance the playing experience in the virtual world. The 3D files to repurpose: NFT purchase of digital art/assets can provide 3D files of the Art to repurpose their rendering in Augmented Reality. This allows 3D designers, architects, and visionaries to take their projects out of the flattened screen back into the real world which adds completely new complexities of scale, understanding, reflectivity, immersion, and juxtaposition. The Artwork with full creative rights: In instances of buying the NFT of an Artwork, the buyer can be given the full creative rights as a utility. Creative Rights or Artistic Rights is a term commonly used in media production, such as movies, television, and music production. A person with full creative/artistic rights/ control has the authority to decide how the final product may appear. It is very rare for a successful musical artist to have full creative rights which can come as a Utility when a buyer opts for certain music NFT. The metaverse integrations: a culmination of all the processes and protocols that power the internet. Also, the metaverse involves Web 3, consolidating into a single, interoperable realm. Communications, money, gaming worlds, personal profiles, NFTs, and other services are all part of a more extensive online experience in this future world. Metaverse may also be having its equivalents in the NFT marketplace. Purchasing NFTs on the internet may be co-wrapped with the needed utilities such as electronic wallets and Data Access Object (DAO) frameworks to enable browsing/discovery and governance of NFTs in the metaverse sphere.
[0060] Further, token gated media: buying specific NFTs can include a utility as token gated media, with media as a term synonymously replaceable to music, entertainment, footage about behind-the-scenes makings of, and even online and/ or real-world communities. The non-transferable badge: badges connotating memberships which provide additional rewards and benefits can be provided to buyers of certain products’ NFTs such as books or social NFT holders secure access to web-based media clients to make NFT's non-fungible badges of their things or pictures and sell them on the stage and the like.
[0061] Furthermore, redeemable offers: ownership of certain NFTs can provide the utility of redeeming special offers like the opportunity to be included free or at a discounted rate at high profile celebrities' parties, or gaming credits for in-store redemption, and the like. In essence, utility lies at the heart of any digital asset. Without utility, a digital asset has no or weak use-case and therefore, low demand. An NFT with strong utility provides upfront value, which may accrue over time, depending on the popularity of the underlying project and how much traction it gains across its journey.
[0062] Further, persuasive credentials beyond utilities may include brands acknowledge. The brands acknowledge may be whether the products and services offerings are physical or digital, creating a meaningful, value-lending e-presence that unlocks new experiences, fosters a passionate community, adds new revenue, and may be critical for the upcoming virtual worlds. The persuasive credentials data includes at least one of a uniqueness, a rarity, future value, and a scarcity of the product, a profile and a reputation of creator of the NFT, a product-oriented community size, a project profile, a liquidity premium, and the like.
[0063] The uniqueness/rarity and scarcity are core qualities of NFTs. The uniqueness of an NFT can be a function of the popularity of the artist behind the creation, the historic significance tied to a physical or digital artifact, and the nature of the utilities set being offered by the NFT, such as a real-life painting, and the like. The rarity may be an important attribute that can span from the law of supply and demand induced and the law of scarcity dictated “rare” status (in-demand NFTs often attract more buyers and sell for higher prices) to limited availability of a certain type of physical asset in the real world (e.g., specific Gemstones, historically limited in availability monuments, and the like) to first-of-its-kind artwork from a celebrated artist in the digital arts industry, and the like.
[0064] The sphere of work relating to integrating the real world with the metaverse is expected to create significant traction for the NFTs with the rarity or unique attributes. Third-party platforms are a rarity. Which access the blockchain explorer and other sources to estimate the NFT’s rarity, considering factors such as the NFT’s popularity, trading volume, and several owners of the product. Further, the scarcity serves as a sort of multiplier to the value created by an NFT. Scarcity may include two dimensions to it absolute scarcity and relative scarcity. The absolute scarcity is how many items are available from the NFT project. There are 10,000 crypto punks, and there may be 10,000. Further, relative scarcity is how scarce a given item is amongst the absolute set. For example, out of 10,000 crypto punks, only 88 are zombies, 24 are apes, and 9 are aliens, making the crypto punks more valuable because there are fewer of them in existence. Both the aspects - absolute scarcity and relative scarcity are determined and decided by the system 110 and can affect the NFT value. Greater scarcity translates into limited supply, which can create dynamic price upside when paired with strong demand driven by influencers.
[0065] Further, the creator’s profile and reputation: it is important to examine the creator behind a project, their past performance and ability to execute, their social status, and their ability to build brand awareness. If the project is backed up by a creator having a good record of accomplishment, a positive social status, and a team that seems to understand how to build a brand, then the buyer is likely on the right path to finding the best long-term NFT for his / her collection. Further, community size and quality: community may be a decisive factor for NFTs, as community impacts how many potential users and buyers a community has on the open market. The larger the community, the more word-of-mouth an NFT attracts. This subsequently helps the project reach more potential buyers. Beyond size, the signs of a healthy community include an overall positive vibe, helpful people, and an extensive communication from the project manager. This communication should include project updates, alerts, and assistance with any problems that community members may face. Users can easily check a project’s community size by visiting respective official social network pages and checking the subscriber count to get a sense of the size of the community. Another factor to consider is the number of NFTs available on secondary marketplaces. An abundance of NFTs available combined with low bidding or buyer activity may suggest that supply outstrips demand.
[0066] Furthermore, the project profile: one of the key aspects of selecting an NFT is the project profile. The project, and the brand may be the most important pieces to the NFT puzzle. The brand may draw people in and keeps the demand for their assets high. Branding may draw people into a project, and may continue to command audience attention as more and more projects enter the space. Choosing projects that are in domains that the buyer is passionate about and has thorough knowledge about is also a key factor. Further, future value: the growth potential of an NFT can be estimated by factoring in its relative supply and demand. Potential refers to whether the NFTs have room to grow based on the rarity and community size. NFTs with long-term community support may become more valuable, as the projects are more likely to maintain or gain traction over time, increasing demand and making the NFTs rarer, relatively speaking, and valuable. The long-term community attention implies the potential timespan that a collection may remain relevant on the market and may retain user involvement.
[0067] The liquidity premium: the NFTs are essentially for a longer term of holding, those that offer a higher liquidity premium are the natural choices. However, a high liquidity premium is also an indicator of the ease with which an investment instrument can be traded. An asset is considered to have high liquidity if the asset can be converted to cash quickly at a fair market price. Hence better “liquidity premium” attached to an NFT is driving up the NFT prices – as these tokens “can meet more demand” than physical goods in the “real world”. In general, holders prefer more liquidity as the liquidity reduces the risk of holding the asset. Highly liquid NFTs can maintain their value even if they lack utility because they can still be traded speculatively.
[0068] FIG. 2 illustrates a flow chart depicting a method 200 for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment, according to embodiments of the present disclosure.
[0069] At block 202, the method 200 includes receiving, by the processor 112 associated with the system 110, a request from a user for adding Non-Fungible Token (NFT) relevant value to at least one of a physical product and a digital product purchased in an e-commerce environment.
[0070] At block 204, the method 200 includes generating, by the processor 112, at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data corresponding to the at least one of physical product and digital product.
[0071] At block 206, the method 200 includes estimating, by the processor 112, a value of the NFT to be created, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data.
[0072] At block 208, the method 200 includes creating, by the processor 112, the NFT comprising metadata and attributes, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data, wherein the NFT is created based on the estimated value.
[0073] At block 210, the method 200 includes triggering, by the processor 112, to list the created NFT on a blockchain network, and to store the metadata and attributes as an Inter Planetary File System (IPFS) hash function in a decentralized database.
[0074] The order in which the method 200 are described is not intended to be construed as a limitation, and any number of the described method blocks may be combined or otherwise performed in any order to implement the method 200 or an alternate method. Additionally, individual blocks may be deleted from the method 200 without departing from the spirit and scope of the present disclosure described herein. Furthermore, the method 200 may be implemented in any suitable hardware, software, firmware, or a combination thereof, that exists in the related art or that is later developed. The method 200 describes, without limitation, the implementation of the system 110. A person of skill in the art will understand that method 200 may be modified appropriately for implementation in various manners without departing from the scope and spirit of the disclosure.
[0075] FIG. 3 illustrates a hardware platform 300 for implementation of the disclosed system 110, according to an example embodiment of the present disclosure. For the sake of brevity, the construction, and operational features of the system 110 which are explained in detail above are not explained in detail herein. Particularly, computing machines such as but not limited to internal/external server clusters, quantum computers, desktops, laptops, smartphones, tablets, and wearables which may be used to execute the system 110 or may include the structure of the hardware platform 300. As illustrated, the hardware platform 300 may include additional components not shown, and that some of the components described may be removed and/or modified. For example, a computer system with multiple GPUs may be located on external-cloud platforms including Amazon® Web Services, or internal corporate cloud computing clusters, or organizational computing resources, etc.
[0076] The hardware platform 300 may be a computer system such as the system 110 that may be used with the embodiments described herein. The computer system may represent a computational platform that includes components that may be in a server or another computer system. The computer system may execute, by the processor 305 (e.g., a single or multiple processors) or other hardware processing circuit, the methods, functions, and other processes described herein. These methods, functions, and other processes may be embodied as machine-readable instructions stored on a computer-readable medium, which may be non-transitory, such as hardware storage devices (e.g., RAM (random access memory), ROM (read-only memory), EPROM (erasable, programmable ROM), EEPROM (electrically erasable, programmable ROM), hard drives, and flash memory). The computer system may include the processor 305 that executes software instructions or code stored on a non-transitory computer-readable storage medium 310 to perform methods of the present disclosure. The software code includes, for example, instructions to gather data and documents and analyze documents. In an example, the modules, may be software codes or components performing these steps.
[0077] The instructions on the computer-readable storage medium 310 are read and stored the instructions in storage 315 or in random access memory (RAM). The storage 315 may provide a space for keeping static data where at least some instructions could be stored for later execution. The stored instructions may be further compiled to generate other representations of the instructions and dynamically stored in the RAM such as RAM 320. The processor 305 may read instructions from the RAM 320 and perform actions as instructed.
[0078] The computer system may further include the output device 325 to provide at least some of the results of the execution as output including, but not limited to, visual information to users, such as external agents. The output device 325 may include a display on computing devices and virtual reality glasses. For example, the display may be a mobile phone screen or a laptop screen. GUIs and/or text may be presented as an output on the display screen. The computer system may further include an input device 330 to provide a user or another device with mechanisms for entering data and/or otherwise interacting with the computer system. The input device 330 may include, for example, a keyboard, a keypad, a mouse, or a touchscreen. Each of these output devices 325 and input device 330 may be joined by one or more additional peripherals. For example, the output device 325 may be used to display the results such as bot responses by the executable chatbot.
[0079] A network communicator 335 may be provided to connect the computer system to a network and in turn to other devices connected to the network including other clients, servers, data stores, and interfaces, for instance. A network communicator 335 may include, for example, a network adapter such as a LAN adapter or a wireless adapter. The computer system may include a data sources interface 340 to access the data source 345. The data source 345 may be an information resource. As an example, a database of exceptions and rules may be provided as the data source 345. Moreover, knowledge repositories and curated data may be other examples of the data source 345.
[0080] While considerable emphasis has been placed herein on the preferred embodiments, it will be appreciated that many embodiments can be made and that many changes can be made in the preferred embodiments without departing from the principles of the invention. These and other changes in the preferred embodiments of the invention will be apparent to those skilled in the art from the disclosure herein, whereby it is to be distinctly understood that the foregoing descriptive matter to be implemented merely as illustrative of the invention and not as a limitation.

ADVANTAGES OF THE PRESENT DISCLOSURE
[0081] The present disclosure provides a method and a system for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment.
[0082] The present disclosure provides a method and a system for providing NFTs with traits, information, metadata, and commerce utilities of the purchased physical product to enhance the value of the NFT.
[0083] The present disclosure provides a method and a system for providing NFTs to enable safe purchase of both digital or the physical products by associating NFT, which in turn enables easy, secure, cost-effective, multi-chain interoperable, and value-enhancing of the products using the NFTs.
[0084] The present disclosure provides a method and a system for implementing ownership-chain transparency on the blockchain network for the products and the associated NFT.
[0085] The present disclosure allows listing of the NFT and declaring that the user of the NFT has completely refrained from selling the product multiple times, multiple NFTs of the same artwork across blockchain networks, and legal and irrevocable binding of the metadata with the NFT to protect the buyer’s interest.
[0086] The present disclosure ensures the permanency of the meta-data associated with the NFT by de-centralizing the metadata, which in turn eliminates the risk of losing the meta-data.
, Claims:1. A method for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment, the method comprising:
receiving, by a processor (112) associated with a system (110), a request from a user (102) for adding Non-Fungible Token (NFT) relevant value to at least one of a physical product and a digital product purchased in an e-commerce environment;
generating, by the processor (112), at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data corresponding to the at least one of physical product and digital product;
estimating, by the processor (112), a value of the NFT to be created, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data;
creating, by the processor (112), the NFT comprising metadata and attributes, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data, wherein the NFT is created based on the estimated value; and
triggering, by the processor (112), to list the created NFT on a blockchain network (120), and to store the metadata and attributes as an Inter Planetary File System (IPFS) hash function in a decentralized database (122).
2. The method as claimed in claim 1, wherein receiving the request further comprises:
receiving, by the processor (112), a scanned data of a NFT card, for the physical product; and
receiving, by the processor (112), a tokenization request and request for integration of the digital product in a given blockchain network (120).
3. The method as claimed in claim 1, wherein the NFT is a digital representation of the at least one of physical product and digital product.
4. The method as claimed in claim 1, wherein the provenance data comprises at least one of a user (102) associated with the at least one of physical product and digital product, an origin and an ownership chain transparency of the product, a number of blockchain networks (120) deployed, a cryptocurrency wallet address, a transaction amount, and a time of transaction.
5. The method as claimed in claim 1, wherein the permanence data comprises at least one of a metadata permanence, and asset permanence.
6. The method as claimed in claim 1, wherein the supported utilities data comprises at least one of a game skin, a Three Dimension (3D) files to repurpose, an artwork with creative rights, a metaverse integration, a token gated media, a non-transferable badge, and a redeemable offer.
7. The method as claimed in claim 1, wherein the persuasive credentials data comprises at least one of a uniqueness, a rarity, future value, and a scarcity of the product, a profile and a reputation of creator of the NFT, a product-oriented community size, a project profile, and a liquidity premium.
8. The method as claimed in claim 1, wherein the NFT is created using an Ethereum Request for Comments (ERC) standard-based tokens.
9. The method as claimed in claim 1, wherein the value of the NFT is estimated using relative weights, based on the context of the NFT and the at least one of physical product and digital product.
10. A system (110) for providing commerce utilities of a product in a Non-Fungible Token (NFT) marketplace associated with an electronic commerce (e-commerce) environment, the system (110) comprising:
a processor (112);
a memory (116) coupled to the processor (112), wherein the memory (116) comprises processor-executable instructions, which on execution causes the processor (112) to:
receive a request from a user (102) for adding Non-Fungible Token (NFT) relevant value to at least one of a physical product and a digital product purchased in an e-commerce environment;
generate at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data corresponding to the at least one of physical product and digital product;
estimate a value of the NFT to be created, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data;
create the NFT comprising metadata and attributes, based on the generated at least one of provenance data, permanence data, supported utilities data, and persuasive credentials data, wherein the NFT is created based on the estimated value; and
trigger to list the created NFT on a blockchain network (120), and to store the metadata and attributes as an Inter Planetary File System (IPFS) hash function in a decentralized database (122).
11. The system (110) as claimed in claim 10, wherein for receiving the request, the processor (112) is further configured to:
receive a scanned data of a NFT card, for the physical product; and
receive a tokenization request and request for integration of the digital product in a given blockchain network (120).
12. The system (110) as claimed in claim 10, wherein the NFT is a digital representation of the at least one of physical product and digital product.
13. The system (110) as claimed in claim 10, wherein the provenance data comprises at least one of a user (102) associated with the at least one of physical product and digital product, an origin and an ownership chain transparency of the product, a number of blockchain networks (120) deployed, a cryptocurrency wallet address, a transaction amount, and a time of transaction.
14. The system (110) as claimed in claim 10, wherein the permanence data comprises at least one of a metadata permanence, and asset permanence.
15. The system (110) as claimed in claim 10, wherein the supported utilities data comprises at least one of a game skin, a Three Dimension (3D) files to repurpose, an artwork with creative rights, a metaverse integration, a token gated media, a non-transferable badge, and a redeemable offer.
16. The system (110) as claimed in claim 10, wherein the persuasive credentials data comprises at least one of a uniqueness, a rarity, future value, and a scarcity of the product, a profile, and a reputation of creator of the NFT, a product-oriented community size, a project profile, and a liquidity premium.
17. The system (110) as claimed in claim 10, wherein the NFT is created using an Ethereum Request for Comments (ERC) standard-based tokens.
18. The system (110) as claimed in claim 10, wherein the value of the NFT is estimated using relative weights, based on the context of the NFT and the at least one of physical product and digital product.