Configuring a set of digital tokens with a temporal attribute that determines a timing of redemption of the set of digital tokens for a corresponding set of items
Systems and methods for tokenizing real-world items for use in digital commerce are disclosed. In some embodiments, a digital token transaction system configures a set of attributes for a set of digital tokens that are cryptographically linked to a set of virtual representations of a set of items. The set of attributes includes at least one temporal attribute that defines a time after which redemption rights of the set of tokens for the items expire.
1 . A computing system, comprising:
one or more processors, and
a non-transitory computer-readable storage medium having a plurality of instructions stored thereon, which, when executed by the one or more processors, cause the one or more processors to implement operations, the operations comprising:
receiving a set of item attributes for a physical good, the set of item attributes including a unique identifier that identifies the physical good;
generating a digital game asset of the physical good based on the set of item attributes, the digital game asset being a data structure that includes a portion of the set of item attributes and at least one visual representation of the physical good;
generating a non-fungible token (NFT) that has a set of digital attributes that correspond to the set of item attributes, wherein the NFT is tokenized in accordance with a tokenization protocol and is redeemable for the physical good, wherein the set of digital attributes includes a temporal attribute that defines a time after which redemption rights for the physical good expire;
generating a cryptographically secure link between the NFT and the digital game asset of the physical good such that the NFT provides a digital representation of the physical good;
writing the NFT to a cryptographic ledger that stores digital tokens that are defined in accordance with the tokenization protocol;
storing a plurality of addresses that respectively correspond to respective accounts of respective users of a digital token marketplace system;
updating ownership data of the NFT on the cryptographic ledger by writing ownership data of the NFT in a respective account of an owner of the NFT, wherein ownership data of the NFT is verified by inspection of at least one of a digital wallet of the user or the cryptographic ledger;
transferring ownership of the NFT to an owner of the physical good in response to transactions in the digital game involving the NFT; and
executing a redemption workflow in response to a redeeming owner redeeming the NFT based on an action in the digital game, wherein executing the redemption workflow includes verifying that the redemption rights have not expired based on the temporal attribute of the set of digital attributes, and operating a smart contract that determines redemption eligibility based on a time of a request for redemption compared with the temporal attribute.
2 . The system of claim 1 , wherein the smart contract defines conditions for evaluating the temporal attribute for redemption eligibility.
3 . The system of claim 1 , wherein an entry in the cryptographic ledger reflects a change in redemption eligibility of the NFT when the NFT is redeemed.
4 . The system of claim 1 , wherein the NFT becomes redeemable over a time period based on the temporal attribute.
5 . The system of claim 1 , wherein the redemption workflow describes a process for redemption of the NFT for which redemption rights have not expired.
6 . The system of claim 5 , wherein the process includes obtaining shipping information for a recipient of the physical good represented by the NFT for which redemption rights have not expired.
7 . The system of claim 5 , wherein the process includes arranging logistics for delivery of the physical good.
8 . The system of claim 1 , wherein the NFT becomes redeemable for items of a set of items including the physical good based on the time of the request for redemption not exceeding an expiration of redemption rights.
9 . The system of claim 8 , wherein the NFT becomes redeemable for items of a set of items including the physical good based on an appraisal of the set of items.
10 . The system of claim 1 , wherein an instance of the physical good is a collateralized physical good.
11 . The system of claim 10 , wherein the NFT for the collateralized physical good becomes redeemable based on the smart contract that determines at least one redemption requirement of the physical good.
12 . The system of claim 10 , wherein the NFT for the instance of the physical good becomes redeemable based on a status of payback of a loan against the instance of the physical good.
13 . A method comprising:
receiving by one or more processing devices a set of item attributes for a physical good, the set of item attributes including a unique identifier that identifies the physical good;
generating with the one or more processing devices a digital game asset of the physical good based on the set of item attributes, the digital game asset being a data structure that includes a portion of the set of item attributes and at least one visual representation of the physical good;
generating with the one or more processing devices a non-fungible token (NFT) that has a set of digital attributes that correspond to the set of item attributes, wherein the NFT is tokenized in accordance with a tokenization protocol and is redeemable for the physical good, wherein the set of digital attributes includes a temporal attribute that defines a time after which redemption rights for the physical good expire;
generating with the one or more processing devices a cryptographically secure link between the NFT and the digital game asset of the physical good such that the NFT provides a digital representation of the physical good;
writing with the one or more processing devices the NFT to a cryptographic ledger that stores digital tokens that are defined in accordance with the tokenization protocol;
storing with the one or more processing devices a plurality of addresses that respectively correspond to respective accounts of respective users of a digital token marketplace system;
updating with the one or more processing devices ownership data of the NFT on the cryptographic ledger by writing ownership data of the NFT in a respective account of an owner of the NFT, wherein ownership data of the NFT is verified by inspection of at least one of a digital wallet of the user or the cryptographic ledger;
transferring with the one or more processing devices ownership of the NFT to an owner of the physical good in response to transactions in the digital game involving the NFT; and
executing with the one or more processing devices a redemption workflow in response to a redeeming owner redeeming the NFT based on an action in the digital game, wherein executing the redemption workflow includes verifying that the redemption rights have not expired based on the temporal attribute of the set of digital attributes, and operating a smart contract that determines redemption eligibility based on a time of a request for redemption compared with the temporal attribute.
14 . The method of claim 13 , wherein the NFT becomes redeemable based on the smart contract stored in the cryptographic ledger.
15 . The method of claim 14 , wherein the smart contract defines conditions for redeeming the NFT.
16 . The method of claim 13 , wherein the redemption workflow describes a process for satisfying redemption of the NFT.
17 . The method of claim 13 , wherein the NFT becomes redeemable for items of a set of items including the physical good based on the time of the request for redemption not exceeding an expiration date of redemption rights.
18 . The method of claim 17 , wherein the NFT becomes redeemable for items of a set of items including the physical good based on an appraisal of the set of items.
19 . The method of claim 13 , wherein an instance of the physical good is a collateralized physical good.
20 . The method of claim 19 , wherein the NFT for the instance of the physical good becomes redeemable based on a status of payback of a loan against the instance of the physical good during the time period.