EBay Applies for Location-Based NFT Minting Patent, Potentially Revolutionizing Digital Asset Issuance

EBay Applies for Location-Based NFT Minting Patent, Potentially Revolutionizing Digital Asset IssuanceInformation from the National Intellectual Property Administration shows that EBay Inc. filed a patent in April 2024 for a "location-based system and technology for minting non-fungible tokens (NFTs)," with publication number CN118803799A

EBay Applies for Location-Based NFT Minting Patent, Potentially Revolutionizing Digital Asset Issuance

Information from the National Intellectual Property Administration shows that EBay Inc. filed a patent in April 2024 for a "location-based system and technology for minting non-fungible tokens (NFTs)," with publication number CN118803799A. This patent aims to provide a more secure and reliable safeguard for NFT minting through location verification technology, potentially revolutionizing digital asset issuance methods.

The patent abstract reveals that EBay's proposed technology utilizes one or more location verification devices to mint NFTs, and it provides a method, system, and computer-readable medium. The system can receive NFT minting requests initiated by user devices and perform location verification using the location verification devices.

Specifically, when initiating an NFT minting request, users need to provide an event identifier associated with a specific event (e.g., a sporting event) and its location. The system identifies the user's public blockchain address based on the minting request and utilizes the location verification device to collect location verification data from the user's device. The location verification data can be signals received by the user's device or communication information between the user's device and the base station.

The system compares the location verification data of the user's device with the event location information to verify whether the user is at the designated location. Only when the location verification is successful will the system mint an NFT based on the user's public blockchain address.

The main advantages of this patent technology include:

• Enhanced security: Location verification technology effectively prevents users from minting NFTs at non-designated locations, reducing the risk of fraud during NFT issuance.

• Improved credibility: Location verification data serves as additional proof of NFT minting, providing higher credibility for NFTs and increasing their market value.

• Expansion of application scenarios: Location-based NFT minting technology can be applied to more scenarios, such as providing exclusive NFTs for users in specific regions or commemorative NFTs for offline event attendees.

EBay's patent technology reflects its continuous exploration and innovation in the digital asset domain. As NFT technology continues to evolve, location-based NFT minting is expected to become a mainstream trend in the future, opening up new possibilities for digital asset issuance.

It's important to note that this patent is currently in the public disclosure stage and has not yet been granted. Whether it will be granted and whether the technology can be implemented in real-world applications remains to be seen. However, it's foreseeable that EBay's patent technology will spark new thinking and insights in the digital asset field.