SYSTEM AND METHOD TO MANAGE DIGITAL ASSETS

Smart overview of the Invention

The patent application outlines a system and method designed to manage digital assets, focusing on the use of blockchain technology and Non-Fungible Tokens (NFTs). By integrating smart contracts and a unique algorithm, it aims to automate royalty distribution and facilitate fundraising. The system leverages social media entities to generate NFTs and introduces a novel approach to their creation, distribution, and valuation based on Social Media Voice (SMV) scores. This enhances transparency and streamlines processes related to royalties, fundraising, and rewards.

Field and Background

This invention pertains to managing digital assets within social media contexts. Digital assets, stored on blockchain ledgers, face challenges in transaction execution, compliance, and scalability. Social networks offer a fertile ground for cutting-edge technologies, yet integrating blockchain for seamless transactions remains complex. Current systems struggle with balancing transparency with privacy and determining appropriate royalties for shared content. Thus, an improved method is necessary to address these issues.

System Components

The system comprises several modules working in tandem. A blockchain-based compliance module tracks transaction-related data across a blockchain platform, ensuring compliance with relevant laws. A royalty distribution module calculates royalties using smart contracts and distributes them during NFT minting. Additionally, a fundraising module assigns digital signatures for social media posts to aid fundraising efforts by minting dynamic NFTs. A score generation module calculates SMV scores to determine NFT sale prices and assigns these scores based on historical data.

Methodology

The method involves tracking transaction sources via the blockchain compliance module, storing transaction data, and ensuring legal compliance. The royalty distribution module calculates royalties embedded in smart contracts, which are then assigned during NFT minting. The fundraising module assigns digital signatures to social media posts for fundraising purposes, minting dynamic NFTs with labels for trading. The score generation module analyzes variables to calculate SMV scores, comparing them for price recommendations.

Additional Features

A management module is included for creating and distributing digital wills for digital assets by minting them on blockchain platforms. These wills can be modified using dynamic NFT technology. The system is designed to promote understanding of its principles through various embodiments illustrated in figures, allowing for alterations and further applications as would typically occur to those skilled in the art.