WO2022243939A1

WO2022243939A1 - Systems and methods for tokenized proof of ownership

Info

Publication number: WO2022243939A1
Application number: PCT/IB2022/054704
Authority: WO
Inventors: Gabriel Joseph HARKHAM
Original assignee: Harkham Gabriel Joseph
Priority date: 2021-05-19
Filing date: 2022-05-19
Publication date: 2022-11-24

Abstract

A system for tokenizing an item belonging to an item original owner or an item producer including a token management system (TMS) configured to associate a token on a blockchain with the item, and to link the token to a wallet of the item original owner or of the item producer, wherein the presence of the token in the wallet constitutes a digital proof of ownership of the item, wherein the item is provided to a storage facility, or a redemption guarantee is provided for the item by the producer, and wherein the TMS is configured to record information about the item received from the storage facility or record the redemption guarantee.

Description

SYSTEMS AND METHODS FOR TOKENIZED PROOF OF OWNERSHIP

BACKGROUND

Blockchains have allowed use of digital currencies to make purchases instead of fiat. Alternatively, digital currencies may be used as liquidity pools to generate further revenue from digital currency banking mechanisms. A non-fungible token (NFT) is a unit of data stored on a blockchain that may certify a digital asset to be unique and therefore not interchangeable. NFTs may be used to represent digital items such as photos, videos, audio, and other types of digital files. While such tokens representing digital items may be stored on blockchains. limited use has been made of blockchains for tokens representing legal ownership of real-world items and/or services.

One reason for the lack of adoption of such a “tokenized” physical item model may be the lack of a credible methodology and system for providing such a model. This may in turn creates mistrust resulting from lack of proof of ownership of the tokenized item and thus the ability to actually trade and finally redeem the associated physical item or service. Further, there may be little incentive provided for entities that would need to be a part of an eco-system that could create tokens providing proof of ownership.

SUMMARY

This disclosure presents various systems and methods for tokenization on a blockchain of real-world items. Aspects of the systems and methods may be used to enable creation of tokens representing real-world items such that the tokens may then be transferrable directly within the blockchain without requiring physical custody of the item. This tokenizing as enabled by the systems disclosed herein may be applied to a wide variety of services, or physical items including unique items (artwork, antiques), everyday items such as those sold at a physical or online stores, hotel and other types of reservations, event tickets, and so forth.

Digital proof of ownership may be provided using the systems disclosed herein and by utilizing trusted physical storage, trusted producer (manufacturer) guarantees, or bonding of items, each combined with tokens on blockchain technology. It is anticipated that the systems and methods disclosed herein, and the trusted proof of ownership provided may enable consumers and producers to undergo a paradigm shift - providing sales and purchases with higher responsiveness to market conditions while creating opportunities for increased revenues on both the consumer and producer side.

Consumers may benefit from potentially reduced inflation by making it more difficult for middlemen to take advantage of bulk purchases from producers and marking up prices to end consumers. Producers, item owners, and item creators may benefit from a share of each transaction fee related to a token until the token is redeemed for what it represents (a real world or virtual item). Further, the entities involved in providing the tokenization eco-system, such as tokenization services, blockchain managers, and trusted storage facilities, may benefit via remuneration from transaction fees and thus may be provided with incentive to build and maintain the required token eco-system.

As used herein, the term “item” refers to one or more “real-world” items such as but not limited to goods (clothing, appliances, electronics, artworks, plots of land, etc.) services (hotel and other travel reservations, tickets for shows and performances, etc.). In some implementations, an item may also refer to a digital item used within a metaverse that benefits from the tokenization process as described herein to provide verification that the digital item is an item of value and not a fake.

A “user” of the system disclosed herein may perform different roles and may thus alternately be referred to as an item owner, token owner, token seller, token buyer, token holder, or token redeemer. A token holder is effectively a token owner of an owned token and thus also an item owner of the item associated with the owned token. An item owner that provides an item for tokenizing becomes the token original owner (unless the item owner designates another token original owner as part of the tokenization process). An item may be produced by a producer or creator and producer s/creators may perform different roles and may thus alternately be referred to as item owners, token owners, token sellers, or token holders. The term “entity” as used herein may refer to an individual or company managing an element of the disclosed system such as an entity managing a token management system, an entity managing a storage facility, or an entity managing a metaverse. As used herein, the term “to tokenize” or “tokenizing of’ an item, refers to the activity of creating and associating a unique token on a blockchain with the tokenized item. As used herein, the term “metaverse” may refer to a virtual-reality space in which users may interact with a computer-generated environment and with other users represented by “avatars”.

Consistent with some disclosed embodiments, a method for tokenizing an item belonging to an item original owner includes: providing the item to a storage facility; providing a token management system (TMS); and using the TMS to associate a token on a blockchain with the item; and to link the token to a wallet of the item original owner, wherein the presence of the token in the wallet constitutes a digital proof of ownership of the item.

In some embodiments, the method further includes using the TMS for selling, trading, or gifting the token and the associated item to a new owner including linking the token to a wallet of the new owner and removing the token from the wallet of the original owner. In some embodiments, the trading takes place in a token market operated within the TMS. In some embodiments, the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner.

In some embodiments, the method further includes providing a representation of the item as a virtual item in a metaverse. In some embodiments, the virtual item is associated with a metaverse avatar corresponding to the owner. In some embodiments, the TMS is configured to store the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses. In some embodiments, a digital image of the item is attached to the token.

In some embodiments, a live camera feed of the item is provided associated with a URL for viewing the live camera feed, where the URL is attached to the token. In some embodiments, the token includes token parameters and statistics related to the item including an item name, item description, specific item data related to the type of item, item valuation by a 3rd party or service, date of storage, storage location, location in storage facility, GPS location, owner name, initial value of the item, redemption expiration date/time, original owner wallet address for collecting transfer fees, storage facility wallet address for collecting transfer fees, TMS wallet address for collecting transfer fees, estimated value, cash-redemption value, motion detection in the area of the token, storage environmental data, previous environmental data, and the number of times the token has been sold/bought and at what prices. In some embodiments, the method further includes distributing remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token. In some embodiments, the method further includes providing an app for use by an owner and using of the app for redeeming of the token to provide the item to the token owner.

In some embodiments, the redeeming includes one of shipping the item from the storage facility to the redeemer, or pickup of the item from the storage facility by the redeemer. In some embodiments, the TMS is configured to record the item as viewable and wherein the storage facility functions as a gallery for viewing the item.

Consistent with some disclosed embodiments, a method for tokenizing an item produced by a producer includes: providing a token management system (TMS), wherein the TMS is configured to record a redemption guarantee related to the item provided by the producer; using the TMS to associate a token on a blockchain with the item; and using the TMS to link the token to a wallet of the producer. In some embodiments, the method further includes using the TMS for selling, trading, or gifting the token and the associated item to a new owner including linking the token to a wallet of the new owner and removing the token from the wallet of the producer.

In some embodiments, the trading takes place in a token market operated within the TMS. In some embodiments, the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner. In some embodiments, the method further includes providing a representation of the item as a virtual item in a metaverse. In some embodiments, the virtual item is associated with a metaverse avatar corresponding to the owner. In some embodiments, the TMS is configured to store the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses.

In some embodiments, the method further includes distributing remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token. In some embodiments, the method further includes providing an app for use by an owner and using of the app for redeeming of the token to provide the item to the token owner .

In some embodiments, the item is a reservation for travel or an event. In some embodiments, the redeeming includes return of the redemption guarantee to the producer. Consistent with some disclosed embodiments, a system for tokenizing an item belonging to an item original owner or an item producer includes a token management system (TMS) configured to associate a token on a blockchain with the item, and to link the token to a wallet of the item original owner or of the item producer, wherein the presence of the token in the wallet constitutes a digital proof of ownership of the item, wherein the item is provided to a storage facility, or a redemption guarantee is provided for the item by the producer, and wherein the TMS is configured to record information about the item received from the storage facility or record the redemption guarantee.

In some embodiments, the TMS is further configured to provide for selling, trading, or gifting the token to a new owner including linking the token to a wallet of the new owner. In some embodiments, the TMS is further configured to operate a token market and the trading takes place in the token market. In some embodiments, the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner.

In some embodiments, the TMS is further configured to provide a representation of the item as a virtual item in a metaverse. In some embodiments, the virtual item is associated with a metaverse avatar corresponding to the owner. In some embodiments, the TMS is further configured to store the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses.

In some embodiments, a digital image of the item is attached to the token. In some embodiments, a live camera feed of the item is provided associated with a URL for viewing the live camera feed, where the URL is attached to the token. In some embodiments, the TMS is further configured to distribute remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token.

In some embodiments, the system further includes an app for use by an owner, the app configured to redeem the token in order to provide the item to the token owner. In some embodiments, the redeeming includes one of shipping the item from the storage facility to the redeemer, pickup of the item from the storage facility by the redeemer or returning of the redemption guarantee to the producer.

Consistent with some disclosed embodiments, a non-transitory computer readable medium contains instructions that when executed by at least one processor, cause the at least one processor to perform operations for tokenizing an item belonging to an item original owner or an item producer, the operations including: associating a token on a blockchain with the item, and linking the token to a wallet of the item original owner or of the item producer, wherein the presence of the token in the wallet constitutes a digital proof of ownership of the item, wherein the item is provided to a storage facility, or a redemption guarantee is provided for the item by the producer, and wherein the operations further comprise recording information about the item received from the storage facility or recording the redemption guarantee.

In some embodiments, the operations further include providing for selling, trading, or gifting the token to a new owner including linking the token to a wallet of the new owner. In some embodiments, the operations further include operating a token market, wherein the trading takes place in the token market. In some embodiments, the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner.

In some embodiments, the operations further include providing a representation of the item as a virtual item in a metaverse. In some embodiments, the virtual item is associated with a metaverse avatar corresponding to the owner. In some embodiments, the operations further include storing the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses.

In some embodiments, a digital image of the item is attached to the token. In some embodiments, a live camera feed of the item is provided associated with a URL for viewing the live camera feed, where the URL is attached to the token. In some embodiments, the operations further include distributing remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token.

In some embodiments, the operations further include by an app for use by an owner, redeeming the token in order to provide the item to the token owner. In some embodiments, the redeeming includes one of shipping the item from the storage facility to the redeemer, pickup of the item from the storage facility by the redeemer or returning of the redemption guarantee to the producer. In some embodiments, the operations further include recording the item as viewable, wherein the storage facility functions as a gallery for viewing the item.

In some embodiments, a method for tokenizing an item includes storing the item at a trusted storage facility; associating a token on a blockchain with the stored item; and linking the token to the wallet of the item owner. In some embodiments, the method further includes trading or gifting the token and the associated item to a new owner. In some embodiments, the trading takes place in a token market.

In some embodiments, a digital image of the item may be attached to the token. In some embodiments, a live camera feed of the item may be provided associated with a URL for viewing the live camera feed, where the URL may be attached to the token. In some embodiments, the token includes token parameters and statistics related to the item including one or more of an item name, item description, specific item data related to the type of item, item valuation by a 3 ^rd party or service, date of storage, storage location, location in storage facility, GPS location, owner name, initial value of the item, redemption expiration date/time, original owner wallet address for collecting transfer fees, storage facility wallet address for collecting transfer fees, TMS wallet address for collecting transfer fees, estimated value, cash-redemption value, motion detection in the area of the token, storage environmental data, previous environmental data, and the number of times the token has been sold/bought and at what prices.

In some embodiments, the method further includes distributing remuneration related to a token trade to stakeholders. In some embodiments, the method further includes redeeming of the token by a token owner. In some embodiments, the redeeming includes one of shipping the item from the storage facility to the redeemer, or pickup of the item from the storage facility by the redeemer.

In some embodiments, a method for tokenizing an item includes providing a bond or other redemption guarantee related to the item; associating a token on a blockchain with the bonded item; and linking the token to the wallet of the item owner. In some embodiments, the method further includes trading or gifting the token and the associated item to a new owner.

In some embodiments, the method further includes redeeming of the token by a token owner. In some embodiments, the item may be a reservation for travel or an event. In some embodiments, the redeeming includes return of the bond and one of shipping the item from the storage facility to the redeemer, pickup of the item from the storage facility by the redeemer, or use of a code or ticket representing the item.

This Summary is provided to introduce a selection of concepts in a simplified form that may be further described in the Detailed Description below. It may be understood that this Summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter. The details of one or more implementations may be set forth in the accompanying drawings and the description below. Other features will be apparent from the description and drawings, and from the claims.

BRIEF DESCRIPTION OF THE DRAWINGS

The accompanying drawings, which may be incorporated in and constitute a part of this specification, illustrate several embodiments and, together with the description, serve to explain the disclosed principles. In the drawings:

FIGS. 1A-1D illustrate system for providing tokenization of items in accordance with implementations described herein;

FIG. 2 is a diagram of an example process for tokenization of an item and subsequent handling of the token in accordance with implementations described herein;

FIG. 3 is a diagram of an example process for tokenization of an item and subsequent handling of the token in accordance with implementations described herein.

DETAIFED DESCRIPTION

Reference will now be made in detail to non-limiting examples of this disclosure, examples of which may be illustrated in the accompanying drawings. The examples may be described below by referring to the drawings, wherein like reference numerals refer to like elements. When similar reference numerals may be shown, corresponding description(s) may be not repeated, and the interested reader is referred to the previously discussed figure(s) for a description of the like element(s).

Aspects of this disclosure may provide a technical solution to the challenging technical problem of tokenizing real-world items with the system having at least one processor (e.g., processor, processing circuit or other processing structure described herein), including methods, systems, devices, and computer-readable media. For ease of discussion, example methods may be described below with the understanding that aspects of the example methods apply equally to systems, devices, and computer-readable media. For example, some aspects of such methods may be implemented by a computing device or software running thereon. The computing device may include at least one processor (e.g., a CPU, GPU, DSP, FPGA, ASIC, or any circuitry for performing logical operations on input data) to perform the example methods. Other aspects of such methods may be implemented over a network (e.g., a wired network, a wireless network, or both).

As another example, some aspects of such methods may be implemented as operations or program codes in a non-transitory computer-readable medium. The operations or program codes may be executed by at least one processor. Non-transitory computer readable media, as described herein, may be implemented as any combination of hardware, firmware, software, or any medium capable of storing data that is readable by any computing device with a processor for performing methods or operations represented by the stored data. In a broadest sense, the example methods may be not limited to particular physical or electronic instrumentalities, but rather may be accomplished using many differing instrumentalities.

FIGS. 1A-1D illustrate system 100 for providing tokenization of items in accordance with implementations described herein. In system 100, users, item producers and creators, and storage facility administrators may interact with a token management system (TMS) 110 and also with a blockchain 160 where tokens 165 may be recorded. Tokenization of an item 154 as provided by system 100 may create a token 165 that may serve its owner (a user) as a digital proof of ownership of the item 154.

End-users of system 100 may use user devices 130-1...130-n. The components of system 100 may be in data communication using wired or wireless network configurations and protocols that facilitate the intercommunication of the computing devices therein. Each of the components of system 100 as shown in FIG. 1A may be implemented in a localized or distributed fashion in a computer network.

TMS 110 and the modules and components that may be included in TMS 110 may run on a single computing device (e.g., a server) or multiple computing devices (e.g., multiple servers) that may be configured to perform the functions and/or operations necessary to provide the functionality described herein, the computing devices having at least one processor. TMS 110 and the modules and components that are included in TMS 110 may include a non-transitory computer readable medium containing instructions that when executed by the at least one processor are configured to perform the functions and/or operations necessary to provide the functionality described herein. Where TMS 110 may be said herein to provide specific functionality or perform actions, it should be understood that the functionality or actions are performed by the at least one processor executing instructions contained on non-transitory computer readable medium that may call on or interact with other components of TMS 110 and/or user devices 130 and/or devices and services that form part of system 100.

While system 100 is presented herein with specific components and modules, it should be understood by one skilled in the art, that the architectural configuration of system 100 as shown is simply one possible configuration and that other configurations with more or fewer components may be possible. As referred to herein, the “components” of TMS 110 may include one or more of the modules or services shown in FIG. 1 A as being included within TMS 110. TMS 110 may be operated by a TMS administrator (not shown), an entity that may receive rewards or remuneration for operation of TMS 110.

TMS 110 may include a controller service 112. Controller service 112 may manage the operation of the components of TMS 110 and may direct the flow of data between the components of TMS 110 and also the data flow for interaction with external components 130, 140, 152, 170 and blockchain 160. Where TMS 110 is said herein to provide specific functionality or perform actions, it should be understood that the functionality or actions may be performed by controller service 112 that may call on other components of TMS 110 and/or external or other components in system 100.

TMS 110 may include a token market service 114. Token market service 114 may provide backend ecommerce type functionality for trading of tokens 165 including but not limited to inventory (tokens) management, product (token) search filters, suggested items (tokens), shopping carts, payment processing, currency conversion, and so forth.

TMS 110 may include online user wallets 116. Online user wallets 116 may reflect tokens 165 owned by users or producers as an alternative to local wallets running on user devices 130 or producer devices 140.

TMS 110 may include user interface (UI) service 118. UI service 118 may generate code for generation of graphical user interfaces on user devices 130 and producer devices 140. UI service 118 may base the generated UI code on data provided by user wallets 116 and/or token market 114. TMS 110 may include a blockchain interface 120 for creation and maintenance of tokens 165 on blockchain 160. TMS 110 may include a bond management service 122 for providing bonding services as described further below.

TMS 110 may include a backend interface 124 for receiving token management data from producers operating producer devices and/or storage facilities 150 operating storage management systems 152. Backend interface may also provide for data communication with one or more metaverses 170.

Blockchain 160 may be any form of blockchain as known in the art and may provide distributed ledger functionality as known in the art. Tokens 165 may be recorded on blockchain 160 that may be configured for recording of tokens 165 as used by system 100. Actions involving tokens 165 as described herein (such as purchasing, transferring ownership, adding metadata) should be understood as being manifested by updates to the token record on blockchain 160 or addition of records in new blocks on blockchain 160. Blockchain 160 may provide for storage and operation of smart contracts 162 for providing token creation and maintenance as described herein. Blockchain 160 may include nodes 164 that perform the computations required for generating and maintaining blockchain 160. System 100 may include utility tokens 166 for providing benefits for use within system 100.

In some embodiments, storage facility 150 may be a trusted secured gallery or warehouse adapted to process unique items 154 that may be tokenized. In some embodiments, storage facility 150 may simply be a known location where an item 154 may be stored. Where item 154 is an item 154 from metaverse 170, storage facility 150 may be a virtual storage facility (not shown) that is part of metaverse 170. Physical items 154 may be deposited at storage facilities 150 where they may be authenticated, tokenized, and stored. Data relating to stored items 154 may be entered into storage management systems 152 that may be computing devices as defined herein. Storage management systems 152 may provide data about stored items 154 to TMS 110. Storage facility 150 may be operated by a storage facility administrator (not shown) - an entity that may receive rewards or remuneration for operation of storage facility 150.

A user device 130 may include a non-transitory computer readable medium containing instructions that when executed by at least one processor of user device 130 are configured to perform user device functionality as described herein. User devices 130 and creator/producer devices 140 (hereinafter referred to as producer devices 140) may be of varying type, capabilities, operating systems, etc. For example, user devices 130 and producer devices 140 may include PCs, tablets, mobile phones, laptops, or any other mechanism that allows for interaction with TMS 110. Furthermore, TMS 110 may concurrently accept connections from and interact with multiple user devices 130 and producer devices 140.

In some embodiments, such as shown in FIG. IB, a user using user device 130 may interact with TMS 110 via a token app 132 installed on user device 130. Token app 132 may include a graphical user interface 136 for defining token-related and/or item related interactions with TMS 110 such as use of the token market for purchasing or selling tokens 165. Token app may further include a user wallet 136 to reflect tokens 165 owned by a user. In some embodiments, user wallet 136 may also hold a user’s funds such as for purchasing tokens or from sales of tokens.

In some embodiments, multiple token apps 132 may operate on a user device 130 each handling different types of tokens (representing stored items, bonded items, event tickets, reservations, and so forth as descried below) or tokens managed by different TMSs 110 (for example a specific TMS may specialize in a specific type of item), or tokens stored on different blockchains 160. For simplicity FIG. 1A illustrates a system with a single TMS 110 and single blockchain 160 but this depiction should not be considered limiting and systems with multiple TMSs and blockchains are contemplated. In some implementations, a user using user device 130 may interact with a metaverse 170 via a metaverse application (not shown) installed on user device 130 to, for example, interact with virtual items 154’ within metaverse 170.

In some embodiments, such as shown in FIG. 1C, an item creator or producer using producer device 140 may interact with TMS 110 via a token app 142 installed on producer device 140. Token app 142 may include a graphical user interface 144 for defining token-related and/or item-related interactions with TMS 110 such as defining token parameters (described below). Token app 142 may further include a producer wallet to reflect tokens 165 owned by a producer 148. A producer 148 may be an entity that produces items 154 (typically items produced in substantial volumes) that may be tokenized such that the item producer 148 may receive payment, rewards, or remuneration for having produced an item 154 that is tokenized. Similarly, a creator (also referenced as 148 for simplicity) may be an entity that creates items 154 (typically unique items produced in small volumes) that may be tokenized such that the item creator 148 may receive payment, rewards or renumeration for having created an item 154 that is tokenized. For simplicity, the term “producer” may refer to either of a producer or creator where producers/creators provide/perform substantially the same roles. Apps 132 and 142 may have similar functionality, but item producers and creators 148 may require additional functionality for managing their items 154 and related tokens.

In some embodiments, such as shown in FIG. ID, a user device 130 or producer device 140 may interact with TMS 110 via GUI 134, 144 generated in a web browser 138 running on user device 130 or producer device 140. For example, the user may navigate in web browser 138 to a web address provided by a TMS 110 (such as for interface 118) that will generate the code representing interfaces 134, 144 within browser 138. In some implementations, a user using user device 130 may interact with metaverse 170 via a metaverse application (not shown) provided through web browser 138 to, for example, interact with virtual items 154’ within metaverse 170.

In some embodiments, system 100 may include one or more metaverses 170 providing virtual-reality spaces in which users may interact (using, for example user devices 130) with a computer-generated environment and interact with other users that are using metaverse 170. In some embodiments, real-world items 154 may be represented as virtual items 154’ within metaverse 170.

The number of components shown in FIG. 1A is illustrative and should not be considered limiting. For example, blockchain 160 may include multiple nodes 164-1. 164-n, and multiple tokens 165-1..165 -n; multiple user devices 130-1..130-n may use system 100; system 100 may include multiple storage facilities 150-1..150-n each storage multiple items 154 and operating storage management systems 152-1..152-n; multiple metaverses 170 each containing multiple virtual items 154’ may be interfaced with, and system 100 may include multiple creator and/or producers 142-1..142-n, each operating one or more creator/producer devices 140-1..140-n and optionally providing storage for multiple items 154.

FIG. 2 is a diagram of an example process 200 for tokenization of an item 154 and subsequent handling of the token 165in accordance with implementations described herein. This process 200 may for example be performed by system 100 as described above. The steps below may be described with reference to a non-transitory computer readable medium containing instructions that when executed by at least one processor performs one or more of operations described at each step as part of process 200. The at least one processor may correspond to TMS 110 and/or any of the other components as described with reference to FIGS 1 A-1D. In process 200, a real-world item 154 may be tokenized while itself being stored at a trusted storage facility 150, enabling trusted trading of the token 165, and guaranteed redemption, if required. In step 202, a creator, producer, or owner (herein referred to simply as the “original owner”) of an item 154 to be tokenized (herein referred to as “item” 154) may physically provide item 154 to storage facility 150 for storage, authentication, and tokenization. In some embodiments, the party providing the item 154 for storage may be required to provide a bond that would be forfeited to the purchaser to cover costs in case the item 154 is not tokenized, or if redemption of the item 154 cannot proceed, or if the token 165fails in any way to represent what it was said to represent.

In step 204, the item 154 may be authenticated and then inventoried (such as tagging and positioning an item 154 in a storage facility) and then tokenized. In some embodiments, step 204 may be performed by storage management software 150 as used by an administrator of storage facility 150 in communication with TMS 110 as well as in communication with components of TMS 110 such as blockchain interface 120. The tokenizing process that may be performed by TMS 110 may include creating and associating a token 165 on blockchain 160 with a unique ID for the provided item 154 as well as the secure keys associated with the original owner’s wallet 136 or 146 to thereby link the token (and the associated item) to the original owner’s wallet).

In some embodiments, the token 165 may include token parameters and statistics related to the item 154 such as but not limited to: an item name, item description, specific item data related to the type of item, item valuation by a 3 ^rd party or service, date of storage, storage location, location in storage facility, GPS location, owner name, initial value of the item, redemption expiration date/time, time when item 154 will be available for redemption (such as for items that may be in a state of construction/development when purchased, or to limit the turnover of an item), original owner wallet address for collecting transfer fees, storage facility wallet address for collecting transfer fees, TMS wallet address for collecting transfer fees, estimated value, cash- redemption value (if any), motion detection in the area of the token, storage environmental data such as temperature and/or humidity, previous environmental data, number of times token 165has been sold/bought and at what prices, other static data or dynamic data related to the item, and so forth. In some embodiments, a digital image of item 154 may be attached to the token 165. In some embodiments, a live camera feed of an item 154 may be provided associated with a URL for viewing the live camera feed, where the live camera feed URL may be attached to the token 165.

In step 206, once item 154 is tokenized, token 165 may be linked to the original owner wallet 136 or 146 such as by the wallet private keys or other means identifying the wallet to hold the token. In some embodiments, token parameters associated with token 165 may be available only to the original owner (or any future owner following transfer of ownership). In some embodiments, the item/token data/parameters may all be stored in TMS 110 or partially stored in TMS 110 and partially on blockchain 160 or stored in both TMS 110 and blockchain 160 but validated by the blockchain for dynamic parameters. It should be appreciated that the tokenization of step 204 creates a digital proof of ownership of the item 154 for the owner that holds a related token 165 in the owner’s wallet.

In step 208, the token owner may choose to submit the token 165 into a token market where the token 165, and the associated item 154, may be viewed (such as in GUIs 134 144) and traded. In some embodiments, the token market may be managed by token market module 114 of TMS 110. User interfaces 134 and 144 may provide a visualization of the token market including common online market functionality such as but not limited to product (token) search filters, shopping carts, and suggested items (tokens). In some embodiments, the owner of token 165 may use user interface 134 or 144 to place token 165 in the token market. In some embodiments, separate markets may be provided for the tokens of private users (a “flea market”), tokens from producer s/manufacturers (a “main market”), or tokens grouped by types of goods.

Other users may browse the token market using interfaces 134 or 144. In some embodiments, the owner may define an asking price for the token 165. In some embodiments, users may bid for tokens 165. In some embodiments, a token 165 may be acquired by placing a bid and waiting till the end of an auction period to determine the highest bid or may be acquired before the end of the auction period for a specified price. In some embodiments, users may purchase tokens for the asking price. If the token 165 is not purchased, the owner may choose to leave the token 165 in the market or may remove the token 165from the market.

In step 210, a user (herein referred to as a buyer) purchases the token 165 from a seller (current owner), and thus the associated item 154, and makes a payment of the asking price or bid. In some embodiments, the payment may be made as a direct payment between the buyer and seller or may take place through TMS 110. In some embodiments, the payment may require transfer of currency (fiat or cryptocurrency) or may be based on trade of another token. In some embodiments, the token 165may be purchased by TMS 110 at a price lower than the market price. In some embodiments, steps 208 and 210 may be skipped and the token owner may transfer a token 165to another user in the network without receiving payment (such as a gift).

In some embodiments, an owner may sell a token 165 based on a “deposit sale” enabling a buyer (the “depositing user”) to purchase the by initially paying only a percentage of the complete asking price to provide “intended ownership” to the depositing user but enabling transfer of ownership only once the remaining percentage may be paid in full. In some embodiments, the depositing user may utilize the item 154 such as in a metaverse 170 prior to completing the purchase. For such a deposit sale, additional token parameters may include but are not limited to the name/ID of the intended owner, amount already paid, remaining payment outstanding, time limit for making the remaining payment, and listings of previous deposit sales.

In some embodiments, as part of step 210, the purchase may include a fee for distribution between multiple stakeholders who may receive remuneration for the sale of token 165. The Stakeholders may include but are not limited to the item creator, item producer, token original owner, entity managing TMS 110, entity managing storage facility 150, entity managing metaverse 170 (where a token 165 is sold from or appears as a virtual item 154’ within metaverse 170), and a node 164 on blockchain 160 performing block validation related to the sold token. In some embodiments, the stakeholder fee may be decided upon by one or more of the stakeholders. It should be appreciated that sales and resales of a token 165 may thus financially benefit not only the seller, but also those entities that have taken a part in originally providing the item 154 to be tokenized (creator, producer, original owner) and those entities that enable the ecosystem for trade of the token 165 (entity managing TMS 110, entity managing storage facility 150, entity managing metaverse 170, and node 164), thereby providing incentives for both users and operators of system 100. This renumeration may be provided with every sale until an item 154 is redeemed or the token 165 expires. In some embodiments, the sale process, including remuneration of stakeholders may be performed by a smart contract 162 within blockchain 160.

In some embodiments, the fee may be covered using fee tokens purchased on the token market. In some embodiments, transfer of a token 165 between users without a purchase (such as a gift) will still incur fees such as to cover blockchain transactions or to remunerate other of the stakeholders listed above.

In some embodiments, system 100 may provide and support a utility token 166 for use within system 100 for providing various benefits. In some embodiments, the utility token may be purchased by buyers and all stakeholders for receiving discounts on the commission/transaction fees when paying these fees using the platform utility token rather than other accepted currencies. In some embodiments, users/producers/creators may be required to hold certain amounts of the utility tokens in order to transfer or sell certain items. In some embodiments, the utility token may be provided to nodes 164 as a mining reward. In some embodiments, the utility token covers blockchain gas fees.

Following the purchase (from the selling owner who may be the original owner or a subsequent owner), token 165 may be transferred to the new owner by updating blockchain 160. The blockchain update may be performed by TMS 110, smart contract 162, directly by the token app 132 of the selling user operating on the blockchain 160, or by a combination of these. The token 165 may then be removed from the wallet of the selling owner and linked to the wallet of the buyer, and the buyer, now the owner of the token, may choose to hold, sell, or redeem the token. It should be appreciated that the presence of the token 165 in wallet of a user constitutes proof of ownership of the token 165 and thus of the item 154 being stored in the trusted storage facility. Where the (new) token owner elects to sell the token 165, steps 208 and 210 may be repeated.

In some embodiments, smart contract 162 may generate a URL or unique hash link including all token data/parameters (see above) and related statistics for token 165, every time token 165 is traded and/or redeemed such as by collection of the actual item 154 or use of the service (where item 154 is a service), and/or when item 154 is shipped. In some embodiments, the link may be provided only to the most recent purchaser of token 165. In some embodiments, smart contract 162 may provide access to linked features (such as a link to a camera filming item 154 or links to statistics or details about item 154 such as listed above) related to token 165 after verifying that a user is the current token holder based on the presence of token 165 in the holder’s wallet.

In step 212, a token holder (user/owner holding a token 165 in a wallet) may elect to redeem the token 165 and receive the associated item, by the item 154 being shipped to the token holder or picked up by the token holder or otherwise provided to the token holder. In some embodiments, the request for token redemption may be provided and the redemption process monitored using user interface 134. In step 214, the item 154 associated with the redeemed token 165 may be shipped. In some embodiments, the redeeming token holder may pay shipping costs.

Upon redemption, the token 165 may be burned and may be transferred to a “black hole” wallet from which it cannot be retrieved. In some embodiments, the redeemed token 165 may be blacklisted.

In some embodiments, a user may purchase a shipping token that may be redeemed for shipping services. Shipping tokens may be purchased representations of shipping guarantees from a courier/delivery services and, for example, could be “small”, “medium”, or “large” and also international or national where each type of shipping token represents the cost and distance associated with the shipping requirement of the user determined at redemption.

In some embodiments, the item creator, producer, or original owner may define a first redeemable date/time for when the token 165 may be redeemed. By fixing the redeemable date/time, the owner may extend the time period wherein the ownership of token 165 may be transferred, thereby potentially increasing the number of potential transfers and thus the fees collected by stakeholders from each transaction related to the token 165 until the item 154 is redeemed. In some embodiments, an item 154 may be in development or under construction and the first redeemable date may represent the date of proposed readiness of the item.

In some embodiments, storage facility 150 may function as a fulfilment center for an item producer 148. In such an implementation, producer 148 may provide items 154 to storage facility 150 (step 202), these items (products) 154 may be tokenized (step 204), added to the producer wallet (step 206), and added to the token market (step 208), optionally in a subsection of the market specifically showcasing items of the specific producer. Following purchase of the tokens by users (step 210), the tokens may be traded, sold, or redeemed. Item fulfilment (shipping) of redeemed items 154 (step 214) may then be provided by storage facility 150. In some embodiments, the tokens may be created in step 204 including a fulfilment fee and no additional shipping charges may thus be charged in step 214.

In an optional step 218, storage facility 150 may function as a gallery for items 154 such as but not limited to rare or unique items 154 that have been tokenized. With permission from the item owners (token holders) such as using app 132 that updates TMS 110 and storage management 152, the stored items 154 may be viewed publicly, either in person, online or both. In some embodiments, the storage facility 150 functioning as a gallery may charge an admission fee for viewing stored items. In some embodiments, a viewing fee may be distributed between the entity managing storage facility 150 and item owners that elect to display their items.

In an optional step 219, as part of the tokenization process, a virtual item 154’ may be created, for example, by TMS 110, for use in one or more metaverses 170. In some embodiments, virtual item 154’ may be a virtual representation of the real-world item 154 that was tokenized in step 204, the virtual item 154’ having substantially the same shape, colors and so forth as the real- world item 154 (or other defining characteristics depending on the type of item 154).

In some embodiments, virtual item 154’ may be associated with and/or owned by the avatar (metaverse version) of the token 165 owner with the association (such as the avatar ID/name) included as part of the token parameters (defined as part of step 204). In some embodiments, metaverse 170, in data communication with TMS 110, may include a virtual version of wallets 136 or 146 for the token owner, enabling wallet and token related activities within metaverse 170.

In some embodiments, token app 132 may be available for use within metaverse 170, such that a user (token owner) may perform token related activities while within metaverse 170 such as but not limited to adding token 165 into a token market, browsing tokens 165 and virtual items 154’, trading tokens 165, and so forth. In some embodiments, metaverse 170 may include a virtual token market, enabling metaverse users to “walk around”, browse and trade in virtual items 154’ . In some embodiments, items 154 that are used within metaverse 170 may be submitted by a user acting within metaverse 170 to a virtual version of storage facility (not shown) for tokenization.

In some embodiments, metaverse 170 may include a virtual version of storage facility 150, enabling a token owner to enter the virtual storage facility to view and interact with virtual item 154’. In some embodiments, the token parameters may include metaverse related parameters including but not limited to the name of the metaverse (or names of multiple metaverses 170) where the virtual item 154’ exists, the virtual location within the metaverse of virtual item 154’, the avatar name/ID representing the token owner and an image or 3D representation of the virtual item 154’ as it appears within metaverse 170.

In some embodiments, virtual item 154’ may be represented within multiple metaverses 170 and/or may traverse multiple metaverses 170 and virtual item 154’ may be created in step 219 in multiple file formats where each file format is suited to a particular metaverse 170 where virtual item 154’ is represented. In some embodiments, the file/s representing virtual item 154’ may be stored in TMS 110. In some embodiments, the file/s representing virtual item 154’ may be stored on blockchain 160. In some embodiments, TMS 110 may convert the file type of virtual item 154’ for providing to a requesting metaverse 170 according to the file type used by the requesting metaverse 170.

FIG. 3 is a diagram of an example process 300 for tokenization of an item and subsequent handling of the token 165 in accordance with implementations described herein. This process 300 may for example be performed by system 100 as described above. The steps below may be described with reference to a non-transitory computer readable medium containing instructions that when executed by at least one processor performs one or more of operations described at each step as part of process 300. The at least one processor may correspond to TMS 110 and/or any of the other components as described with reference to FIGS 1 A-1D.

In process 300, a token 165 represents an item guarantee direct from the item’s producer (manufacturer) 148 such that the item 154 may be sold directly by the producer 148 and wherein the producer 148 may be responsible for fulfilment of items 154 following redemption of tokens 165. The item guarantee by the producer 148 enables trusted trading of the token 165, and guaranteed redemption (providing the item 154 to the token owner), if required.

In step 302, the item producer 148 may produce an item 154 (which may be held by producer 148) or provide a guarantee for items 154 to be produced in the future. Items 154 from producers 148 may include but are not limited to goods (clothing, appliances, electronics, etc.) or services (hotel and other travel reservations, time shares, manufacturers/factories, tickets for shows and performances, etc.). In some embodiments, items 154 may be metaverse items 154 for use in metaverse 170 (such metaverse items 154 are not the same as virtual items 154’ as described hereinabove, where virtual items 154’ may be representations in the metaverse of real-world items 154 that have been tokenized and provided with a virtual representation of the real-world item 154).

In some embodiments, the guarantee may take the form of a bond provided by item producer 148. Submission, holding and returns of bonds may, for example, be handled by bond management module 122 of TMS 110. The bond will allow for the (unseen) item 154 to be tokenized and entered into a token market where the token 165 may be traded with trust and where redemption may be guaranteed (or where a bond payment will compensate for a failed redemption). In some embodiments, a percentage of the bond may be set aside for returns in case of defects in provided items 154.

In some embodiments, the success of the token redemptions related to the producer’s 148 bonded items may be constantly tracked by TMS 110 to create a “bond rating” in TMS 110 for producer 148, enabling producers 148 deemed trustworthy to provide reduced or no bonds. The required amount of a bond may thus be based on a producer’s bond rating.

In a non-limiting example, a new producer 148 that wants to tokenize items 154 which require bonds may be required to provide a bond equal to the entire value of the items 154. As the producer 148 successfully redeems tokens 165 their bond rating may increase, and their minimum bond requirement may be reduced or voided such that no bond need be provided.

In some embodiments, bonds may be provided in the form of bond tokens. In some embodiments, a bond token market may allow third party bond providers to provide bonds for use by item producers. In some embodiments, bond providers may be provided with remuneration based on sales of the bonded items. It should be appreciated that the redemption guarantee (written or verbal) of reputable producers may be trusted without the need for any bond or bond rating. In some embodiments, a redemption guarantee may be considered an inherit characteristic of a reputable producer and no verbal or written guarantee may need to be provided.

Where a private seller (user) wants to tokenize an item 154 for selling in a token market (where the item 154 cannot be provided to a trusted storage facility such as in process 200), the user may provide the item details and optionally one or more photos along with a product insurance bond. In the redemption step (step 314 described below), once the product is confirmed received by the purchaser, the product insurance bond may be released back to the seller.

In step 304, the item 154 may be tokenized. In some embodiments, step 304 may be performed by the components of TMS 110 such as blockchain interface 130. In some embodiments, the tokenization takes place only after validating an accompanying bond. The tokenizing process may include creating and associating a token 165 on blockchain 160 with a unique ID for the provided item 154 as well as the secure keys associated with the producer’s wallet 146 (or private user’s wallet 136). The items 154 that producer 148 wants to tokenize may be described to TMS 110, such as by using producer device 140 to provide the token parameters described below). In some embodiments, the token 165 includes token parameters and statistics related to the item 154 such as but not limited to: an item name, item description, specific item data related to the type of item, producer name, initial value of the item, item valuation by a 3^rd party or service, redemption expiration date/time, time when item 154 will be available for redemption (such as for items that may be in a state of construction/development when purchased, or to limit the turnover of an item), producer wallet address for collecting transfer fees, TMS wallet address for collecting transfer fees, estimated value, cash-redemption value (if any), number of times token 165 has been sold/bought and at what prices, other static data or dynamic data related to the item 154 and so forth. In some embodiments, token 165 may include an expiration time/date when it becomes null and void (such as for an event ticket or reservation). In some embodiments, a digital image or 3d model of item 154 may be attached to the token 165.

In step 306, once item 154 is tokenized, token 165 may be linked to the producer’s wallet 146 such as by the wallet private keys. It should be appreciated that the tokenization of step 304 creates a digital proof of ownership of the item 154.

In step 308, the producer may submit the token 165 into a token market where the token 165 may be viewed (such as in GUIs 134, 144) and traded. In some embodiments, the token market may be managed by token market module 114 of TMS 110. User interfaces 134 and 144 provide a visualization of the token market including common online market functionality such as but not limited to product (token) search filters, shopping carts, and suggested items (tokens). In some embodiments, producer 148 may use user interface 144 to manage tokens 165 in the token market including setting or altering the asking price of for-sale tokens. In some embodiments, users may bid for tokens 165. In some embodiments, users may purchase tokens for the asking price. If the token 165 is not purchased, the producer may choose to leave the token 165 in the market or may remove the token 165 from the market, or the token 165 may expire.

It should be appreciated that the producer or current token owner may thus be in constant control of the price with the ability to adjust it downward as the expiration date comes close to ensure maximal revenue and 100% event/reservation utilization. Alternatively, if the expiration date is further away then the producer or current token owner may adjust pricing upwards to maximize demand profits.

In step 310, a user (herein referred to as a buyer) may purchase the token 165 and may make a payment of the asking price or bid. In some embodiments, the payment may be made as a direct payment between the buyer and seller or alternatively may take place through TMS 110. In some embodiments, the payment may require transfer of currency (fiat or cryptocurrency) or may be based on trade of another token. In some embodiments, the token 165 may be purchased by TMS 110 for a price that is lower than the market price. In some embodiments, steps 308 and 310 may be skipped and the producer may send a token 165 to another user in the network without receiving payment (such as a gift).

In some embodiments, producer 148 (the token owner) may sell a token 165 based on a “deposit sale” enabling a buyer to purchase the token 165 by initially paying only a percentage of the complete asking price to provide “intended ownership” to the depositing user but enabling transfer of ownership only once the remaining percentage is paid in full. In some embodiments, the depositing user may utilize the item 154 such as in a metaverse 170 prior to completing the purchase. For such a deposit sale, additional token parameters may include but are not limited to the name/ID of the intended owner, amount already paid, remaining payment outstanding, time limit for making the remaining payment, and listings of previous deposit sales.

In some embodiments, as part of step 310, the purchase may include a fee for distribution between multiple stakeholders who may receive remuneration for the sale of token 165. The Stakeholders may include but are not limited to the item producer, entity managing TMS 110, entity providing bonding tokens, entity managing metaverse 170 (where a token 165 is sold from within metaverse 170), and a node 164 on blockchain 160 performing block validation related to the sold token. In some embodiments, the stakeholder fee may be decided upon by one or more of the stakeholders. It should be appreciated that sales and resales of a token 165 may thus financially benefit not only the seller, but also those entities that have taken a part in originally providing the item 154 to be tokenized (producer) and those entities that enable the ecosystem for trade of the token (entity managing TMS 110, bond provider, entity managing metaverse 170, and node 164), thereby providing incentives for both users and operators of system 100. This renumeration may be provided with every sale until an item 154 is redeemed, or the token expires. In some embodiments, the sale process, including remuneration of stakeholders may be performed by a smart contract 163 within blockchain 160.

In some embodiments, system 100 may provide and support a utility token 166 for use within system 100 for providing various benefits. In some embodiments, the utility token may be purchased by buyers and all stakeholders for receiving discounts on the commission/transaction fees when paying these fees using the platform utility token rather than other accepted currencies. In some embodiments, users/producers may be required to hold certain amounts of the utility tokens in order to transfer or sell certain items. In some embodiments, the utility token may be provided to nodes 164 as a mining reward. In some embodiments, the utility token covers blockchain gas fees. In some embodiments, the utility token may provide bond discounts for producers/users providing bonds.

Following the purchase (from the producer or a subsequent owner), token 165 may be transferred to the new owner by updating blockchain 160. The blockchain update may be performed by TMS 110, smart contract 163, directly by the token app 142 of the selling producer operating on the blockchain 160 or by a combination of these. The token 165 may then be removed from the wallet of the selling owner and linked to the wallet of the buyer, and the buyer, now the owner of the token, may choose to hold, sell, or redeem the token 165 (to receive the item 154). It should be appreciated that the presence of token 165 in wallet of a user constitutes proof of ownership of the token 165 and thus of the item 154 to be provided by a trusted producer. Where the (new) token owner elects to sell the token 165, steps 308 and 310 may be repeated.

In some embodiments, smart contract 163 may generate a URL or unique hash link including all token data/parameters (see above) and related statistics for a token, every time the token 165 is traded and/or redeemed such as by collection of the actual item 154 or use of the service (where the item 154 is a service), and/or when the item 154 is shipped. In some embodiments, the link may be provided only to the most recent purchaser of the token. In some embodiments, smart contract 163 may provide access to linked features (such as a link to a camera filming the item 154 or links to statistics or details about the item 154 such as listed above) related to a token 165 after verifying that a user is the current token holder based on the presence of the token 165 in the holder’s wallet.

In some implementations, in step 312, a token holder (user/owner holding a token 165 in a wallet) may elect to redeem the token 165 and receive the associated item, by picking up the item, having the item 154 shipped to the token redeemer, or by using the service (ticket/reservation) that was tokenized. In some embodiments, token redemption may be performed using user interface 134. In some implementations, in step 314, the item 154 associated with the redeemed token 165 may be shipped by the producer to the redeeming user. In some embodiments, the redeeming token owner may pay shipping costs.

Where the token 165 represents a service or reservation such as a ticket or reservation, a redemption request may result in generation by producer 142, or TMS 110, or a smart contract 162 of a code, such as but not limited to a QR code or other form of secure code, that is provided to the user, for example, within app 132, for use at the point of service, such as entry to a venue. Alternatively or additionally the user may be provided with a ticket (digital or other) or some other form of permit or authorization for use of the service. Alternatively, the token 165 may be placed in a redemption wallet, then burned, and then the item 154 usage made available only to the wallet holder. If the token 165 is not redeemed in time before the event or reservation expires, the token 165 may be removed from the user wallet and burned. In some embodiments, the redeemed token 165 may be blacklisted.

In some embodiments, upon redemption, the token 165 may be burned and may be transferred to a “black hole” wallet from which it cannot be retrieved. In some implementations, where bonds have been provided related to a token, these bonds may be released back to the producer upon redemption or upon confirmation by the user of receiving the item.

In some embodiments, the item producer may define a first redeemable date/time for when the token 165 may be redeemed. By fixing the redeemable date/time, the producer may extend the time period wherein the ownership of token 165 may be transferred, thereby potentially increasing the number of potential transfers and thus the fees collected by stakeholders from each transaction related to the token 165 until the item 154 is redeemed. In some embodiments, an item 154 may be in development or under construction and the first redeemable date may represent the date of proposed readiness of the item. In an optional step 316, as part of the tokenization process, a virtual item 154’ may be created, for example, by TMS 110, for use in one or more metaverses 170. In some embodiments, virtual item 154’ may be a virtual representation of the real-world item 154 that was tokenized in step 304, the virtual item 154’ having substantially the same shape, colors and so forth as the real- world item 154 (or other defining characteristics depending on the type of item 154). In some implementations, the virtual items 154’ are assigned/belong to the producer that has provided the corresponding items 154 for tokenization.

In some embodiments, item producer 148 may operate a store withing metaverse 170 for selling virtual items 154’ corresponding to tokenized items 154. In some embodiments, the token parameters may include a URL or other form of link for "one-click" entry into the producer’s metaverse store. In some embodiments, producer 148 may provide the URL or other link for one- click entry into the producer’s metaverse store, for example, in a real-world store, or as part of an advertising campaign. In some embodiments, metaverse 170 may include a virtual token market, enabling metaverse users to “walk around”, browse and trade in virtual items 154’ where virtual items 154’ may be organized in virtual stores per producer associated with the virtual items 154’. In some embodiments, producer virtual store with the same virtual item 154’ may be represented within multiple metaverses 170.

In some embodiments, once the token 165 has been purchased by a user, virtual item 154’ may be associated with and/or owned by the avatar (metaverse version) of the user/token owner with the association (such as the avatar ID/name) included as part of the token parameters. In some embodiments, metaverse 170 in data communication with TMS 110 may include a virtual version of wallets 136 or 146 for the token owner (user or producer) enabling wallet and token related activities within metaverse 170.

In some embodiments, token app 132 may be available for use within metaverse 170, such that a user (token owner) may perform token related activities while within metaverse 170 such as but not limited to adding token 165 into a token market, browsing tokens 165 and virtual items 154’, trading tokens 165, and so forth.

In some embodiments, the token parameters may include metaverse related parameters including but not limited to the name of the metaverse (or names of multiple metaverses 170) where the virtual item 154’ exists, the producer’s virtual store within the metaverse where virtual item 154’ can be browsed/acquired, the producer’s metaverse name/ID, the avatar name/ID representing the token owner and an image or 3D representation of the virtual item 154’ as it appears within metaverse 170.

In some embodiments, virtual item 154’ may be represented within multiple metaverses 170 and/or may traverse multiple metaverses 170 and virtual item 154’ may be created in step 219 in multiple file formats where each file format may be suited to a particular metaverse 170 where virtual item 154’ is represented. In some embodiments, the file/s representing virtual item 154’ may be stored in TMS 110. In some embodiments, the file/s representing virtual item 154’ may be stored on blockchain 160. In some embodiments, TMS 110 may convert the file type of virtual item 154’ for providing to a requesting metaverse 170 according to the file type used by the requesting metaverse 170. In some embodiments, the token parameters may include the producer store link for each metaverse where the producer has a store.

Unless otherwise defined, all technical and scientific terms used herein have the same meaning as commonly understood by one of ordinary skill in the art. The materials, methods, and examples provided herein are illustrative only and not intended to be limiting.

Implementation of the method and system of the present disclosure may involve performing or completing certain selected tasks or steps manually, automatically, or a combination thereof. Moreover, according to actual instrumentation and equipment of preferred embodiments of the method and system of the present disclosure, several selected steps may be implemented by hardware (HW) or by software (SW) on any operating system of any firmware, or by a combination thereof. For example, as hardware, selected steps of the disclosure could be implemented as a chip or a circuit. As software or algorithm, selected steps of the disclosure could be implemented as a plurality of software instructions being executed by a computer using any suitable operating system. In any case, selected steps of the method and system of the disclosure could be described as being performed by a data processor, such as a computing device for executing a plurality of instructions.

As used herein, the terms “machine-readable medium” “computer-readable medium” refers to any computer program product, apparatus and/or device (e.g., magnetic discs, optical disks, memory, Programmable Logic Devices (PLDs)) used to provide machine instructions and/or data to a programmable processor, including a machine-readable medium that receives machine instructions as a machine-readable signal. The term “machine-readable signal” refers to any signal used to provide machine instructions and/or data to a programmable processor.

Various implementations of the systems and techniques described here may be realized in digital electronic circuitry, integrated circuitry, specially designed ASICs (application specific integrated circuits), computer hardware, firmware, software, and/or combinations thereof. These various implementations may include implementation in one or more computer programs that may be executable and/or interpretable on a programmable system including at least one programmable processor, which may be special or general purpose, coupled to receive data and instructions from, and to transmit data and instructions to, a storage system, at least one input device, and at least one output device.

Although the present disclosure is described with regard to a “computing device”, a "computer", or “mobile device”, it should be noted that optionally any device featuring a data processor and the ability to execute one or more instructions may be described as a computing device, including but not limited to any type of personal computer (PC), a server, a distributed server, a virtual server, a cloud computing platform, a cellular telephone, an IP telephone, a smartphone, a smart watch or a PDA (personal digital assistant). Any two or more of such devices in communication with each other may optionally comprise a "network" or a "computer network".

To provide for interaction with a user, the systems and techniques described here may be implemented on a computer having a display device (a LED (light-emitting diode), or OLED (organic LED), or LCD (liquid crystal display) monitor/screen) for displaying information to the user and a keyboard and a pointing device (e.g., a mouse or a trackball) by which the user may provide input to the computer. Other kinds of devices may be used to provide for interaction with a user as well; for example, feedback provided to the user may be any form of sensory feedback (e.g., visual feedback, auditory feedback, or tactile feedback); and input from the user may be received in any form, including acoustic, speech, or tactile input.

The systems and techniques described here may be implemented in a computing system that includes a back end component (e.g., as a data server), or that includes a middleware component (e.g., an application server), or that includes a front end component (e.g., a client computer having a graphical user interface or a Web browser through which a user may interact with an implementation of the systems and techniques described here), or any combination of such back end, middleware, or front end components. The computing system may utilize a blockchain, decentralized storage, and/or smart contracts. The components of the system may be interconnected by any form or medium of digital data communication (e.g., a communication network). Examples of communication networks include a local area network (“LAN”), a wide area network (“WAN”), and the Internet.

The computing system may include clients and servers. A client and server may generally be remote from each other and typically interact through a communication network. The relationship of client and server arises by virtue of computer programs running on the respective computers and having a client-server relationship to each other.

It should be appreciated that the above-described methods and apparatus may be varied in many ways, including omitting, or adding steps, changing the order of steps and the type of devices used. It should be appreciated that different features may be combined in different ways. In particular, not all the features shown above in a particular embodiment or implementation may be necessary in every embodiment or implementation of the invention. Further combinations of the above features and implementations may also be considered to be within the scope of some embodiments or implementations of the invention.

While certain features of the described implementations have been illustrated as described herein, many modifications, substitutions, changes, and equivalents will now occur to those skilled in the art. It is, therefore, to be understood that the appended claims are intended to cover all such modifications and changes as fall within the scope of the implementations. It should be understood that they have been presented by way of example only, not limitation, and various changes in form and details may be made. Any portion of the apparatus and/or methods described herein may be combined in any combination, except mutually exclusive combinations. The implementations described herein may include various combinations and/or sub-combinations of the functions, components and/or features of the different implementations described.

Claims

WHAT IS CLAIMED IS:

1. A method for tokenizing an item belonging to an item original owner comprising: providing the item to a storage facility; providing a token management system (TMS); and using the TMS to associate a token on a blockchain with the item; and to link the token to a wallet of the item original owner, wherein the presence of the token in the wallet constitutes a digital proof of ownership of the item.

2. The method of claim 1, further comprising using the TMS for selling, trading, or gifting the token and the associated item to a new owner including linking the token to a wallet of the new owner and removing the token from the wallet of the original owner.

3. The method of claim 2, wherein the trading takes place in a token market operated within the TMS.

4. The method of claim 3, wherein the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner.

5. The method of claim 1, further comprising providing a representation of the item as a virtual item in a metaverse.

6. The method of claim 5, wherein the virtual item is associated with a metaverse avatar corresponding to the owner.

7. The method of claim 5, wherein the TMS is configured to store the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses.

8. The method of claim 1, wherein a digital image of the item is attached to the token.

9. The method of claim 1 , wherein a live camera feed of the item is provided associated with a URL for viewing the live camera feed, where the URL is attached to the token.

10. The method of claim 1, wherein the token includes token parameters and statistics related to the item including an item name, item description, specific item data related to the type of item, item valuation by a 3^rd party or service, date of storage, storage location, location in storage facility, GPS location, owner name, initial value of the item, redemption expiration date/time, original owner wallet address for collecting transfer fees, storage facility wallet address for collecting transfer fees, TMS wallet address for collecting transfer fees, estimated value, cash-redemption value, motion detection in the area of the token, storage environmental data, previous environmental data, and the number of times the token has been sold/bought and at what prices.

11. The method of claim 2, further comprising distributing remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token.

12. The method of claim 1, further comprising providing an app for use by an owner and using of the app for redeeming of the token to provide the item to the token owner.

13. The method of claim 8, wherein the redeeming includes one of shipping the item from the storage facility to the redeemer, or pickup of the item from the storage facility by the redeemer.

14. The method of claim 1, wherein the TMS is configured to record the item as viewable and wherein the storage facility functions as a gallery for viewing the item.

15. A method for tokenizing an item produced by a producer comprising: providing a token management system (TMS), wherein the TMS is configured to record a redemption guarantee related to the item provided by the producer; using the TMS to associate a token on a blockchain with the item; and using the TMS to link the token to a wallet of the producer.

16. The method of claim 15, further comprising using the TMS for selling, trading, or gifting the token and the associated item to a new owner including linking the token to a wallet of the new owner and removing the token from the wallet of the producer.

17. The method of claim 16, wherein the trading takes place in a token market operated within the TMS.

18. The method of claim 17, wherein the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner.

19. The method of claim 15, further comprising providing a representation of the item as a virtual item in a metaverse.

20. The method of claim 19, wherein the virtual item is associated with a metaverse avatar corresponding to the owner.

21. The method of claim 19, wherein the TMS is configured to store the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses.

22. The method of claim 16, further comprising distributing remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token.

23. The method of claim 15, further comprising providing an app for use by an owner and using of the app for redeeming of the token to provide the item to the token owner .

24. The method of claim 15, wherein the item is a reservation for travel or an event.

25. The method of claim 15, wherein the redeeming includes return of the redemption guarantee to the producer.

26. A system for tokenizing an item belonging to an item original owner or an item producer comprising a token management system (TMS) configured to associate a token on a blockchain with the item, and to link the token to a wallet of the item original owner or of the item producer, wherein the presence of the token in the wallet constitutes a digital proof of ownership of the item, wherein the item is provided to a storage facility, or a redemption guarantee is provided for the item by the producer, and wherein the TMS is configured to record information about the item received from the storage facility or record the redemption guarantee.

27. The system of claim 26, wherein the TMS is further configured to provide for selling, trading, or gifting the token to a new owner including linking the token to a wallet of the new owner.

28. The system of claim 27, wherein the TMS is further configured to operate a token market and the trading takes place in the token market.

29. The system of claim 28, wherein the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner.

30. The system of claim 26, wherein the TMS is further configured to provide a representation of the item as a virtual item in a metaverse.

31. The system of claim 30, wherein the virtual item is associated with a metaverse avatar corresponding to the owner.

32. The system of claim 30, wherein the TMS is further configured to store the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses.

33. The system of claim 26, wherein a digital image of the item is attached to the token.

34. The system of claim 26, wherein a live camera feed of the item is provided associated with a URL for viewing the live camera feed, where the URL is attached to the token.

35. The system of claim 26, wherein the TMS is further configured to distribute remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token.

36. The system of claim 26, further comprising an app for use by an owner, the app configured to redeem the token in order to provide the item to the token owner.

37. The system of claim 36, wherein the redeeming includes one of shipping the item from the storage facility to the redeemer, pickup of the item from the storage facility by the redeemer or returning of the redemption guarantee to the producer.

38. A non-transitory computer readable medium containing instructions that when executed by at least one processor, cause the at least one processor to perform operations for tokenizing an item belonging to an item original owner or an item producer, the operations comprising: associating a token on a blockchain with the item, and linking the token to a wallet of the item original owner or of the item producer, wherein the presence of the token in the wallet constitutes a digital proof of ownership of the item, wherein the item is provided to a storage facility, or a redemption guarantee is provided for the item by the producer, and wherein the operations further comprise recording information about the item received from the storage facility or recording the redemption guarantee.

39. The non-transitory computer readable medium of claim 38, the operations further comprising providing for selling, trading, or gifting the token to a new owner including linking the token to a wallet of the new owner.

40. The non-transitory computer readable medium of claim 39, the operations further comprising operating a token market, wherein the trading takes place in the token market.

41. The non-transitory computer readable medium of claim 40, wherein the token market is configured to enable a buyer of a token to pay a percentage of an asking price and to record the buyer as an intended owner.

42. The non-transitory computer readable medium of claim 38, the operations further comprising providing a representation of the item as a virtual item in a metaverse.

43. The non-transitory computer readable medium of claim 42, wherein the virtual item is associated with a metaverse avatar corresponding to the owner.

44. The non-transitory computer readable medium of claim 42, the operations further comprising storing the virtual item in multiple digital formats corresponding to digital formats required for representing the virtual item in different metaverses.

45. The non-transitory computer readable medium of claim 38, wherein a digital image of the item is attached to the token.

46. The non-transitory computer readable medium of claim 38, wherein a live camera feed of the item is provided associated with a URL for viewing the live camera feed, where the URL is attached to the token.

47. The non-transitory computer readable medium of claim 38, the operations further comprising distributing remuneration related to a token trade to stakeholders including an entity managing the TMS, an entity managing the storage facility, and a node on the blockchain that performs block validation related to the token.

48. The non-transitory computer readable medium of claim 38, the operations further comprising by an app for use by an owner, redeeming the token in order to provide the item to the token owner.

49. The non-transitory computer readable medium of claim 48, wherein the redeeming includes one of shipping the item from the storage facility to the redeemer, pickup of the item from the storage facility by the redeemer or returning of the redemption guarantee to the producer.

50. The non-transitory computer readable medium of claim 38, the operations further comprising recording the item as viewable, wherein the storage facility functions as a gallery for viewing the item.