SYSTEM FOR ENABLING DIRECT MONETIZATION OF CONTENT THROUGH NON-FUNGIBLE TOKENS AND METHOD THEREOF

Abstract

The present invention discloses a system (100) for direct content monetization through a Non-Fungible Token (NFT) on a social networking platform (101). Users are provided with a Content Creation Module (102) that empowers them to generate diverse digital content. A Conversion Module (103) transforms user-generated content into valuable NFTs. A Display Module (104) seamlessly integrates NFTs into the platform's interface, enhancing content visibility. An Economic Transaction Module (105) enables various economic transactions involving NFTs. A Payment Processing Module (106) offers flexible payment options, including cryptocurrencies and fiat currency. The system harnesses blockchain technology (107) to ensure transparent and secure recording of NFT ownership and transactions. Together, these components redefine content monetization, bridging the gap between creators and their audiences, and creating a unified platform for content creators to realize the full potential of their creations.

Claims

1. A system for enabling a direct monetization of a content within an online social networking application, the system (100) comprises: a. a content creation module (102) configured to create a digital content by a user; b. a conversion module (103) configured to generate a Non-Fungible Token (NFT) associated with the digital content; c. a display module (104) configured to display the generated NFT within the online social networking application; d. an economic transaction module (105) configured to facilitate one or more economic transactions involving the NFT within the online social networking application including purchasing, renting; and e. a payment processing module (106) configured to enable one or more payments for the economic transactions through one or more form of a flat currency and a cryptocurrency.

2. The system (100) as claimed in claim 1, wherein the conversion module (103) presents a direct monetization option for the digital content, enabling the user to convert the digital content into the NFT through a single-click option.

3. The system (100) as claimed in claim 1, wherein the NFT includes references to the plurality of digital contents comprising photos, video and audio files.

4. A method for enabling a direct monetization of a content within an online social networking application, the method (200) comprising steps of: a. providing a content creation module within the online social networking application for the generation of a content (201); b. receiving a digital content created by a user through the user interface (202); c. presenting a direct monetization option for the digital content, wherein the direct monetization option enables the user to convert the digital content into a Non-Fungible Token (NFT) through a single-click option (203); d. generating the NFT associated with the converted digital content (204); and e. enabling the economic transactions involving the NFT within the online social networking application (205).

5. The method (200) as claimed in claim 4, wherein the NFT includes plurality of references to digital contents and associated metadata.

6. The method (200) as claimed in claim 4, wherein the economic transactions include one or more options for purchasing, renting, or other transactions.

7. The method (200) as claimed in claim 4, wherein the payment methods for the economic transactions is at least one of a crypto currency and a fiat currency.

Description

BRIEF DESCRIPTION OF THE DRAWINGS

[0012] The foregoing and other features of embodiments will become more apparent from the following detailed description of embodiments when read in conjunction with the accompanying drawings. In the drawings, like reference numerals refer to like elements.

[0013] FIG. 1 illustrates a block diagram disclosing a system for enabling direct monetization of content through Non-Fungible Tokens.

[0014] FIG. 2 illustrates a flow diagram disclosing the method involved in direct monetization of content through Non-Fungible Tokens.

DETAILED DESCRIPTION OF THE INVENTION

[0015] Reference will now be made in detail to the description of the present subject matter, one or more examples of which are shown in figures. Each example is provided to explain the subject matter. Various changes and modifications obvious to one skilled in the art to which the invention pertains, are deemed to be within the spirit, scope and contemplation of the invention.

[0016] The terminology used in the description presented herein is not intended to be interpreted in any limited or restrictive way, simply because it is being utilized in conjunction with detailed description of certain specific embodiments of the invention.

[0017] The present invention introduces a unique system of direct content monetization through NFT and the related method, redefining content monetization within an online social networking application. By seamlessly integrating content creation, NFT generation, and economic transactions, the invention simplifies the conversion of user-generated posts into NFTs, expanding opportunities for revenue. It offers diverse payment options, encompassing cryptocurrencies and conventional fiat currency.

[0018] FIG. 1 illustrates a block diagram disclosing a system (100) for enabling direct monetization of content through Non-Fungible Tokens on social networking platform (101). The system (100) intricately weaves together a series of interconnected modules, each playing a pivotal role in the content monetization process. The Content Creation Module (102) empowers users to generate diverse digital content, which then seamlessly flows to the Conversion Module (103). Here, content's attributes are evaluated, and upon meeting specific criteria, it is transformed into valuable NFT. The Display Module (104) strategically integrates the NFT on the social networking platform (101), facilitating engagement and discovery for both creators and consumers. The Economic Transaction Module (105) extends the functionality, enabling secure and transparent economic exchanges involving the NFT. Financial aspects are handled by the Payment Processing Module (106), offering diverse payment options for seamless transactions. To ensure transparency and security, Blockchain Technology (107) underpins the entire ecosystem, safeguarding NFT ownership and transaction records.

[0019] In one embodiment of the disclosed system (100) as shown in FIG. 1, the content creation module (102) is provided to empower users to generate digital content within a social networking platform (101). The content creation module (102) offers a user-friendly interface that enables content creators to compose and design various types of multimedia posts, including images, videos, audio, and textual content. This embodiment emphasizes the seamless integration of content creation, fostering an environment where users unleash their creativity and contribute engaging material to the platform. The content creation module (102) serves as the starting point for content monetization by allowing the users to produce unique and compelling content that can subsequently be converted into NFTs.

[0020] In another embodiment, the conversion module (103) within the system (100) plays a pivotal role in transforming a user-generated content into a valuable Non-Fungible Token (NFT). Once a content meets predefined criteria, the conversion module (103) generates NFTs with accompanying metadata.

[0021] In yet another embodiment, the display module (104) enriches the user experience by seamlessly incorporating the generated NFTs into the social networking platform (101). By integrating NFTs into the user interface, the Display Module (104) allows content creators to view their NFTs and potential buyers to discover and engage with them.

[0022] In a further embodiment, the economic transaction module (105) acts as a conduit for various economic transactions involving NFTs. An user is engaged in purchasing, renting, licensing, and other forms of transactions directly through the social networking platform (101). The economic transaction module (105) ensures secure and efficient processes for exchanging NFTs and associated rights, enhancing the overall monetization experience for both content creators and consumers.

[0023] Lastly, in an additional embodiment, the payment processing module (106) contributes to the financial fluidity of the system (100) by offering multiple payment options, including crypto currency and traditional fiat currency. The payment processing module (106) processes payments securely, and ensures that transactions are completed seamlessly. This embodiment enables a user to participate in economic transactions without encountering payment barriers.

[0024] FIG. 2 illustrates a flow diagram disclosing a method involved in a direct monetization of content through a Non-Fungible Token (200). The method (200) unfolds through a series of steps, commencing with a step (201), which involves a content creation module within an online social networking application for the creation of content. Progressing to step (202), a digital content is created by a user. Moving forward, step (203) focuses on a direct monetization option for the digital content. This leads to a smooth transition into step (204), where digital contents are converted into a Non-Fungible Token (NFT) through a single-click option. Finally at step (205), economic transactions involving the NFT within the online social networking application is enabled.

[0025] There are several advantages of the present invention including seamless combined content creation, monetization, and engagement within a single online social networking environment.

[0026] Another advantage of the invention is that it enables content creators to directly monetize their work through the conversion of individual posts into Non-Fungible Tokens (NFTs). This streamlined process eliminates the complexities associated with traditional monetization models and provides creators with a convenient and efficient means of earning from their content.

[0027] Yet another advantage is the offering of various economic transactions, such as selling, renting, and licensing NFTs, the invention expands the revenue-generating potential for creators, catering to different preferences and audience demands.

[0028] Moreover, the invention provides the inclusion of cryptocurrency payment options alongside traditional fiat currency methods, offering creators a broader range of payment choices and enabling them to leverage the advantages of blockchain technology.

[0029] Further, through the integration of NFTs, content creators can foster direct engagement with their audience during transactions, forging stronger connections and building a more dedicated fan base.

[0030] Furthermore, the invention's seamless payment processing and diverse currency options overcome geographical barriers, making it easier for creators around the world to monetize their content and connect with a global audience.

[0031] In conclusion, the system of direct content monetization through NFT is a groundbreaking invention that addresses the limitations of current content monetization methods within online social networking platforms. By enabling creators to easily monetize their content through NFTs and offering a range of payment options, engagement opportunities, and a unified platform, this invention transforms the digital content landscape and empowers creators to fully realize the value of their creative endeavors.

TABLE-US-00001 TABLE 1 Reference numbers: Components Reference Numbers System 100 Online Social Networking Platform 101 Content Creation Module 102 Conversion Module 103 Display Module 104 Economic Transaction Module 105 Payment Processing Module 106 Blockchain Technology 107