This patent application explores Disney's use of the blockchain to manage ownership of physical objects and digital counterparts.
The Patent 📜
- The premise of NFT is that it is stored in a distributed ledger called Blockchain that allows you to track the entire transaction history of an object and also verify that you're the owner of that digital product
- For physical products, you could prove the authenticity by checking the serial number. But when it comes to verifying the ownership, things get a little bit complicated
- With this patent, each physical object will have a unique token that can verify the authenticity of the physical object and also manage the ownership records through a distributed ledger system. Nothing too crazy there
- It starts to get interesting with the patent talking about physical objects having a digital counterpart that can also be transferred. Over time, these digital counterparts may have updates that can be transferred onto the physical object
- These physical objects may also be associated with a digital counterpart that is used in various applications such as games and digital wallets
Imagine you bought an Iron Man figurine that also has a digital counterpart for a Disney game. As your Iron Man levels up in a game and acquires special powers, that would become attached to the identity of your physical figurine. There might be a special power in the game where only one player could acquire it. By acquiring that special power, your Iron Man could suddenly become very valuable.
And that is only what I could think of from the top of my head, the possibilities are literally endless!
Disney's most valuable asset is hands down their extensive IPs. Leveraging that with NFTs would not only be a game-changer for them but it could also be a big endorsement for the possibilities of the technology and propel NFTs further into the mainstream.