Patent Application
20240062318
The present invention relates to a field of digital content monetization within an online social networking application. Specifically, the invention pertains to a system for enabling direct monetization of user-generated content within an online social networking application through the conversion of individual posts into Non-Fungible Tokens (NFTs) enabling user to participate in various economic transactions such as selling, renting, or licensing their content directly within the social networking environment and the related method.
In the current landscape of digital content creation and online social networking, there exists a variety of methods for content sharing and engagement. However, the existing approaches often fall short in adequately addressing the needs and aspirations of content creators.
Existing online social networking platforms offer limited avenues for content creators to monetize their work. While some platforms provide advertisement-based revenue sharing, the model often leads to uneven earnings and is primarily accessible to established creators.
Further, the conventional methods of content monetization, such as crowdfunding, subscriptions, and merchandise sales, often require content creators to manage multiple platforms and engage in intricate payment processing procedures.
The available systems lack support for crypto currencies and hurdles in converting digital earnings into traditional fiat currencies.
Content creators often lack direct engagement with their audience during economic transactions, leading to reduced user interaction and limited opportunities for building a loyal fan base.
The Patent Application No. US2020320644A1 titled “Systems and Methods for autonomous branding using a platform that contains a plurality of features and functions that enable any user to have access to a complete digital presence and monetization opportunities” pertains to an invention encompassing a system and method for enhancing and monetizing one's social media presence. Within this context, the present innovation introduces an artificial technique for the management of social media interactions. Certain embodiments of this system and method are intended for user-centric software implementation, catering to entities like small businesses, aiming to streamline and execute their online digital strategies. Leveraging a digital web-based platform, the technology is employed to establish and amplify a brand's online visibility. In specific instances, these systems and methods offer streamlined publication, syndication, and monetization of content from a singular interface, while also facilitating the monitoring and engagement with information pertinent to said content.
The Patent Application No. US2016004977A1 titled “Content Monetization System” pertains to an innovation focused on a system and method designed to monetize content through the implementation of machine learning algorithms for content redaction. The inventive concept seeks to elevate the conversion rate of website visitors into paying customers. Extracted textual components of the content undergo tokenization and subsequent scoring, normalized within the range of [0, 1], to quantify their significance. A comprehensive approach is employed, utilizing intra-token, inter-token, extra-token, and tagged token features to characterize individual tokens. Sentences, paragraphs, sections, and even chapters are attributed scores based on token scores, employing diverse methodologies. Subsequently, the content is selectively redacted based on these calculated scores. Customers have the option to preview redacted content at no cost, with the opportunity to make a purchase for unrestricted access to the complete, non-redacted version. The present invention holds practicality in the publication and monetization of digital content, particularly in contexts such as e-books.
In conclusion, despite the advancements in technology and the prevalence of social media platforms, certain gaps persist within the digital content monetization landscape. Thus, there is a need for an innovative solution that can bridge the deficiencies enabling creators to easily monetize their content through NFTs, offering a range of payment options, engagement opportunities, and a unified platform. The transformation of the digital content landscape empowers creators to fully realize the value of their creative endeavors.
The present invention overcomes the drawbacks of the prior art by disclosing an innovative system of direct content monetization through NFT and related method. This inventive system revolutionizes the way by which the content creators monetize their work within an online social networking application. By seamlessly integrating content creation, NFT generation, and economic transactions, the invention enables creators to effortlessly convert their posts into NFTs, thereby expanding their monetization opportunities. The system offers diverse payment options, encompassing both cryptocurrency and traditional fiat currency. Through this comprehensive approach, the invention empowers content creators to maximize the value of their creative efforts and bridges the gap between content generation and financial gain in the digital age.
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.
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.
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.
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.
In one embodiment of the disclosed system (100) as shown in
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.
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.
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.
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.
There are several advantages of the present invention including seamless combined content creation, monetization, and engagement within a single online social networking environment.
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.
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.
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.
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.
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.
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.
This application claims priority from U.S. provisional application Ser. No. 63/400,042 filed on 22 Aug. 2022 entitled “METHODS AND SYSTEMS OF ONLINE SOCIAL NETWORKING”, the entirety of which is herein incorporated by reference.
| Number | Date | Country | |
|---|---|---|---|
| 63400042 | Aug 2022 | US |
