As I learn more about the crypto-currency space and NFTs I am formulating new ideas of where to take this project.
These can be produced as collections for sale in a gallery and paid for using crypto-currency. The issued coins would be in a gallery with status data displayed such as available/sold etc.
The buyer would specify their ID (such as email) to be recorded in the blockchain ledger. And, they would receive a secret key. This key would allow them to prove their ownership.
Transfer of ownership
When a coin is transferred, the previous owner would use their key to initiate the transfer. A successful transaction would then involve a new entry to the blockchain and the new owner receiving a new key. Now the previous owner would not be able to do anything involving this coin.
The blockchain records would contain:
- previous hash
- timestamp — useful for plain sight information
- owner ID — such as an email or a unique tag to trace the owner
- NFT — image data (rather than a fragile link)
- NFT hash — this allows for not having to repeat the image data in the blockchain and to trace transaction history
When an NFT is transferred, the new record may leave the NFT field blank since the hash may be traced back to get the relatively large data blob.
How to make money
- Sell initial coin ownership
- Charge a fee for verification of ownership (avoiding acting as a middle-man in financial transactions)
- Require annual verification of ownership to support hosting costs
Verification of ownership
The owner has a key. We have the key for the validation server. We don’t know who the enquirer is.
Someone wants to verify that a person is the owner of a coin. They have to pay for this service. Then they pay and get a hash, and contact the owner specifying this hash. Then the owner may check if this hash was issued by us.
Communications between them can then take place with a common key hash. Maybe they do a deal for buying/selling the coin? Then the current owner may transfer the coin to the other person.