WISeKey Provides an Update on its Patent Application for Persistent and Authenticatable NFTs
WISeKey filed a patent application for a “System and Method for Providing Persistent Authenticatable NFT” in the USA. NFTs using this method have increased value and will hold long-term value.
WISeKey’s patent application with the US Patent and Trademark Office (USPTO), can be found under the number US 17/514,296.
Geneva, Switzerland – March 30, 2021: WISeKey International Holding Ltd. (“WISeKey”) (NASDAQ: WKEY; SIX: WIHN), a leading global cybersecurity, IoT, and AI company, is pleased to confirm the filing of patent application for a “System and Method for Providing Persistent Authenticatable NFT the above captioned with the US Patent and Trademark Office (USPTO), under the number US 17/514,296.
The patent application that ensures the provenance, authenticity, persistence, and long-term value of NFTs that are minted on Blockchains using this method. During the minting process, this method allows to ensure that the NFT is not corrupted, incomplete, or ambiguous.
In general, there is a high confidence in the ability of a Blockchain to preserve and store the public key and digital signature information of the NFT along with any subsequent transaction data over long and very long periods of time. However, a Blockchain cannot preserve information that the NFT does not itself include. Such as disclosed in the patent application, it is the information in a persistent off-chain storage that establishes the value and that needs to be authenticated and secured.
NFTs that are not created by this method will not contain enough information to ensure that the minter of the NFT was the originator or possessor of the object at the time of minting or had authority to mint the NFT. Without identifying and establishing the rights of the minter, the long-term value of the NFT is diminished.
The information associated with an NFT can easily degrade over long periods of time. For example, over several decades or even over centuries the owner of an NFT, their descendants, and others may find it difficult to discern whether an NFT is authentic or what object the NFT is associated with, or the location where the object itself is located. There is no assurance that the NFT itself will preserve its ability to authenticate the associated object or that its association with the object will be preserved.
In order to solve these technical problems, the methods protected by the patent application define the structure, composition and minting process of an authenticatable and persistent NFT to establish and maintain long-term value as well as corresponding systems implementing these methods.
Carlos Moreira, WISeKey’s CEO pointed out, “This is an important patent application both for WISeKey as a company and for the NFT ecosystem in general. As this patent application’s methods and systems are adopted, the NFT marketplace will continue to gain acceptance and legitimacy.”
WISeKey has develop a WISe.ART 2.1 NFT Marketplace version based on this unique patent pending NFT technology; its Marketplace is fully operational and includes new features providing art collectors and artists a secure marketplace and platform where NFT buyers and sellers can easily connect their crypto wallets to instantly purchase or list their NFTs for sale.
To further increase its ecosystem of artists using the WISe.ART NFT platform, WISeKey has joined forces with the Crypto Art Island event, the first European NFT art fair which takes place in Gibraltar, from April 29 to May 4, 2022. During the event, some of the world’s most innovative NFT art created by leading artists will be auctioned on WISeKey’s entrusted NFT platform, WISe.ART.
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large-scale digital identity ecosystems for people and objects using Blockchain, AI, and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an installed base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens, etc.). WISeKey is uniquely positioned to be at the leading edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss-based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain, and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
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