WO2022238854A1

WO2022238854A1 - Video social sharing platform for creating non‐fungible tokens media and system of use thereof

Info

Publication number: WO2022238854A1
Application number: PCT/IB2022/054261
Authority: WO
Inventors: Anoir HOUMOU
Original assignee: Recrd Group Holding Ltd
Current assignee: Recrd Group Holding Ltd
Priority date: 2021-05-11
Filing date: 2022-05-09
Publication date: 2022-11-17
Anticipated expiration: 2023-11-11

Abstract

The present invention discloses a novel digital social platform for sharing digital media in particular videos, assigning a monetary value through non‐fungible token and pro‐actively monetizing said videos on said platform.

Description

1

VIDEO SOCIAL SHARING PLATFORM FOR CREATING NON-FUNGIBLE TOKENS MEDIA AND

SYSTEM OF USE THEREOF

PRIORITY CLAIM

[0001] This application claims priority to U.S. Provisional Patent Application No. 63/186,917, filed May 11, 2021 and U.S. Provisional Patent Application No. 63/279,721, filed Nov. 16, 2021, the contents of both of which are incorporated by reference in their entirety.

TECHNICAL FIELD

[0002] The present disclosure relates generally to the expanding field of blockchain and cryptocurrency. In particular, the present invention discloses a digital platform and system for sharing digital media, such as but not limited to video, and the conversion and use of said digital media into a digital asset such as a non-fungible token (NFT), which will allow the owner of said NFT to monetize the digital media through advertisement or other means of monetization.

BACKGROUND

[0003] The invention relates to social networking and monetization opportunities on said social networking systems. In particular, the invention relates to sharing on a social network digital media obtained from an external system or created by a user, monetized and shared on social networking platform.

[0004] Social networks that track and enable connections between members have become prevalent in present day socializing and networking. In particular, social networking platforms allow members to identify others with similar interests and communicate in like manner. Members of a social networking platform, in a way of communication, may react to other member's posts on said platform. One means of implementing such a reaction may be through shared videos and reactions to a video with another video, obtained from an external system of created by the member and posted onto the network.

[0005] Video is an important medium for businesses across the globe, and according to HubSpot, 80% of customers remember a video they have watched in a preceding month. 2

One of the biggest strengths of video marketing is that it is highly visual and auditory, which means it is easier for many users to remember than text-based content. When users remember a video marketing content, they also remember a brand, which translates to higher conversion. Video content is fit for consumption on all devices, ranging from computers to mobile phones. This expands video's reach and makes it more user-friendly and consumer-focused.

[0006] It is estimated that 92% of people who consume mobile videos share them with other people. This is a massive portion and is higher than the share rate of many other types of content out there, digital or other. Simply Measured discovered that video is shared 1,200% more than both links and text combined. Also, 60% of viewers will engage in a video post before a text post, according to Diode Digital. Because of this, video content is a powerful tool for any brand that wants to expand its reach online or enjoy wider audiences through social commerce.

[0007] Social commerce is the use of social network(s) in the context of e-commerce transactions. The concept of social commerce was developed by David Beisel to denote user-generated advertorial content on e-commerce sites, and by Steve Rubel to include collaborative e-commerce tools that enable shoppers "to get advice from trusted individuals, find goods and services and then purchase them". The social networks that spread this advice have been found to increase the customer's trust in one retailer over another.

[0008] Social commerce may assist companies in achieving the following purposes: firstly, social commerce helps companies engage customers with their brands according to the customers' social behaviors; secondly, it provides an incentive for customers to return to their website; thirdly, it provides customers with a platform to talk about their brand on their website; and lastly, it provides all the information customers need to research, compare, and ultimately choose one company over their competitor, thus purchasing from said company and not others. 3

[0009] The market for virtual goods has been growing since the creation of the internet and has achieved significant milestones. Even further, since the introduction of cryptocurrency based on blockchain technology, it became possible for individuals to attach a virtual value to their digital assets.

[00010] Social networks have also created a multitude of platforms where individuals can create and share digital media in all forms. However, existing social networks provide limited data ownership and control to users. Blockchain technology provides an open, decentralized and immutable system for data storage and processing. What is still needed is a platform for rapidly creating actionable digital assets and tokens with influence and outreach that include social actions, scoring, redemption actions, and royalty distribution.

[00011] A number of patents have been published as a result of the growing need to safely and securely monetize products or secure their authenticity. For example, US10,505,726 discloses a system and method for authenticating physical retail product and digital design files, and a system and method for promoting brand engagement. '726 proposes an opportunity to engage and influence users in the digital realm via collectable objects so that they may be more engaged with a brand in the physical world. It also addresses the need for a retailer to more directly influence and/or control the nature and ultimate supply of digital objects within this virtual market.

[00012] US10,238,958 for example discloses systems and methods for using tradable physical collectible objects to facilitate generation of a digital copy that can be used within a network game. A user can use the digital copy and perform various modifications to the digital copy. A value can be determined for the digital copy based on the various modifications. At a later date, the user (e.g., owner) is free to give away, sell or trade the digital copy to another party in transaction with terms based on, for example, the determined value of the digital copy.

[00013] US 2007/0226119 discloses an online valuation and trading system for commodities, such as digital media, assigns objective trading or economic values to commodities to facilitate fair trades and trading. The invention advantageously provides an 4 objective valuation of commodities during a trading period and/or an appointed period based upon relevant and dynamic factors or criteria, which are updated to reflect the market at that particular point or period in time.

[00014] Other systems such as the one disclosed by US11,139,954 aims to protect an event interface system, which provides a record storage system and facilitates a proof of custody, proof of chain of custody and proof against tampering for a record by deploying a hash of the record on the blockchain and storing the record on an off-chain storage.

[00015] There are a number of systems currently that enable monetization from videos.

In those currently available, guests or members of the network or system have to search or choose a video to watch. The viewer may react to said video by liking, downloading or sharing. Some of the systems enable advertisement to launch pre-roll, mid-roll or post-roll as well as launch embedded advertisement. A contract between the owner of the video and the system enables both to monetize on this event.

[00016] To date, there are no systems or platforms which enable members to react with a media, such as a video, with a video and the ability to monetize said react video thus creating intrinsic value of the media on these platforms. The advent of blockchain and more recently the ability to apply the concept of associating a fungible value on say stocks and to that of non-fungible tokens to digital media.

[00017] Digital assets may be stored in non-fungible tokens (NFTs) and then recorded in a blockchain which is an incorruptible digital ledger. For example, NFTs may be stored in Ethereum, which is a distributed public blockchain network. In the Ethereum blockchain, miners work to earn ether, a type of crypto-token that fuels the network. A second type of token that is used to pay miners fees for including transactions in their block is called gas

[00018] A new class of blockchain-powered digital assets — known individually as non- fungible token (NFT) —and a platform for not only creating, trading, collaborating, engaging, collateralizing, and monitoring these digital assets is described herein, which is particularly suited for giving, tracking, collaborating and holding value, among other features; but for further pro-actively monetizing the digital asset. 5

BRIEF DESCRIPTION OF THE DRAWINGS

[00019] FIG. 1 is a flowchart representation of one embodiment of the process by which a User interacts with the platform.

[00020] FIG. 2 is a flowchart representation of another embodiment of the process by which a User interacts with the platform.

[00021] FIG.3 is a flowchart representation of an embodiment by which a User may monetize a digital media.

[00022] FIG. 4 is a flowchart representation wherein a user may further monetize on their media through ale to another user.

DESCRIPTION OF THE INVENTION

[00023] In one embodiment, the present disclosure describes a video only market where users will have a personalized feed based on their user behavior. Users will be able to discover new products from brands and other users. The video content will be open to all forms of content (within the legal terms of use of the platform) and expected to be centered around lifestyle, tutorials, latest news, sponsored advertising as well as relevant criteria for positioning a digital media for monetization. One further differentiating aspect from currently existing social platforms or systems is that there will is no required limits on video size and duration and each user will essentially have their own social channel.

[00024] In a further embodiment, the present disclosure describes a new way to engage with content. Similar to a Like or a Share which is available on currently existing digital platforms, in this case, the interaction will be in the form of a video response. This could be a thought, a reaction, a remix of the original video, a combination therefrom or any other relevant video recorded content comprising brand advertisement and marketing positioning videos, allowing for the community to grow as it builds upon each other's original content driving a Content Network Effect. Users can also get video responses back from any of their followers or network including their favorite Celebrities and Influencers. 6

[00025] In yet another embodiment, creators of the video responses are remunerated on a regular and/or pre-defined period, for example each month. Payments are effected into their account based on video view ad placements. This refers to ads placed by the platform or other advertisers building on said creator's videos or social channel.

[00026] In another embodiment, the platform of the present invention will allow any peer to peer selling of new and second-hand products that will be sold through a video classified, wherein this will enable a far clearer view of products above other forms of media.

[00027] The present invention further describes a system whereby a device is used to access a first content, in particular video content published by a third party, commenting on said first content via a video share which is created on a device, edited and posted to said first content as a second content, wherein said content creates a string of subsequent contents all of which are interrelated to each other and all are related to said first content.

[00028] The system of the present invention further describes a process whereby monetization of said content is managed by an owner of a first content and/or subsequent contents.

[00029] In a further embodiment of said system, third parties may subscribe or follow or use for marketing purposes said first or said subsequent video content for monetization and/or for generating ad revenue to said owner of said first content and or said subsequent content.

[00030] The present invention provides new and enhanced business methods and systems for facilitating commerce in non-fungible goods, such as for example videos.

[00031] In one embodiment, the invention provides for an online system for permitting users in a data network to manage inventories of their media, such as videos, assigning a virtual value for said media converting it into a NFT and monetizing on the media through advertisement on a social media platform or other digital platforms. 7

[00032] There is thus provided in accordance with a preferred embodiment of the present invention a method for computerized commerce in non-fungible goods, the method including uploading a video into a database and paying a specific fee to convert the video into a NFT. Generally known as "Gas fees," these represent transaction fees that users pay to miners on a blockchain protocol to have their transaction included in the block. The database is linked to a video-sharing platform with advertisement embedded or linked to said video. In turn the embedded advertisements will generate revenue and contribute to determining a price the NFT may be estimated at. Advertisement may also be associated to a video as an adset, an API that pins into a certain part of the video, which video is generally sponsored. The APIs are generally presented pre-roll, mid-roll and/or post roll. Depending on the targeting but also the content and keywords linked to a video.

[00033] It is well known for a person skilled in the art that the monetization of any form of media is driven by mining of context and using that as a proxy for intent. Advertisers then pay to have their ads matched with the right intent. Monetization works by harvesting user intent and serving messages/information relevant to that intent. The better you are at harvesting intent, the more effective your monetization is going to be.

[00034] Accordingly, and in one embodiment of the present invention, a user may post videos with relevant hashtags, which will allow others to find said video. The user may tag any content including specific brands that may appear on said user's video. Depending on the brand and the number of followers, said brand owners may pay thousands of dollars for one post. Once established as an influencer, brand companies may come knocking on the user's door.

[00035] The hashtag advertising will increase the monetization of the NFT and will be a proactive means of monetization on top of the various advertising schemes presented herein. To date, hashtags have been used to link pictures or posts and not necessarily associated with videos such as described herein, as first posting or reaction video posts.

[00036] FIG. 1 discloses an embodiment of a process whereby a user views a particular video of interest on a video sharing platform. On current platforms and systems, users have 8 limited means of interacting with such a video such as sharing, liking, saving or leaving a comment. In the present embodiment of the proposed system and platform, the user has the option of reacting to the video with their own personally recorded video. Once the reaction video is uploaded and posted on the platform and associated with the initially viewed video, the user's video becomes accessible to all users of the said platform and more. Other viewers watching the initial video will be able to see the video posted as a reaction and further reaction videos may be created, uploaded and shared as described in FIG. 1.

[00037] In another embodiment, as shown in FIG. 2, the reaction video may be a remix of the video viewed, a modification of the video viewed with edited or promoted content, or any other option involving a video being uploaded as a reaction to the viewed video. Furthermore, the reaction video may be an advertisement video used for marketing and/or commercial purposes.

[00038] In either embodiment, or any other embodiment wherein such a video is posted as a reaction, the length of the video may be of any size and duration.

[00039] NFTs have permeated pop culture at various levels and in a number of means.

There are now hundreds of millions of dollars of NFT sales each week through public marketplaces like Foundation and OpenSea, as well as a number of custom-built applications.

[00040] NFTs have fundamentally changed the market for digital assets and have created a means to separate the "owner" of a digital artwork from someone who just saved a copy to their desktop. Since markets can't operate without clear property rights, meaning that before someone can buy a good, it has to be clear who has the right to sell it, and once someone does buy, ownership should be properly transferred from the seller to the buyer. NFTs have solved this problem by giving parties something they can agree represents ownership. In doing so, they make it possible to build markets around new types of transactions — buying and selling products that could never be sold before, or enabling transactions to happen in innovative ways that are more efficient and valuable. 9

[00041] The present invention hence permits a user or owner, which may comprise a brand owner, to create their own video and link it onto a social platform as described in the present invention, thus creating ownership of the video digital media created. The platform of the present invention then allows for the owner to monetize their digital media in at least two means. The first means is by generating followers that will view, share and repost the owner's video, giving it increased value with a number of views. Since this video is linked to the owner's blockchain wallet, and assigned its own proprietary NFT, the increase in views will generate increased value and increased monetization for the NFT itself.

[00042] FIG. 3 discloses a process by which the user creates a video as described in previous sections, wherein the user decides to monetize the video by assigning a value to it, by tokenizing it or assigning a non-fungible token value to it. The user crates the video NFT and stores it in their dedicated wallet. Once the video is posted, for example as described in previous embodiments as a reaction to another video post, the NFT value of the video increases based on number of views, reactions to it by 3^rd party viewers, or other digital means whereby the video reaches a larger and broader audience thus increasing its value and increasing the monetization to the creator or owner of the video. The NFT keeps increasing in value and may subsequently be sold at a value which is much higher than the original price assigned to the video.

[00043] This last part is described in FIG. 4 where a User A creates said video, assigns a value to it through NFT and storing it in said wallet. A User B then identifies a personal value for User A's video and purchases it from User A at its set value or based on a purchase contract wherein such a contract may offer a higher value for the NFT and provide royalties or other addition income to User A. Once the contract is agreed upon and executed, the NFT is transferred from User A's wallet to User B's wallet with the new assigned value. Thus the ownership of the video is legally transferred from User A to User B. User B in turn may further increase the value of the video and both User A and B may benefit from the revenues and increase in value and subsequently, when User B sells the NFT to a User C under a new contract, then the ownership of the video is once again transferred to a new User's wallet when the monetization and value continues to increase. 10

[00044] As it is known to a person skilled in the art, each NFT is a unique, one-of-a-kind digital item. These are stored on public-facing digital ledgers called blockchains, which means it's possible to prove who owns a given NFT at any moment in time and trace the history of prior ownership. NFTs are easy to transfer from one person to another — just as a bank might move money across accounts — and are very hard to counterfeit. Because NFT ownership is easy to certify and transfer, owners, including brand owners, can use them to create markets in a variety of different goods, including in digital video media.

[00045] In one embodiment, a brand owner may use the platform of the present invention by creating a NFT of a particular product which is displayed in the video. The value of the NFT video and the NFT product within the NFT video both can be monetized and generate revenue to all parties involved as the number of views and reactions increase. All parties involved in the NFT will benefit regardless of how little or how much since the various NFTs are linked to the respective parties' wallets.

[00046] Since NFTs can function like membership cards or tickets, providing access to events, exclusive merchandise, and special discounts — as well as serving as digital keys to online spaces, NFT holders can engage with each other. Furthermore, because the blockchain is public, it's even possible to send additional products directly to anyone who owns a given token. All of this gives NFT holders value over and above simple ownership — and provides creators with a vector to build a highly engaged community around their brands.

[00047] In the present invention, as the video becomes more and more popular in one or more specific channels, third parties, such as advertisers or other private owners may see additional value in owning said video as part of their own portfolio thus creating a buy/sell value of the NFT. The NFT then can sell at a value defined by market demands, generating further monetization for its owner.

[00048] Since a large number of marketplaces have sprung up around NFTs, it allows for their creators to take advantage of their possibilities in different ways. 11

[00049] Digital art market is a best-known example , and digital collectables platforms, such as Dapper Labs's NBA Top Shot, which enables users to collect and exchange NFTs of exciting plays from basketball games — videos called "moments," which are effectively digital trading cards. Top Shot has been building in gamified challenges and other reasons to own the cards beyond just their pure collectible value, even teasing that moment holders may eventually receive real-world benefits from the NBA.

[00050] Similar to the Top Shot example, the present invention provides for a system which enables users to create videos, which can be unlimited in time and build up their value via the platform on which they are posted and what channel or posts they are associated with. Communities may be built around these videos, creating further value and opportunities for additional monetization and streams of revenue.

[00051] Brand owners can create and build their own communities driving further value to their brands through these communities or via posts and shared posts capitalizing on specific channels or communities that are related to their brand, building reciprocal monetization.

[00052] As a further embodiment of the present invention, the proposed video platform allows digital creators solid options to monetize their work, as well as flexibility that is often missing in traditional creative industry models. It is safe and easy to sell digital content online by attaching it to the blockchain as a NFT. The proposed platform will allow anyone not just artists or brand owners, to create NFTs and gain unlimited support from a worldwide network of collectors and monetize their creations.

[00053] In a further embodiment of the present invention, sponsored ads may be associated with videos based on the videos' contents and/or streams or channels they are on. The revenue generated from such sponsored ads will be attributed to the creator of the video, further adding value to the NFT.

[00054] It should of course be understood that while the present invention has been described with respect to disclosed embodiments, numerous variations are possible 12 without departing from the spirit and scope of the present invention as defined in the claims.

[00055] Moreover, it is intended that the scope of the present invention include all other foreseeable equivalents to the elements and components as described herein and with reference to the figures. Accordingly, the invention is to be limited to only by the scope of the claims and their equivalents.

Claims

13 CLAIMS

1. A system for providing a social media platform to enable video posting and sharing among users, comprising: a. a digital profile repository storing (i) user profiles for said users, and (ii) a relationship profile for the relationship between said users; b. a relationship history database storing historical interactions among said users on the social media platform; c. a content history database for each user storing historical media imported from the internet or created by each user; d. a virtual relationship manager to facilitate meaningful social interactions among said users; e. a plurality of computing devices that are running social media applications for the social media platform, each of the social media applications being programmed to provide a graphical user interface (GUI) that presents digital content retrieved over the internet from the social media platform and to receive user inputs via one or more graphical input elements in the GUI; wherein one of said users shares a video retrieved from the internet or said user's database on the social media platform, another user reacts to said user's video by posting a video retrieved from the internet or said other user's database, said other user's video is linked to the first user's video for further reactions from other users in the same manner, and said digital profile of each said user comprises a digital wallet account for each said user. 14 The system according to claim 1, wherein the videos of said other users are assigned a monetary value as a non-fungible token (NFT) and stored in said other users' digital wallet. The system according to claim 1, wherein said virtual relationship manager matches an advertisement by learning visual signatures for identifying an element in a video for increasing the price of the NFT of claim 2. The system according to claim 3, wherein the advertisement appears during or next to said video. The system according to claim 4, wherein the advertisement placement is controlled by the user and may be before ("pre"), during ("mid"), or after ("post") the video. The system according to claim 4, wherein the advertisement comprises skippable video ads, non-skippable video ads, bumper ads or overlay ads. The system according to claim 1, wherein said user tags content on said video with hashtags. The system according to claim 1, wherein said social media platform enables monetization of said video of said user through: a. assigning a first monetary value to said video as a NFT; b. storing the NFT in said user's digital wallet; c. generating value for the NFT through advertisement; and d. assigning hashtags to said video.