We filed a patent application for an NFT Marketplace System in Japan


Bilizen Co., Ltd. (headquartered in Chiyoda-ku, Tokyo, Japan; Taeko Yamamoto, Representative Director) announces that it has filed a patent application in Japan for an NFT marketplace system that ensures both the speed, certainty, and transparency of transactions of NFTs (Non-Fungible Tokens), and user privacy.
(For more information on the completion of the patent registration, please refer to here.)

1.Background of the Patent Application
(1) Features of the NFT Marketplace
In an NFT marketplace utilizing public blockchain technology, information (e.g., user’s wallet address, NFT details, and sales price) necessary for NFT transactions is disclosed, and transactions are executed directly between users according to an automated execution program (i.e., Smart contract) built on a public blockchain.
The trading history of such NFT Transactions is recorded on an unspecified number of computers participating in the public blockchain. Thus, it would be extremely difficult to falsify or delete the trading history. Further, anyone can freely view the trading history as well as the information necessary for the NFT transactions.
(2) Technical Problems of the NFT Marketplace
Meanwhile, as described above, since the NFT marketplace that utilizes the public blockchain technology allows anyone to freely view the information necessary for NFT transactions and their trading history, and the trading history is difficult to be deleted, the NFT marketplace is not suitable for disclosing users’ private information (e.g., real names, schedules, contact information, and other information related to personal privacy).
However, depending on the nature of a transaction, such as the purchase and sale of an NFT involving the provision of a service, for example, it may be necessary to provide private information to the other party. In such cases, conventionally, the parties to the transaction must provide personal information, such as contact information, on a website (i.e., off-chain) different from the NFT marketplace where the NFT transaction is conducted, or set up schedules individually, which is time-consuming and cumbersome.

2. Summary of Invention
In order to solve the above technical problems, the NFT marketplace system of the present invention includes those with the following configurations:
When a transaction is conducted in an NFT marketplace, it is possible to ensure both the transparency of the NFT transaction and user privacy by recording only the information to be made public for the transparency of the NFT transaction, such as the information necessary for the transaction and its trading history, on the public blockchain, and recording users’ private information, which should be shared only between the parties to the transaction, on an off-chain.
In addition, NFT transactions and the exchange of private information are allowed to be conducted in the same NFT marketplace, so that the time and effort required for users can be reduced.

Our NFT marketplace “Tou Chakai” will utilize this invention and will be developed for launch next spring.

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