EFFECTIVE INTEGRATION OF NFT CLASS CRYPTO-ASSETS INTO TRADITIONAL COMMERCE
The actual story of how a highly experimental economical sandbox model evolved into the unique method of converting NFT Class Crypto-Assets into Tradable IP-based pledgeable real- world securities appliable to traditional commerce.
By Erdal Can Alkoclar, Esen Darlan, Musa Karademir, Hristo Cagana, Ugur Yıldız SMMM, and Dr. Orhan Çömlek
DESCRIPTION OF THE MODEL
As well as in the world, there are studies aimed at making crypto assets effective in both accounting and real world trade.
Although some countries such as Malta, Estonia, Gibraltar, Monaco have made serious progress in this regard, the relevant steps cannot move crypto currency systems and crypto assets beyond being a one-way, boutique and relatively experimental eco system within the macro economy. Especially the great states that shape today's economy - (although several “seemingly” sincere open-minded policy comments regarding crypto-assets have been made) - are very uneasy about the anonymity and the impossibility of transfer blockade & effective transaction tracking that crypto assets features inherently.
In order for the effective commercial use securities or real estate assets must have & possess:
1-) a registry with the relevant state,
2-) Pledgeability on the occasion of annotation to the relevant registry,
3-) The accounting code / class in which it is included in the trial balance that are among the taxable or partially taxable items,
4-) Given this being an intellectual property-based digital asset, possibility to keep all transactive records and payment in the state.
5-) The simultaneous feature & technical characteristic that the simultaneous payment of the notary public transfer or invoice sales in the real world can be followed and confirmed in the related blockchain registry.
Above mentioned features and abilities considered as the most critical elements.
The steps taken in our pilot economical model generation study are as follows;
Given NFT Class Crpyto-Asset with 0x495F947276749CE646F68AC8C248420045CB7B5E ETH Contract Address, with the title “Archaeological NFT - Vespasianus Lion” is registered on behalf of Spektral Investment Bank SHA with the registration number 2022/091332 at the Turkish Patent Institute.
NFT Visual Trademark Application was first pledged in favor of TBY Holding in the pledge register of the Ministry of Customs and Trade. Representing the daily exclusive exhibition rights of NFT, which is registered in the Turkish Patent Registry as Intellectual Security while also being simultaneously listed in Opensea Exchange and is Included in the collection titled “First Archaelogical NFT Collection Ever” with Token ID 8627817533625022285252963282445928489743761372955927130440720809581363593216.
A separate NFT entitled “Vespasianus Lion Daily Exhibition Rights” has been created, and the daily exhibition license of the relevant NFT has been issued, thus the mentioned intellectual securities has been realized in a notary approved exclusive license agreement completing the dynamic trade and commercial & digital transaction of the given NFT asset, realizing the given item as a real world security with in the blockchain and in real commercial world. The payment of the relevant crypto asset was simultaneously performed and confirmed on the Ethereum blockchain. Since NFT is not a divisible entity by its very nature, the transfer of ownership and the transfer of exclusive license rights to a single real or legal person is a legal and structural necessity that has been triple guaranteed and recorded via above mentioned workflow.
In addition to these issues, the precedent exclusive and conditional license transfer agreement, which is arranged in a way that the party receiving the transfer, will determine the physical storage conditions of the relevant NFT, is also extensively designed and modeled.
In order to keep the formation, sales and license assignment processes of the relative & secondary NFT, which represent both the relevant NFT and the daily rights, to be stored by the state, a permanent dataset has been created in the open data archive and all Ethereum transaction has been loaded into the relevant data in CSV format. The relevant database may present a challenging situation that makes it difficult to repair the technical failure.
Another critical issue, the NFT’s Lilanet Electronic Commerce Limited Company, related to the NFT’s consensus agreement, which was modeled by taking a precedent NFT transfer agreement between the Spektral Investment Bank SHA and TBY Holding, was placed in the special fund account in kind:
“Archaeological NFT Vespasianus Lion 0x495F947276749CE646F68AC8C248420045CD7BE value of 27.500.000.00.-USD, dated 29/06/2022, effective buying rate 16,6574. 458.078.500.-TL has been taken. ”
Trial Bottom Note is provided.
As a result of our work that we try to present to you and the supreme authority in full details above;
1-) The relevant NFT was registered with the Turkish Patent Institute as an intellectual property based security,
2-) NFT was pledged in the state records between two merchant legal entities in the TARES Registry for the first time,
3-)The Exclusive License Agreement was issued and signed & approved at Besiktas 29. Notary publicly in accordance with the relevant Crypto-Existence and daily display rights of the same NFT.
4-) This period was reported to both the TPE registry, the Ministry of Finance and the Exchange called Opensea with its official documents forming a trilateral cross-confirming registrative consortium,
5-) The simultaneous Ethereum blockcharge was paid and permanent record was formed in the related blockchain,
6-) Both the mentioned NFT and the said transfer are permanently recorded in the independent registries of the State Department of Industry and Technology .It has become a dataset and the blockchain breakdowns of all mining and transaction processes have been uploaded to the relevant dataset in CSV format,
7-) Anonymous and autonomously functional dataset may be converted into an accredited data storage unit with the opposite autonomy method on request by the given public dataset registry.
Given the alternative autonomic model is considered appropriate as the data of the transfer to the receiving party by the provisions of the transfer agreement signed by the parties along with the information of the entry codes and passwords of the relevant NFT, the transfer of the relevant NFT will be an effective data preservation and a commercially concluded , blockchain registered transaction, which is a definite first.
As a result of our related study;
1-) On behalf of a related crypto asset merchant or natural person, both the Ministry of Industry and Technology (Turkish Patent Institute and Aperta) and the Ministry of Customs and Trade (movable pledge record - TARES) and the Ministry of Finance (18% VAT and corporate tax of the intellectual securities registered to 260 - in case of tax exemption and transfer in the first entry Excluding the tax exemption advantage) simultaneously recorded in their registers,
2-) NFTs can be pledged, invoiced, and in real commercial processes, the owner of the registrar has been made securities,
3-) The owner of the company has become an effective value added assets in both the Turkish Commercial Courts and the independent audit institutions.
4-)In its class, the non-realization of the company capital and the stock of private funds can be processed as an illegal skateboard,
5-) can be confiscated, both blockchain and real public authorities (notary and mentioned state registers) payments and belonging information can be tracked, both cognitive and commercially pledged has become commodities.
We offer you very valuable appreciation and respect.
Erdal Can Alkoclar & Esen Darlan