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The minting process can vary depending on the way in which the guardian organization chooses to verify physical items before minting a CBNFT and transferring its ownership to the rightful owner. However, there are certainly required components such as verification of the physical item by a credible authority, some form of legal writing in place to ensure that the guardian company nor the users cannot be defrauded, and lastly a minting and transferring of the CBNFT to the rightful owner. The minting and transferring functions on the CBNFT smart contract can be run separately, however custom functions such as a “mintForAddress()” type of function that combines both functions in one function.
Phynite will have the following procedure for minting CBNFTs:
- 1.Users will have to initially fill out a Physical Item Verification Form which will include questions that ask for the details of the physical item they wish to submit. The form will include parts where users can submit images of the item as well, so experts at Phynite can do an initial eye test and ensure that the item is one that is allowed for minting at Phynite.
- 2.Users will have to sign a legally binding contract where we’ll ensure that they’ll have the right to reclaim the item as long as they send us the item which they submitted the Physical Item Verification Form for.
- 3.Phynite will then send a protective and insured box that users can send their physical item in, and once they do so, our experts will verify the validity of the item.
- 4.Once the item is deemed valid, a 3D model will be made or a 3D scanning of the item will be done by artists to aesthetically represent the physical item as an NFT.
- 5.A CBNFT will be minted by authorized Ethereum accounts, and the ownership will be transferred to the rightful owner who may burn the CBNFT to redeem the item, sell, auction, or transfer the CBNFT.