Microsoft wants to make creating NFTs and other tokens as easy as pushing buttons

Key facts

:

  • The system responds to user requests to define attributes of their cryptoassets.

  • The token service offers an interface that allows transferring, minting and burning.

Microsoft, one of the world’s largest software and technology companies, patented a template service that will facilitate the creation of non-fungible tokens (NFT) and fungible tokens on different blockchains.

The United States Patent and Trademark Office (USPTO) notified the patent approval this August 24, in response to the application introduced by the company on February 25, 2019.

The proposal focuses on “developing software that can help users create and manage tokens across different networks quickly and efficiently,” as the report reads

.

In that sense, Microsoft’s system will help make this process easier and more fluid. To achieve this, it will present the user with several templates with some functions and features.

Microsoft wants to make creating NFTs and other tokens as easy as pushing buttons Microsoft wants to make creating NFTs and other tokens as easy as pushing buttons The system will facilitate the tokenization of assets such as NFTs that provide a bridge between the physical and digital world: Source: Freepik.

Then, when the user selects one of the options presented, the token will be created on the specified network. The templates offered can vary depending on the type of cryptoasset you want to create or the physical asset it represents.

Among the variety of templates incorporated into the system, users will be able to create tokens with fixed supply, NFT

with variable supply, or unique tokens of the type generally used as collectibles. The software will incorporate functions to transfer, mint and burn certain quantities of tokens.

So far, the company has not issued an official statement so it is unknown when this token template service would be launching.

As CryptoNews reported last year, Microsoft, IBM and Nasdaq created an alliance to standardize token-based ecosystems. At the time it was posited that the large number of existing blockchains

has stalled the adoption of tokenized assets.

Standardization was sought at a commercial level so that companies can agree on distributed business models without first choosing a platform.