Dynamic value determination and performance based royalty calculation of non-fungible tokens created for agricultural assets

A system comprising:

• a digital asset server generating a plurality of digital assets for a plurality of agricultural assets,
• a NFT Digital Exchange server having a NFT wallet for creating a plurality of Non-Fungible Tokens (NFTs) for the plurality of digital assets, an agricultural asset valuation server,
• a financial transaction server, and
• a Royalty Estimator Node,
• each of the plurality of components comprising:
• a memory storing instructions;
• one or more Input/Output (I/O) interfaces;
• and
• one or more hardware processors coupled to the memory via the one or more I/O interfaces, wherein the one or more hardware processors are configured by the instructions to:
• receive via the agricultural asset valuation server, a request for at least one of a) valuation of a NFT created for an agricultural asset from among the plurality of NFTs created for the plurality of agricultural assets owned by a current owner, and b) computing a royalty to be received by the current owner and one or more previous owners of the NFT, wherein the plurality of NFTs belong to a plurality of NFT types, and wherein the NFT is tagged as a royalty generating NFT if one or more activities associated with the agricultural asset associated with the NFT are of non-consumable nature;
• dynamically generate via the agricultural asset valuation server, an attribute tuple for the NFT, wherein the attribute tuple comprising a geographical attribute (G), an economical attribute (E), and a sustainability attribute recorded for the agricultural asset associated with the NFT, wherein each of the geographical attribute, economical attribute, and the sustainability attribute comprises a plurality of parameters, wherein the plurality of parameters of the geographical attribute of the NFT, includes a location of the agricultural field, agro-ecological and agro-climatic zone, soil, elevation, distance to market, availability of natural resources, availability to infrastructure, aesthetic features available in the surrounding, wherein the plurality of parameters of the economical attributes include a quantity, quality, market prices during the harvest of the produce, monetary benefits achieved from the land by selling of specific NFT, percentage increase in the yield, wherein the plurality of parameters of sustainability attribute include sustainable practices followed over the land, soil health, reduction, or removal of Green House Gases (GHGs), optimal use of natural resources, quality of the produce generated, wherein a current status of each of the plurality of parameters is sourced dynamically from a plurality of external sources to enable performance based valuation, wherein the plurality of external sources includes on-field sensors, satellite sensors, a flying or moving sensor, plant or crop sensors crowdsourcing, openly available data about regional yields;
• assign via the agricultural asset valuation server, an individual score to each of the plurality of parameters available within the geographical attribute, the economical attribute, and the sustainability attribute based on relevancy of an attribute to a NFT type of the NFT and the cropland with which the NFT is associated, wherein the relevancy in accordance with the NFT type for each parameter within the geographical attribute, the economical attribute, and the sustainability attribute is configured in a first look up table that is reconfigured periodically;
• integrate via the agricultural asset valuation server, the individual scores for each of the plurality of parameters within the geographical attribute, the economical attribute, and the sustainability attribute to generate an overall score associated with each element G, E, and S of the attribute tuple;
• assign via the agricultural asset valuation server, a weightage to each element of the attribute tuple based on the NFT type of the NFT from among the plurality of NFT types and significance of each element of the attribute tuple for the NFT type,
• wherein, if the type of NFT is a cropland, each element G, E, and S of the attribute tuple is provided equal significance and the assigned weightage is equally distributed among each element G, E, and S of the attribute tuple,
• wherein, if the type of NFT is a farm produce, element E has highest significance followed by element S and element G of the attribute tuple and assigned weightage decreases from E, S to G elements of the attribute tuple,
• wherein, if the type of NFT is a farm diary, element G and element S of the attribute tuple are provided higher significance as compared to element E and assigned weightage decreases from S, G to E elements of the attribute tuple, and
• wherein, if the type of NFT is a farm art, element G is provided highest significance as compared to element E and element S, and assigned weightage is highest to G element and equal to the S and E elements of the attribute tuple, wherein the weightage to each element of the attribute tuple is dynamically updated over time based on the plurality of parameters and subject matter expert;
• compute via the agricultural asset valuation server, a valuation of the NFT as a weighted sum of the attribute tuple based on the integrated overall score of each element G, E and S of the attribute tuple weighed by the assigned weightage;
• estimate, via the agricultural asset valuation server (206), performance based royalty for the NFT based on the computed valuation of the NFT every time the NFT is purchased or sold, the performance based royalty to be distributed among the current owner and the one or more previous owners if the NFT is tagged as the royalty generating NFT, wherein if the type of the NFT is the cropland the royalty is provided to each of the current owner and the one or more previous owners based on an ownership period for the NFT, productivity of the cropland and maintenance of the cropland, use of sustainable practices and a price for which the NFT has been bought, wherein if the type of the NFT is the farm diary the royalty is provided to the current owner based on percentage increase in gains from the agricultural asset associated with the NFT as a result of one or more unique practices as compared to routine practices of working with the agricultural asset, and wherein if the type of the NFT is the farm art the royalty is provided statically to an owner of the NFT who is identified as creator of the farm art, wherein for each NFT owner depending on the period for which they own the NFT, crops grown, yields obtained, soil health, use of sustainable practices and the value of NFT at which they brought the same will be considered to estimate the royalty score for each NFT;
• and
• perform, via the financial transaction server (208), NFT based trading based on the valuation of the NFT and the performance based royalty for the NFT.

One or more non-transitory machine-readable information storage mediums comprising one or more instructions which when executed by one or more hardware processors cause:

• receiving, a request for at least one of a) valuation of a Non-Fungible Token (NFT) created for an agricultural asset from among a plurality of NFTs created for a plurality of agricultural assets owned by a current owner, and b) computing a royalty to be received by the current owner and one or more previous owners of the NFT, wherein the plurality of NFTs belong to a plurality of NFT types, and wherein the NFT is tagged as a royalty generating NFT if one or more activities associated with the agricultural asset associated with the NFT are of non-consumable nature;
• dynamically generating, an attribute tuple for the NFT, wherein the attribute tuple comprising a geographical attribute (G), an economical attribute (E), and a sustainability attribute recorded for the agricultural asset associated with the NFT, wherein each of the geographical attribute, the economical attribute, and the sustainability attribute comprises a plurality of parameters, wherein the plurality of parameters of the geographical attribute of the NFT includes parameters a location of the agricultural field, agro-ecological and agro-climatic zone, soil, elevation, distance to market, availability of natural resources, availability to infrastructure, aesthetic features available in the surrounding, wherein the plurality of parameters of the economical attribute include a quantity, quality, market prices during the harvest of the produce, monetary benefits achieved from the land by selling of specific NFT, percentage increase in the yield, wherein the plurality of parameters of the sustainability attributes include sustainable practices followed over the land, soil health, reduction, or removal of Green House Gases (GHGs), optimal use of natural resources, quality of the produce generated, wherein a current status of each of the plurality of parameters is sourced dynamically from a plurality of external sources to enable performance based valuation, wherein the plurality of external sources includes on-field sensors, satellite sensors, a flying or moving sensor, plant or crop sensors about various farming activities, data obtained from the farmers via crowdsourcing, openly available data about regional yields;
• assigning, an individual score to each of the plurality of parameters available within the geographical attribute, the economical attribute, and the sustainability attribute based on relevancy of an attribute to a NFT type of the NFT and the cropland with which the NFT is associated, wherein the relevancy in accordance with the NFT type for each parameter within the geographical attribute, the economical attribute, and the sustainability attribute is configured in a first look up table that is reconfigured periodically;
• integrating, the individual scores for each of the plurality of parameters within the geographical attribute, the economical attribute, and the sustainability attribute to generate an overall score associated with each element G, E, and S of the attribute tuple;
• assigning, a weightage to each element of the attribute tuple based on the NFT type of the NFT from among the plurality of NFT types and significance of each element of the attribute tuple for the NFT type,
• wherein, if the type of NFT is a cropland, each element G, E, and S of the attribute tuple is provided equal significance and the assigned weightage is equally distributed among each element G, E, and S of the attribute tuple,
• wherein, if the type of NFT is a farm produce, element E has highest significance followed by element S and element G of the attribute tuple and assigned weightage decreases from E, S to G elements of the attribute tuple,
• wherein, if the type of NFT is a farm diary, element G and element S of the attribute tuple are provided higher significance as compared to element E and assigned weightage decreases from S, G to E elements of the attribute tuple, and
• wherein, if the type of NFT is a farm art, element G is provided highest significance as compared to element E and element S, and assigned weightage is highest to G element and equal to the S and E elements of the attribute tuple, wherein the weightage to each element of the tuple is dynamically updated over time based on the plurality of parameters and subject matter expert;
• computing, a valuation of the NFT as a weighted sum of the attribute tuple based on the integrated overall score of each element G, E and S of the attribute tuple weighed by the assigned weightage;
• estimating performance based royalty for the NFT based on the computed valuation of the NFT every time the NFT is purchased or sold, the performance based royalty to be distributed among the current owner and the one or more previous owners if the NFT is tagged as the royalty generating NFT, wherein if the type of the NFT is the cropland the royalty is provided to each of the current owner and the one or more previous owners based on an ownership period for the NFT, productivity of the cropland and maintenance of the cropland, use of sustainable practices and a price for which the NET has been bought, wherein if the type of the NFT is the farm diary the royalty is provided to the current owner based on percentage increase in gains from the agricultural asset associated with the NFT as a result of one or more unique practices as compared to routine practices of working with the agricultural asset, and wherein if the type of the NFT is the farm art the royalty is provided statically to an owner of the NFT who is identified as creator of the farm art, wherein for each NFT owner depending on the period for which they own the NFT, crops grown, yields obtained, soil health, use of sustainable practices and the value of NFT at which they brought the same will be considered to estimate the royalty score for each NFT;
• and
• performing NFT based trading based on the valuation of the NFT and the performance based royalty for the NFT.