Method and system for transfer of ownership of nft (non-fungible token) upon refund transaction in payment network

A system for enabling refund of a non-fungible token (NFT), comprising:

• a first computing device;
• a second computing device;
• a blockchain associated with the NFT;
• and
• a processing server, the processing server including
• a receiver receiving a transaction message for a payment transaction,
• a processor processing the payment transaction using at least the transaction message, where processing includes identification of a transaction identifier for the payment transaction, and
• a transmitter transmitting, the transaction identifier to the first computing device, wherein
• the receiver of the processing server further receives
• a notification message including at least the transaction identifier and a token identifier, where the token identifier is associated with the NFT, and
• a refund request message from the second computing device, where the refund request message includes at least one of:
• the transaction identifier and the token identifier,
• the processor of the processing server further processes a refund transaction for the payment transaction, and
• the transmitter of the processing server further submits at least the transaction identifier as input into a smart contract stored in the blockchain associated with the NFT.