Online Asset Trading Method and System

Technical Field

The present invention relates to asset exchange systems. In particular, the present invention relates to an online system for exchange of real or virtual assets.

Disclosure of Invention

According to one aspect of one of the embodiments of the method of the present invention, there is provided a method of Internet-based sale of an asset from a first user to a second user, comprising the steps of granting secure website access by a website host to each user; monitoring the asset exchange between the first and second users; verifying ownership of the asset by the first user; displaying the asset on the secure website; allowing the first user to offer to sell the asset to the second user for real currency; allowing the second user to buy the asset from the first user for real currency; receiving and holding digital currency tendered in payment by the second user to buy the asset; allowing real-time online communication between the first and second users to complete the transaction; facilitating transfer of ownership of the asset from the first user to the second user; allocating and dispensing the digital currency to the first user and the website host; and removing the asset from display on the secure website.

According to another aspect, the method may include the additional steps after the first user offers to sell of: allowing the second user to tender a bid for the purchase of the asset; if the bid is acceptable to the first user, proceeding to next step, otherwise if the bid is not acceptable to the first user, allowing the first user to tender a counterbid; if the counterbid is acceptable to the second user, proceeding to the next step; if the counterbid is not acceptable to the second user, allowing the second user to tender a counterbid; and repeating these steps until either the first user or the second user terminates the transaction.

According to a further aspect, the method may include the additional steps between steps of: allowing the second user to take an ordered position in a queue of a plurality of users to bid for the sale of the asset; and allowing the first user to consider in turn a bid from each of the plurality of users in the queue having priority over the second user.

According to still another aspect, the method may include the additional step of facilitating online resolution between the first user and the second user of a dispute arising in relation to the sale of an asset. According to yet a further of its aspects, the asset may be a virtual asset.

According to one aspect of another embodiment of the present invention, there is provided a method of Internet-based purchase of a desired asset by a first user from a second user, comprising the following steps: 1. granting secure website access to each user; 2. monitoring and logging the asset exchange between users; 3. allowing the first user to offer to purchase the desired asset for real currency; 4. displaying the desired asset on the secure website; 5. verifying ownership of the desired asset by the second user; 6. allowing the second user to sell the desired asset to the first user for real currency; 7. receiving and holding digital currency tendered in payment by the first user to buy the desired asset; 8. allowing real-time online communication between the first and second users to complete the transaction; 9. facilitating transfer of ownership of the desired asset from the second user to the first user; 10. allocating and dispensing the digital currency to the second user and the website host; and 11. removing the desired asset from display on the secure website.

According to another aspect, the method may include the additional steps after step 4 above of: 4.1. allowing the second user to tender a bid for the sale of the desired asset; 4.2. if the bid is acceptable to the first user, proceeding to step 5; 4.3. if the bid is not acceptable to the first user, allowing the first user to tender a counterbid; 4.4. if the counterbid is acceptable to the second user, proceeding to step 5; 5.5. if the counterbid is not acceptable to the second user, allowing the second user to tender a counterbid; and 4.6 repeating steps 4.2 to 4.5 until either the first user or the second user terminates the transaction.

According to another aspect, the method may include the additional steps between steps 4 and 4.1 of: 4.01. allowing the second user to take an ordered position in a queue of a plurality of users to bid for the purchase of the desired asset; and 4.02. allowing the first user to consider in turn a bid from each of the plurality of users in the queue having priority over the second user.

According to a further of its aspects, the method may include the additional step of facilitating online resolution between the first user and the second user of a dispute arising in relation to the purchase of an asset.

According to yet another embodiment of the present invention, there is provided a method of Internet-based trading of a first asset by a first user for a second asset of a second user, comprising the following steps: granting secure website access to each user; monitoring and logging the asset exchange between first and second users; verifying ownership of the first asset by the first user; verifying ownership of the second asset by the second user; displaying the first asset and the second asset on the secure website; receiving and holding digital currency tendered in payment of a trading fee by each of the first user and the second user; allowing the first user to offer to exchange the first asset with the second user for the second asset; allowing the second user to accept the offer to exchange the first asset with the first user for the second asset; allowing real-time online communication between the first and second users to complete the transaction; facilitating transfer of ownership of the first asset from the first user to the second user and ownership of the second asset from the second user to the first user; dispensing the digital currency to the website host; and removing the first asset and the second asset from display on the secure website.

According to a further of its aspects, the method may include the additional step of facilitating online resolution between the first user and the second user of a dispute arising in relation to the trading of a first asset for a second asset.

According to another aspect, the first asset may be a virtual asset, or the second asset may be a virtual asset.

According to yet another of its embodiments, there is provided an Internet-based system for exchange of one or more assets, comprising means for granting system access to a plurality of users; means for verifying ownership of each of the one or more assets by a user; means for displaying each asset which a user has offered to sell, to buy or to trade; means for allowing each user to offer to sell and to sell one or more assets to each of at least one other user for real currency; means for allowing each user to offer to buy and to buy one or more assets from each of at least one other user for real currency; means for allowing at least one pair of users to offer to exchange and to exchange at least one asset; means for allowing a first user to tender a bid on at least one asset which a second user has offered to sell, to buy or to trade; means for allowing the second user to accept a bid which the first user has tendered on the at least one asset; means for allowing each user to enter a queue to sell, buy,

trade, or bid in relation to an asset owned by another user; means for monitoring each asset exchange between users; means for allowing real-time online communication between each of at least one pair of users; means for receiving, holding, allocating and dispensing real currency tendered in payment of each sale of a asset; means for transferring ownership of an asset between each of at least one pair of users; and means for facilitating dispute resolution in relation to asset exchange disputes between each of at least one pair of users.

According to one of the aspects of this embodiment, at least one of the assets may be a virtual asset. According to another of the aspects of this embodiment, at least one of the assets may be a non-virtual asset.

Brief Description of Drawings

A detailed description of the preferred embodiments is provided by way of example only and with reference to the following drawings, in which:

Fig. 1 is a screen image of the system of one embodiment of the present invention at a selected time point;

Fig. 2 is a screen image of the system of one embodiment of the present invention at a later point in time;

Fig. 3 is a screen image of the system of one embodiment of the present invention at a still later point in time; and

Fig. 4 is a schematic of one embodiment of the system of the invention depicting activity options for public users and for member users.

In the drawings, one embodiment of the invention is illustrated by way of example. It is to be expressly understood that the description and drawings are only for the purpose of illustration and as an aid to understanding, and are not intended as a definition of the limits of the invention.

Best Mode(s) for Carrying Out the Invention

As best depicted in the figures, a user interface of the present invention provides a real time status indicator of the assets available for online exchange. Having regard to Fig. 1, according to one embodiment of the invention, in the uppermost transaction depicted member "Flood" has offered for sale an asset comprising 5000 Gold for the World of Warcraft online game, for which Flood is asking $200. As depicted in Fig. 2, member Ping has entered a queue to communicate a response to Flood. Shown in Fig. 3 is Ping's offer to trade the Sword of Valhalla for Flood's 5000 Gold. Flood is also offering a second asset comprising 4000 Gold, for which Flood is asking $178.

Figs. 1 to 3 depict member Hocum offering for sale the Sword of the Holy. Member Ran Obert has entered a queue to communicate a response to Hocum.

Fig. 1 also depicts member John offering for sale 500 Gold for $99.50, 1000 Gold for $179.50 and 1000 Gold for 259.50. John is offline and not available for transactions. The display indicates John will return online at 9:00 GMT. Ran Obert has placed a bid of $250.50 for the second lot of 1000 Gold.

Figs. 1 to 3 show Technocrat and Shelly agreeing to the sale by Technocrat to Shelley of 500 Gold for $99.50, and also shows Hocum and Lou agreeing to the sale by Hocum to Lou of a Level 3 Dragon for $99.50.

Fig. 1 depicts member Ran Obert offering to sale a Level 3 Dragon. Figs. 2 and 3 depict receipt of bids from multiple parties to purchase or trade for the Level 3 Dragon.

Fig. 3 depicts Flood offering to buy 5000 Gold for $170 and John offering to buy 500 Gold for $90.50. Ran Obert has bid to sell 5000 Gold to Flood for $180. The system of the present invention, upon receipt of Ran Obert' s bid, will automatically convert the bid to accept the offer by Flood to buy into an offer by Ran Obert to sell the 5000 Gold.

The display also indicates the game choices available to the member or public user, statistics in relation to use of the system, status of the member including a list of assets in play and credits held by the system on the member's behalf.

According to one embodiment of the present invention, all users are registered as members of the system. Information gathered and held by the system of the invention is received directly from the members, rather than from third party servers such as game servers with which the members are also in communication.

In another embodiment, both members and non-members may use the system, with differential access. In a preferred embodiment, non-member users may place bids on assets offered for sale or trade, or may purchase assets offered for sale or trade. In order to post an ad to sell, purchase, or trade an asset, the poster must be a registered member of the system.

If a member has placed an ad to sell or trade an asset, but is not available for a communication, another member may place the asset on hold by offering value for the asset. The offering member must then consider the offer by the member who has placed the asset on hold, before accepting another offer placed subsequent to the hold.

Revenue generation for the system may be provided in a variety of ways. One method includes the system charging commissions to sellers of assets and to users. For example, in a trading transaction, both parties may be charged a commission. In a multi-party bidding transaction, each party may be charged a commission. Another method may be advertising revenue from website banner advertisements. Other possible revenue methods such as monthly access memberships are also understood to be included within the scope of the present invention.

For any transaction to be completed, all parties to the transaction must be online in the system of the invention in real time. Consideration transferred to the system will be held in escrow until each transaction is completed by live online exchange of communication. Upon completion of such communication, consideration will be released to the seller or user, with commissions withheld by the system.

Members may be engaged in one transaction at a time. If a member engages in a second transaction while already engages in a transaction, the member will be prevented from engaging in the lower priority transaction. For example, if a member is on hold or in a queue for a first transaction, and responds to an offer to sell in a second transaction, the member will be dropped from the hold or the queue in the first transaction.

Each time a member places an ad to trade an asset, a second ad is automatically generated offering to sell the same asset. This facilitates efficient trading as failure to accept a reasonable offer may result in sale of the asset for less value than the item offered in trade.

Turning now to Fig. 4 of the drawings, scenario 1 depicts a non-member public user responding to a member user's ad by buying an asset for the asking price. Scenario 2 depicts a public user placing a bid on an asset offered for sale by a member user, followed by the member user's acceptance of the bid. In both scenarios, the public user and member user complete the transaction by direct online communication. This communication is recorded by the system.

According to Scenario 3 of Fig. 4, a public user encounters a busy member user who is not available to engage in a transaction. The public user may place a hold on the asset by offering a value consideration as shown in scenario 3, or may enter a first come first served queue to communicate a response to the member user as shown in scenario 4. Once the member user is available online, the public user and member user may communicate directly online to complete the transaction.

Scenario 8 depicts a public user placing a bid to an offline member who is notified of the bid by email. Scenario 9 depicts a public user entering a queue top communicate a response to a member user once the member user is again online.

According to scenario 5, a first member user may post an advertisement to sell an asset. A second member user may buy the asset for the asking price, as in scenario 10. The transaction is completed upon direct communication online between the first and second member users.

According to scenario 6, a first member may offer an asset in trade, for which a second member may then offer a second asset in trade. If the first member user accepts the second asset in trade for the first asset, the first and second members will be placed in direct online communication to complete the transaction. According to scenario 11, a second member user may offer to bid for an asset offered for sale by a first member user. If the first member user accepts the bid from among one or more bids offered for the asset, the first member and second member users will be placed in direct online communication to complete the

transaction. Another possible option includes haggling for an offered asset, in which first and second members may offer and counteroffer until an agreement or limiting condition is reached. The limiting may be a time limit, a number of offers, or other condition.

As depicted in Fig. 4, if a first member user wishes to communicate a response to a second member user, but that second member user is engages in another transaction, the first member user may offer to trade for the second member user's asset (scenario 12), to be placed on hold by making an offer of value for the second member user's asset (scenario 13), enter a first come first served queue to communicate a response to the second member user

(scenario 14), or bid on the second member user's asset (scenario 15). Once the second member user is no longer busy in a transaction, the first and second member users will be placed in direct communication to complete the transaction.

Similarly, if a first member user attempts to communicate a response to a second member user who is offline, the first member user may offer to trade for the second member user's asset (scenario 16, to be placed on hold by making an offer of value for the second member user's asset (scenario 17, enter a first come first served queue to communicate a response to the second member user (scenario 18) or bid on the second member user's asset (scenario 19). Under these scenarios, the second member user will be sent an email advising the member user that the first member user wishes to communicate a response to an asset ad.

In one of its aspects, the system of the present invention permits users to purchase electronic bonds for investment.

The method of Internet-based sale of an asset from a first user to a second user, comprises the steps of 1) granting secure website access by a website host to each user; 2) monitoring the asset exchange between the first and second users; 3) verifying ownership of the asset by the first user; 4) displaying the asset on the secure website; 5) allowing the first user to offer to sell the asset to the second user for real currency; 6) allowing the second user to buy the asset from the first user for real currency; 7) receiving and holding digital currency tendered in payment by the second user to buy the asset; 8) allowing real-time online communication between the first and second users to complete the transaction; 9) facilitating transfer of ownership of the asset from the first user to the second user; 10) allocating and dispensing

the digital currency to the first user and the website host; and 11) removing the asset from display on the secure website.

The method may include the additional steps after step 5) of: 5.1) allowing the second user to tender a bid for the purchase of the asset; 5.2) if the bid is acceptable to the first user, proceeding to step 6); 5.3) if the bid is not acceptable to the first user, allowing the first user to tender a counterbid; 5.4) if the counterbid is acceptable to the second user, proceeding to step 6); 5.5) if the counterbid is not acceptable to the second user, allowing the second user to tender a counterbid; and 5.6) repeating steps 5.2) to 5.5) until either the first user or the second user terminates the transaction.

According to a further aspect, the method may include the additional steps between steps 5) and 5.1) of: 5.01) allowing the second user to take an ordered position in a queue of a plurality of users to bid for the sale of the asset; and 5.02) allowing the first user to consider in turn a bid from each of the plurality of users in the queue having priority over the second user.

According to still another aspect, the method may include the additional step of facilitating online resolution between the first user and the second user of a dispute arising in relation to the sale of an asset. The asset may be a virtual asset.

A method of Internet-based purchase of a desired asset by a first user from a second user, comprises the following steps: 1) granting secure website access to each user; 2) monitoring and logging the asset exchange between users; 3) allowing the first user to offer to purchase the desired asset for real currency; 4) displaying the desired asset on the secure website; 5) verifying ownership of the desired asset by the second user; 6) allowing the second user to sell the desired asset to the first user for real currency; 7) receiving and holding digital currency tendered in payment by the first user to buy the desired asset; 8) allowing real-time online communication between the first and second users to complete the transaction; 9) facilitating transfer of ownership of the desired asset from the second user to the first user; 10) allocating and dispensing the digital currency to the second user and the website host; and 11) removing the desired asset from display on the secure website.

According to another aspect, the method may include the additional steps after step 4) of: 4.1) allowing the second user to tender a bid for the sale of the desired asset; 4.2) if the bid is acceptable to the first user, proceeding to step 5); 4.3) if the bid is not acceptable to the first user, allowing the first user to tender a counterbid; 4.4) if the counterbid is acceptable to the second user, proceeding to step 5); 4.5) if the counterbid is not acceptable to the second user, allowing the second user to tender a counterbid; and 4.6) repeating steps 4.2) to 4.5) until either the first user or the second user terminates the transaction.

According to another aspect, the method may include the additional steps between steps 4) and 4.1) of: 4.01) allowing the second user to take an ordered position in a queue of a plurality of users to bid for the purchase of the desired asset; and 4.02) allowing the first user to consider in turn a bid from each of the plurality of users in the queue having priority over the second user.

According to a further of its aspects, the method may include the additional step of facilitating online resolution between the first user and the second user of a dispute arising in relation to the purchase of an asset. In the resolution of a dispute, evidence considered is to be provided by the users themselves, and may include screen shots or video relevant to the matters in dispute.

According to yet another embodiment of the present invention, there is provided a method of Internet-based trading of a first asset by a first user for a second asset of a second user, comprising the following steps: granting secure website access to each user; monitoring and logging the asset exchange between first and second users; verifying ownership of the first asset by the first user; verifying ownership of the second asset by the second user; displaying the first asset and the second asset on the secure website; receiving and holding digital currency tendered in payment of a trading fee by each of the first user and the second user; allowing the first user to offer to exchange the first asset with the second user for the second asset; allowing the second user to accept the offer to exchange the first asset with the first user for the second asset; allowing real-time online communication between the first and second users to complete the transaction; facilitating transfer of ownership of the first asset from the first user to the second user and ownership of the second asset from the second user

to the first user; dispensing the digital currency to the website host; and removing the first asset and the second asset from display on the secure website.

According to a further of its aspects, the method may include the additional step of facilitating online resolution between the first user and the second user of a dispute arising in relation to the trading of a first asset for a second asset. According to another aspect, the first asset may be a virtual asset, or the second asset may be a virtual asset.

According to yet another of its embodiments, there is provided an Internet-based system for exchange of one or more assets, comprising means for granting system access to a plurality of users; means for verifying ownership of each of the one or more assets by a user; means for displaying each asset which a user has offered to sell, to buy or to trade; means for allowing each user to offer to sell and to sell one or more assets to each of at least one other user for real currency; means for allowing each user to offer to buy and to buy one or more assets from each of at least one other user for real currency; means for allowing at least one pair of users to offer to exchange and to exchange at least one asset; means for allowing a first user to tender a bid on at least one asset which a second user has offered to sell, to buy or to trade; means for allowing the second user to accept a bid which the first user has tendered on the at least one asset; means for allowing each user to enter a queue to sell, buy, trade, or bid in relation to an asset owned by another user; means for monitoring each asset exchange between users; means for allowing real-time online communication between each of at least one pair of users; means for receiving, holding, allocating and dispensing real currency tendered in payment of each sale of a asset; means for transferring ownership of an asset between each of at least one pair of users; and means for facilitating dispute resolution in relation to asset exchange disputes between each of at least one pair of users.

According to one of the aspects of this embodiment, at least one of the assets may be a virtual asset. According to another of the aspects of this embodiment, at least one of the assets may be a non-virtual asset.

It will be appreciated by those skilled in the art that other variations of the preferred embodiment may also be practised without departing from the scope of the invention.