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Sensors 2021, 21, 3822 17 of 32 Figure 5. Sequence of experiments. The left pane in Figure 4 shows the lifecycle of a NFT. First, the seller invokes Algorithm 3 (Section 3.3.1) to create the token. If the invoke is valid, a check is performed to see if the token is being created for a transfer to a buyer. At this stage in the lifecycle, the token is being created for the invoker so the execution path highlighted in the flowchart applies and the invoker is the owner of the token. The token is then created and the token level endorsement policy is set. The token is now ready to accept a bid. The buyer calls Algorithm 4 (Section 3.3.2) and if the token is for sale and no previous bid is present, the bid is accepted. The seller then calls Algorithm 5 (Section 3.3.3), to transfer the token to thePDF Image | Blockchain Based Transaction System with NFT
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