At the time of writing decentralized commerce experience in Web 3 wasn’t as good as that of Web 2. Users have to step through several complicated processes in order to buy stuff and developers have to go through quite a bit of pain in order to sell their real world products.
The idea is to create a NEAR blockchain based store that sells one of a kind T-shirts that are tagged with an NFT basically and NFT-shirt. The store would be totally decentralized for both adding and removing products as well as for customers making purchases. The store would not hold an inventory of pre-minted NFT-Shirts. Merchandise would be minted for each specific customer with customisations and variations that ensure the work is unique. Every design would need to incorporate a visible QR code and hash which can be verified at the store site. The QR could also provide links to information on the particular design, concept, motivation, designer(s) and so on. Each T-shirt comes with 1 NEAR which is locked in a compounding DeFi pool for a 5 year period after which the owner at that date can release the value.
The Primary Market Mechanism
Ownership of the NFT-shirt can only be bought, on chain. This would record and publish the near account that holds the NFT-shirt, the price at which it was bought and the amount staked against the shirt. In the event of a return the NFT-shirt would simply be re-offered on the secondary market mechanism.
The Secondary Market Mechanism
An official secondary market mechanism would be offered on the NFT-shirt store. This would record the transfer of ownership and the amount of the NFT-shirt sold for, as well as the value of the stake at point of sale. Whilst the shirt may be sold or gifted away in the real world, without the transfer of ownership, the last on chain transfer will be shown.
How to keep everybody honest
To keep buyers and sellers honest on the platform. The idea would be that in the secondary market mechanism sellers would need to stake an equivalent amount of value to the asset that they are selling. This stake will be released on confirmed delivery of the NFT-shirt to the buyer. On the buyer side, the incentive will be a small automated refund when they confirm delivery of their shirt within a given timeframe. In the event of a dispute both parties will need to submit proofs online with manual private arbitration to follow.
The focus of the buidl will be to create a great customer experience that is intuitive to the parties i.e. for buyers purchase friction is minimised and for sellers the sales process is smooth in the event of a secondary market return. The secondary focus will be on making it easy to manage NFT-shirt sales such as pricing and merchandising. The final piece will be to make it easy for parties to engage in the dispute process with a focus of minimising frequency of disputes.
Project Member: cryptotwilight.near