IOI
SPLYT is an e-commerce NFT platform that connects brands, affiliates, and e-commerce stores. A unique eNFT is assigned to each product, enabling users to view a global inventory at all times.
eNFTs serve as authentication certificates to prevent counterfeits. In order to prevent scams, a built-in smart contract allows for escrow of payments. Additionally, affiliates and stores get a commission.
Protocols equipped with automated dispute resolution and arbitration mechanisms are available. Using consensus-based governance, it is possible to maintain decentralization, flexibility, and engagement with the users.
Among Splyt’s NFT and DeFi investments, some are among the most exciting in the market. On their roadmap they plan to launch an NFT system to replace modern day SKUs and streamline supply chains, an awesome NFT Bounty Marketplace, and verified DeFi pools, need we say more.
Some of the brightest and most innovative minds on this team are here. Bringing experience from numerous successful, global companies including Deloitte, Intel, IBM, Samsung, Bank of America, and PayPal. Due to their experience as well as their insane value proposition, we have high expectations for one of the most exciting projects we have seen in a long time.
Holders of the SHOPx token will be able to use it for the following purposes:
i) Generation and distribution of marketing and bounty campaigns
ii) Preventing fraud
iii) Escrow accounts for payments
Here’s how Splyt Protocol works:
In Splyt’s TCP/eNFT (Transmission Control Protocol for E-commerce Non-Fungible Tokens) data and funds are securely shared among all parties involved in an e-commerce transaction.
- eNFT minting
The inventory is tokenized on the blockchain as eNFTs, which contain metadata describing the item’s properties, profit share terms, affiliate requirements, and internal SKUs.
2. eNFT broadcast
The Splyt network broadcasts an eNFT once it has been created, synchronizing inventory across all marketplaces and affiliates.
3. eNFT escrows
The eNFTs are embedded with Smart Contracts that escrow funds throughout e-commerce transactions, protecting users.
4. Buyer resale
As soon as a buyer decides to sell an item, they can simply relist it on the global database. As a result of eNFT, purchase history for used items will be updated and retained, preventing misrepresentation fraud.
Token curated registry is used by Splyt
Through the Token Curated Registry (TCR), global product listings are possible along with decentralized arbitrage. A SHOPX token and an eNFT (electronic network of trust) enhance the e-commerce experience for everyone. The SHOPX network secures Splyt.
Splyt technical architecture
Decentralized e-commerce comes alive with Polkadot Substrates since transactions are faster, gas costs lower, and the power of decentralization is realized. Through an EVM bridge that uses the Plasm Parachain, Splyt will initially integrate with Polkadot.
eNFT – Splyt’s e-commerce solution
Tokenizing off-chain products is possible with eNFT. As a result of this, digital commerce can be streamlined, allowing tracking of product data throughout its lifecycle. Double-selling is an issue in e-commerce, but it is resolved when the product being sold is assigned an e-NFT
Polkadot’s Proof-of-Stake (PoS)-driven substrates can be used by Splyt to accelerate decentralized e-commerce transactions while reducing gas costs. With the help of the Ethereum virtual machine (EVM), Splyt will integrate with Polkadot through the Plasm parachain.
Conclusion
By utilizing NFT blockchain technology, Splyt offers effortless and transparent sales, streamlines affiliate sales across multiple platforms, and eliminates liability from e-commerce platforms to supply chains.
As consumer behavior and brand expectations rapidly change, Splyt offers solutions to help brands and consumers connect.
