Marketplace

The marketplace is maintained by smart contracts that manage transaction processes between buyers and sellers.

Escrow Contract

When a buyer wishes to commence a deal with a seller they are entered into an escrow contract. This requires a deposit in $DGW tokens from both parties, creating a type of insurance for good behaviour. The escrow contract holds the deposits, buyers funds and the sellers iNFT whilst the transaction takes place. The seller is then prompted to deliver the physical item and its corresponding tag to the buyer, after which they will scan the tag. If the tag is scanned and the buyer is satisfied with product quality the process is marked as complete and the escrow contract releases all assets respectively. Based on a range of criteria an issue might be flagged, with which the contract enters into dispute.

Dispute

Once a transaction enters a dispute a range of processes are activated according to its type. Off-chain data is called upon coupled with customer signatures to determine the fate of the assets in escrow.

An example might be that the predetermined time has expired and so product delivery is investigated. The contract calls upon courier data to see if the product was delivered or even dispatched. Based on the outcome a justification is made and the fate of the assets in the escrow is determined. If the item was not dispatched the seller deposit would be transferred to the buyer and all other assets returned. If the item was dispatched but the buyer did not scan then deposits are transferred visa versa and the iNFT is seized. If the item is not claimed within the allotted time period then the iNFT is burned as the product has been compromised.

Our dispute process is more in depth compared to others as its primary focus is to maintain authenticity of its products.

Retailer/Brand Benefits

Exclusive Sales Contract

The market for exclusive listings has increased dramatically over recent times where there are different avenues to distribute products in high demand. Current standards of 'drops' and 'raffles' are bot dominated creating an unfair distribution system for consumers. Products are not well spread leaving bulk purchasers with a clear pricing advantage and limited brand outreach.

Smart contracts will manage the distribution of exclusive iNFTs where quantities of $DGW tokens will be locked in order to secure a chance. The consumer selection process is randomised where wallets of the winners will be stored. If the buyer is selected the iNFT is secured and transferred once the respective real product is scanned by the buyer. If you are not selected the locked $DGW tokens are returned.

Royalty Earnings

Another important feature is that Digiwear allows royalty charges to be set on the iNFT. This is a gateway for retailers to earn a percentage on every following product sale in the secondary market. Not only does this provide them with extra revenue channels but also encourages more sustainable product development.

Royalties are decided by the brands and retailers, capped at 5%, which is coded into a property of the iNFT. Each time the iNFT is resold a portion of the sale price will be transferred to the minting wallet.