I would add that the ideal NFT marketplace would have robust support for physicals, including one or more escrow / appraisal services for physical items.
I would add that the ideal NFT marketplace would have robust support for physicals, including one or more escrow / appraisal services for physical items.
Disclaimer, I built their new protocol, so I am a bit biased.
I think they will be open sourcing it once it's final audit is complete and they've switched over from the previous implementation. It fits the bill of being something others could build upon easily as well as sporting a deep integration of physicals.
In that new protocol, the purchase of an NFT with a physical yields a ticket which can be flipped on secondary markets if that's someone's prerogative. When a holder claims the ticket, it's burned, a proof-of-ownership NFT is transferred to the holder, and the shipping process is kicked off.
Scaling that to *lots* of marketplaces operating with physical NFTs, it opens up the possibility of a market for escrow and appraisal services, since that's a logistical bottleneck for the marketplace operator. If they only have a single headquarters, then physicals have to be shipped there from all over the world. In a system where there are many service providers available, the piece could be shipped to the nearest one.
As such, the protocol has a special role for escrow agents, who can do things like start an auction on behalf of a seller once they have the physical piece in custody and appraised.
This is def very cool, I need to take a closer look at Seen.Haus, admittedly I haven't done so before. On my radar now, thanks for sharing these great insights Cliff. I do think this is quite a compelling and unprecedented system, keen to watch it play out
I would add that the ideal NFT marketplace would have robust support for physicals, including one or more escrow / appraisal services for physical items.
Really good idea Cliff, that possibility hadn't even occurred to me prior!
Seen.Haus are doing a good job with this angle.
Disclaimer, I built their new protocol, so I am a bit biased.
I think they will be open sourcing it once it's final audit is complete and they've switched over from the previous implementation. It fits the bill of being something others could build upon easily as well as sporting a deep integration of physicals.
In that new protocol, the purchase of an NFT with a physical yields a ticket which can be flipped on secondary markets if that's someone's prerogative. When a holder claims the ticket, it's burned, a proof-of-ownership NFT is transferred to the holder, and the shipping process is kicked off.
Scaling that to *lots* of marketplaces operating with physical NFTs, it opens up the possibility of a market for escrow and appraisal services, since that's a logistical bottleneck for the marketplace operator. If they only have a single headquarters, then physicals have to be shipped there from all over the world. In a system where there are many service providers available, the piece could be shipped to the nearest one.
As such, the protocol has a special role for escrow agents, who can do things like start an auction on behalf of a seller once they have the physical piece in custody and appraised.
This is def very cool, I need to take a closer look at Seen.Haus, admittedly I haven't done so before. On my radar now, thanks for sharing these great insights Cliff. I do think this is quite a compelling and unprecedented system, keen to watch it play out