WHAT IS SPLYT’s eNFT?
Splyt’s eNFT (E-commerce-Non-Fungible-Token) tokenizes off-chain products on the blockchain. This streamlines digital sales and enables lifetime product data tracking not previously possible. The eNFT empowers a transparent e-commerce ecosystem.
eNFT INVENTORY CATALOG
Every product is assigned a unique eNFT which eliminates the double-sell problem with live-updating inventory tracking across all online stores.
eNFT Data Traceability
The eNFT acts as a digital proof of authenticity, carries sales metadata and history, and delivers data points across the lifetime of a product in the resale market.
eNFT BOUNTY MARKETPLACE
Brands set a bounty for each eNFT that is traced and paid on the blockchain for perfect attributions and eliminates counter-party risk.
eNFT OFF-CHAIN DEFI
DeFi pools for collateralized inventory represented on the blockchain as eNFTs and verified via decentralized warehouses.
HOW DOES THE SPLYT PROTOCOL WORK?
Splyt’s TCP/eNFT (Transmission Control Protocol for E-commerce Non-Fungible Tokens) creates a universal, standardized protocol for how data and funds are shared securely between all parties in e-commerce transactions.
Inventory is tokenized on the blockchain as eNFTs and contains metadata describing the item’s properties, profit share terms, affiliate requirements, and internal SKU or tracking data.
Once an eNFT is minted, it is broadcasted to the Splyt network, synchronizing inventory across all marketplaces and affiliates.
Smart Contracts are baked into each eNFT, escrowing all funds to protect users throughout the e-commerce transaction lifecycle.
If the buyer decides to sell the item, they can easily relist it on the global database. The eNFT will update and retain its purchase history, preventing used items from being fraudulently misrepresented.
SPLYT USES A TOKEN CURATED REGISTRY
A Token Curated Registry (TCR) enables global product listings with decentralized arbitration capabilities. The SHOPX token and smart contracts (baked into eNFTs) work together to improve the e-commerce experience for all parties. SHOPX secures the Splyt network.
SPLYT TECHNICAL ARCHITECTURE
With Polkadot Substrates, the power of decentralized e-commerce comes alive with faster transactions and lower gas costs. Splyt will initially integrate with Polkadot via an EVM bridge using the Plasm Parachain.