Smartlink Launches the First Web3 Marketplace using Decentralized Escrow
Smartlink introduces a decentralized escrow solution that securely lets users buy and sell products and services using crypto.
No More Fraudulent Transactions
Smartlink, a decentralized marketplace and escrow platform for Web3 applications, announced on the 10th of October that it is launching its premier product, a decentralized facebook-like marketplace for crypto users. The news was published in a Twitter post on the platform’s official page.
The product is a decentralized marketplace for Web3 users that would address the issues of trust deficiency and transactional risk common in online marketplaces. The web3 solutions provider has made significant progress throughout the year, releasing two products in as many quarters.
Smartlink’s new product leverages the deficiency associated with existing digital marketplaces, like Facebook Marketplace, which only provides sellers with a platform to list and sell their products, acting as a technology enabler.
Existing digital marketplaces don’t have a system for handling and resolving transactional disputes or fraudulent transactions. These platforms offer limited to zero protection for transactions.
Smartlink offers a solution by creating a marketplace that utilizes a decentralized escrow protocol to safeguard funds throughout the transaction and ensures that funds are secured until all the conditions are met, and all parties involved are satisfied.
The marketplace offers a variety of products ranging from jewelry to furniture, cars, real estate, and many other goods.
How Smartlink Decentralized Marketplace Works
The Web3 Marketplace has seen a lot of adoption and integration over the past few months, with many NFT gaming platforms launching in the space.
Sellers on the Smartlink marketplace can list their products through a simple web-based interface. Interested buyers can contact the seller to get more information and confirm the item is still available.
The buyer then secures the item using any of the supported cryptocurrencies. The buyer must send sufficient funds to cover the platform fees (1% of the transaction amount or 0.5% using the SMAK token, the native token of the Smartlink platform), blockchain fees, and the cost of the product. These funds are deposited in the escrow smart contract.
The buyer can then go pick up the item, inspect the product, and approve the transaction if the item suits their expectations.
Once the buyer approves the transaction, the smart contract automatically transfers escrow payment to the seller’s wallet.
Smartlink Marketplace provides complete support for physical products and would introduce third-party tracking and logistics abilities in its future releases.
Olivier Audino, co-founder of Smartlink said:
“We are really excited to go live with the first Web3 Facebook-like marketplace for people to use their digital assets in the real world. We’re also confident that the product will make the blockchain space more intelligible to regular users and help foster its adoption.”
The platform is actively working to integrate every aspect of Web3 into its functionality. In February, it launched its first Tezos-based NFT. We expect more updates from the company in the coming days.
Superiority of Smartlink’s Decentralized Escrow system
There are a couple of Web3 marketplaces available already, especially for the sale of NFTs and other digital assets. These platforms have experienced cases of fraud and transaction issues, which have discouraged many users.
Smartlink’s escrow system takes the Web3 marketplace a step further by allowing the transaction of real-world assets on the Web3 platform. Users can now buy and sell products on the Web3 space without the fear of being scammed. This is also a classic solution to the challenge of insecurity by bringing maximum security and reducing the possibility of scams and fraudulent transactions almost completely.
