The World team has been hands-on with the development of the World Marketplace launching this May. As mainnet comes closer, the team is dedicated in constantly updating the community of what’s to come.
The fully-functional site can be viewed here: testnet.worldtoken.network
During the first release of the Marketplace, all digital goods and services, including NFTs, will be accepted to be listed for sale. Seller reviews, questions, and answers can be sent and viewed on their respective profiles. All non-NFT sales will support escrow and live chat between buyers and sellers during the transaction. This allows for better communication and proper receipt of services/goods before escrow is released by the buyer.
To ensure a smooth and safe launch, all merchants allowed to make listings under the v1 release will temporarily have to be filtered and whitelisted by the World team. All whitelisted merchants will have the ability to stake their own earned World from sales, for higher returns than holding (because of the smaller number of merchants as opposed to the number of holders). Under this release, merchants will only be able to set fixed prices in World tokens (e.g. 100 WORLD tokens per sale).
During the second release, the Layer 2 system will be implemented allowing for gas-less sales between participants, a deposit and withdrawal system handled entirely by smart contracts (enjoy the benefits of a centralized marketplace with fewer security risks), and gas-less transfers of ownership of NFTs within the platform. The team will also add the option of minting the NFTs directly on the platform without the need for third-party services. To further incentivize original content minted on the platform, royalties will be implemented on the platform; there will be an option for NFT artists to turn on royalties where they will receive a % of all the future times their NFT is sold for.
The whitelist filter will also be phased out in this version’s release, and be replaced by a vendor bond system which shall ensure the ecosystem from any potential fraud that might be performed by malicious actors. Under this system, anyone can sell on the platform with ease. A deposit of both ETH and WORLD will be required from merchants to be able to list items.
A new sale system will also be added. A subscription based model allowing for access to a seller’s locked content (similar to the Patreon/OnlyFans payment model) will be supported. A user could pay a week, for example, to have access to the premium content posted by the seller. Once that week is over, they would have to pay again or their access to all locked content would be revoked.
Finally, a USD-pegged dynamic price point will be added as an option for sellers. This means that a seller can list an item for say US$50, but since the marketplace accepts payments only in WORLD, the amount of WORLD paid and received will be based on the current token price at the time of purchase.
After v2 is released, the next product in line for development is the ERC-20/BEP-20 P2P exchange. This would allow buyers to get their hands on WORLD tokens via other means outside of centralized and decentralized exchanges while also working as a direct fiat on-ramp, eliminating the need to go through a centralized platform: withdraw the ETH/BNB, buy on a DEX, and then go onto the marketplace.
It would be as simple as sending the fiat or fiat equivalent to the seller, receiving world tokens, then spending them on the platform. At this point, all these transactions would also be gas-less. Initially our P2P Exchange will cater to WORLD tokens only, with other cryptocurrencies being implemented as the project progresses. For the sellers, it is an entirely new way of encashing their world tokens to other payment systems; straight to one’s bank account, mobile e-wallets, etc.; all protected with the same escrow and live-chat features the main marketplace has.
Again, the World team would like to thank each and every one of you for sticking around up until now.
Make sure to keep your eyes peeled for more updates! #ProudWorldCitizens