Money makes the world go round. Commerce is a mega-industry, moving trillions of dollars every.
Commerce is the backbone of the global economy, presenting an opportunity for the enterprising.
Statistics suggest that by 2025, eCommerce will rise to over $7.5 trillion.
That’s over three times what Joe Biden promises to inject into the economy over the next few years.
The $7.5 Trillion eCommerce Industry
However, as it is, eCommerce is ripe for disruption.
Think about it.
For every online purchase a user makes via leading platforms like Amazon or Woolworths, there is a salesperson somewhere that made that possible.
Perhaps through his/her social media post, the client has reasons to make a purchase.
The trillions made in eCommerce won’t be possible without the efforts of marketers.
These folks are indispensable. Accordingly, they must be generously compensated.
Affiliate Marketers are Indispensable
Affiliate marketers mostly hold eCommerce together.
Their work is simple: Market a product and earn a commission from sales.
Easy on the surface, affiliate marketing s not for everyone.
Every dollar is a result of pure grit. There must be continuous optimization of content.
The System is rigged
Unfortunately, the system is broken, commandeered by oligopolies who hold all cards.
As such, proper plumbing is needed. The current architecture where the publisher is boss while the rest are minions is unfair and undeserving for the ecosystem.
If there is fairness, then affiliates should earn more–just like publishing platforms taking fat cheques.
Add fraud, cost of operation, and more, the marketer is disadvantaged.
Meanwhile, with the current defragmentation, brands have a cumbersome time listing their products on various platforms and managing them.
The Blockchain Solution
The good news is that the blockchain is about to change all this. Through this emerging technology, there is fairness.
More still, there have been iterations. The latest versions of blockchains are faster, secure, and scalable to address the needs of enterprise-grade dApps.
What’s more, the emergence of interoperable, custom-made, and secure blockchains like Polkadot promising to interlink isolated blockchains promise to be a game-changer.
Anchoring on this technology, innovators now want to change how affiliate marketing works.
In this new modus operandi, their sole objective is to place the marketer at a front, a divergence from how things currently operate.
Timely, there have been advances in a new but disrupting sub-sector of NFTs.
Non-fungible tokens (NFTs), if anything, fits like a glove in eCommerce. You may ask why? It is possible to tokenize every inventory item sold by an eCommerce platform under the applicable NFT standard.
That means each is unique, limited, indivisible but still publicly visible, traceable, and backed by blockchain provenance.
Firms offering a unique blend of DLT and NFTs from a scalable network have an edge. They could end up enjoying the first-mover advantage.
Enter Splyt: Decentralizing eCommerce using NFTs
Splyt is one of them.
Using Ethereum and Polkadot, they are building pre-requisite infrastructure to power the multi-billion decentralized finance (DeFi) and the multi-trillion eCommerce markets by integrating NFTs.
The Splyt dApp is currently being trialed.
A level deeper, Splyt is decentralizing the eCommerce supply chain. Specifically, their solution enables easy and transparent sales, streamlining multi-platform affiliate sales.
@splytcore #Splyt core is the first eNFT (shoppable e-com NFT) infrastructure (powered by POLKADOT), built to turbo-charge decentralized e-commerce & finance markets. Tokenizes the asset as an e-NFT and provides inventory database, enabling multi-platform affiliate sale.
— BITCOIN GURU (@talkwthme) February 23, 2021
This way, Splyt effectively eliminates liability between eCommerce platforms and supply chains while simultaneously bridging the gap between brands and consumers.
Accordingly, Splyt effectively eliminates rent-seeking opportunists. It is directly converting eCommerce’s marketing power to revenue for affiliate marketers (individuals) and brands.
DeFi and NFT Merger
Splyt assigns an eNFT that functions as a global Stock-Keeping Unit (SKU) number for every inventory item. Using their apps, brands can easily upload their item., adopting new technology as a result.
#Splyt is built with #blockchain technology with our #eNFT based inventory system. #Innovation of #ecommerce at its best
— Spl.yt Core Foundation (@splytcore) February 20, 2021
Through reliable smart contracts, funds are also escrowed for listing and purchases. They will be tokenized and tagged with a unique eNFT identifier on Splyt’s inventory catalog.
By tagging a bounty on each eNFT, brands create an affiliate marketplace. These eNFTs can be listed at affiliates’ sites. Once a purchaser receives the item, funds are released by the smart contract.
This demo shows how simple it is for e-commerce business to use Splyt. In one click, @cyruskind creates an eNFT for an online store's inventory.
Splyt @splytcore is harnessing the full potential of NFTs, with a working product, and applying it to a multi-trillion dollar industry pic.twitter.com/56HLg5TqMY
— Black Ranger the ₿ull (@Black_Ranger) February 16, 2021
There are immense benefits to this arrangement.
One of them is adherence to code, not the middle man, thereby eliminating fraud and increasing efficiency.
Simultaneously, the seller and the marketer are protected through smart contract-controlled escrows, further cushioned with a global reputation system.
Funds are transparently released only once the purchaser receives the good. There are no wait days. Payment is immediate.
Affiliates can wait months before getting paid by the brands they promote, but are expected to invest time, resources, & expense ad spend. Maison Du creates transparency & immediate pay-per-play commissions, so both can focus on what they do best! #splytcore #dcommerce #eNFT
— Maison Du (@maisondu__) February 18, 2021
For brands, marketing is decentralized, leading to more sales and easy management with better analysis via Splyt’s Marketplace Analytics.
Splyt Token Pools
Presently, Splyt has three live token pools.
Purchase and listing rewards are designed to incentivize sellers and buyers by dispensing more tokens.
The Arbiter Pool is where users can stake tokens to participate in dispute resolution (arbitration). They earn extra tokens for their work. The more active they are, the more they receive.
In the coming days, Splyt plans to introduce liquidity mining pools on Uniswap. There will be rewards from staking against DEX liquidity and creating liquidity in Uniswap.
#DeFi in #ecommerce?#Splyt Core Finance protocol creates collateral-based loans to help emerging brands expand their businesses. Yes, we've solved off-chain DeFi!
— Spl.yt Core Foundation (@splytcore) February 21, 2021
Splyt Team
The Splyt team comprises skilled members with cumulative years of experience exceeding 30 years.
They have worked in various industries ranging from cybersecurity, finance, sales, marketing, customer acquisition, and more.
They are:
- Cyrus Taghehchian is the founder and CEO. He has over 15 years of tech and business execution.
- Josh Dipen is the CTO. He’s credited for building NetID. He has over ten years in blockchain and business development.
- Joseph Yoo is the COO. Before this, he was the operations executive at Bithumb and a NY-based crypto hedge fund.
- Lindsey Mallon is the CPO, and she is a retail professional with over ten years in the supply chain.
Strategic advisors are Jonathan Mckeever, Greg Gilman, Kyle Chasse, and Robert Fox.
Splyt (SHOPX) Tokenomics
Within the Splyt ecosystem is the SHOPX utility token issued from Ethereum. However, they will launch in Polkadot to slash down Gas fees.
SHOPX tokens will:
- Represent eCommerce bandwidths for sellers. Tokens must be staked before listing to prevent spam.
- For on-chain buying and selling of inventory.
- Fraud protection through a double stake method.
- Escrowing funds on a purchase to protect buyers.
- Rewarding arbitrators and listing validators tasked with maintaining the integrity of the core.
There will be 500 million SHOPX as total supply.
This is distributed as follows:
- Twenty percent to the Research Foundation.
- Twenty-two percent to the Ecosystem Referrals.
- 18 percent to the Private Sale
- 10 percent to Staking Pools
- 8 percent to General Reserve
- 5 percent to Advisors
- 1 percent to DEX Liquidity provision
- 1 percent to MM Liquidity provider
Part of these was sold to raise $2.27 million. These funds were distributed as follows:
- 40 percent to marketing
- 40 percent to Development
- 10 percent to partnerships and services
- 5 percent to the market
- 5 percent to cater operational costs
Presently, SHOPX tokens are yet to hit exchanges and are in the hands of private investors. Tokens were sold between $0.015 (seed) to $0.042 (final).
Most of these tokens are also vested, except those sold in the final crowdfunding round.
Splyt (SHOPX) Token Market Movers
- The token has no market yet, but investors are unfazed, scooping each at $0.042 in the final crowdfunding round.
- Their white list Early Round was $200 million oversubscribed, pointing to grass-root demand.
- On listing, the project’s market cap will be at $825k. This is below $1 million, a gift for value investors.
- Compared to other platforms, Splyt total supply is considerably lower at 500 million. Most importantly, it is fixed—a deflationary feature that mirrors Bitcoin’s model.
- Once SHOP is listed at Uniswap—and other exchanges, its prices will undoubtedly shoot higher considering the project’s value proposition.
- Splyt provides a real solution to a huge problem. Decentralizing Amazon and Woolworths’ revenue means faster payment to affiliates, more transparency, and higher prices for SHOP tokens in the long haul.
- Ahead of mainnet launch, Splyt has already raised $2.27 million.
- Their community is rapidly expanding; Splyt now has over 10k Twitter followers and thousands more in Telegram.
- Splyt is launching its mainnet by March 2021 on Ethereum.
- Their eventual integration with Polkadot (Ethereum’s Plasma to Polkadot) opens up even more opportunities for affiliates and partners eager to trial decentralized eCommerce.
- They also plan to integrate with the multi-billion Shopify platform enabling quick access to Splyt in Q1 2021. WooCommerce, IPFS, and more are also in the pipeline for integration.
- Splyt entry is timely; 2021 is projected to be the year of NFTs. Its marketplace has already transacted over $223 million of digital arts and other collectibles.
- The eCommerce market could reach $7.5 trillion in five years. Being the first tags several advantages that translate to more profits for investors.
- Forty-two percent of SHOP tokens are channeled to Research and Ecosystem/referrals. It means the team is keen to innovate and prioritize the community/token holders.
- Already, its first use-case, Maison Du, has over 700+ brands and over 1,100+affiliates. Its test network has processed over 1k unique transactions.
- The team is experienced with many years in business, supply chains, network security, and sales ported from established firms like Deloitte, Bithumb, PayPal, PwC, and more.