Smart Contract
How we verify
P2P Escrow smart contract
For the resale of memorabilia that has been claimed, COLLEXX has developed a smart contract that ensures secure transactions.
The details of the transaction are agreed by both parties.
The seller's NFT and the buyer's coins are transferred to a temporary smart contract wallet.
The seller sends the physical good to the buyer (delivery/ in person transfer, etc)
When the buyer receives the physical good and approves it, the assets will be allocated according to the smart contract (coins will be sent to the seller, NFT will be sent to buyer)
In the event of a cancelled transaction by unforeseen events, the assets stored in the digital wallet will be sent back to the buyer and seller respectively.
We are planning a DHL service for delivery of physical goods.
Buyers and sellers will be able to communicate through COLLEXX's marketplace through the messaging function to validate the condition/ negotiate/ make an offer (coming soon).
The connection of NFTs and physical goods
COLLEXX's memorabilia and NFTs guarantee the authenticity of one another. NFTs allow the entire transaction history to be seen transparently. This will help and accelerate P2P trades.
However, in the event of problems (an NFT being lost by a hack, damage to the physical good, the physical good being sold on a third party platform) COLLEXX will not be able to assist P2P transactions. Those that disobey the rules will also be exempt from COLLEXX's service.
COLLEXX Verification Service (in development)
COLLEXX's verification service will be available for those that wish to add a layer of safety for the transaction of a claimed good.
Confirmation of a buyer and seller wishing to use the COLLEXX verification service for a transaction.
The seller's NFT and the buyer's coins are transferred to temporary smart contract wallet.
The seller sends the good to COLLEXX.
COLLEXX inspects the authenticity and condition of the good.
If the inspection is successful, the physical good is sent to the buyer
Once the buyer receivers the good, the assets will be allocated according to the smart contract (coins will be sent to the seller, NFT will be sent to buyer)
In the event of a cancelled transaction by unforeseen events, the assets stored in the digital wallet will be sent back to the buyer and seller respectively.
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