MonsterX

MonsterX Logo
MonsterX Project Image
Development Phase 1
Development Phase 2

Inspiration

Our CEO, Wesley, is a watch enthusiast who has been fascinated by the precision and complexity of mechanical watches. To experience a variety of watches, Wesley started selling his old watches for other ones in the resale market and has traded more than 50 watches and bid more than 500 watches in the auction last five years.

However, when his company relocated him from Korea to China a few years ago, he learned that counterfeited watches are everywhere in China. Furthermore, some counterfeits are hardly distinguishable from original ones, including their certificates. Wesley had to spend time and effort to find reliable resellers and official authenticators every time he purchased a new watch in the resale market.

Early 2021, Wesley met with his close friends, later became the founders of MonsterX, discussing the recent trend of the crypto market. During the dinner, Wesley shared his challenges with counterfeited watches. We realized that NFT could be applicable for counterfeited watches and other types of physical commodities in the resale and collectibles market.

MonsterX has begun from that dinner. The four founders have been formed, working on a business model and NFT development with Rust.

What it does

MonsterX is an NFT-Commerce platform, integrating physical commodities and standardizing secured transactions with NFT technology for the global resale and collectibles market. MonsterX

creates Commodity NFTs tied to physical commodities for digital certifications in real economy transactions;
offers two sources of liquidity: i) traditional liquidity measured by token market trading volume, and ii) the commodity liquidity boosted by multi reseller model; and,
establishes a digital authentication standard to empower P2P transactions in the global resale and collectibles market.

MonsterX employs the NFT technology to validate physical commodities and to protect their ownership. We decided to develop MonsterX platform on Solana for two reasons: fast transactions and low fees. These two factors are important for our users to frequently mint, buy and sell their commodities.

How we built it

For development, Solana SDK is used to build a wallet, smart contract, NFT minting, etc. We also utilize cloud services to provide scalability and flexibility in infrastructure. In the next step, we plan to integrate with Social Network Services (SNS), especially in C2C transactions.

Challenges we ran into

We encountered two key challenges: i) our developers were not familiar with Rust language and Solana programming, and ii) in comparison with other NFT platforms, we must ensure seamless alignment of transactions across the border of the real world (physical commodities) and the virtual world (NFT).

To tackle those challenges, we have partnered with other Solana experienced developers and reached out to Rust communities for collaboration with our development. We also designed our business model with a concept of escrow payment, authorized resellers, and premium delivery service.

Accomplishments that we're proud of

The accomplishment that we are proud of so far is our attempt to solve a real-life problem, integrating NFT technology with physical commodities on the e-Commerce platform.

What we learned

Throughout our journey in Solana Hackathon, we learned about the Solana network and NFT market potential. Our conviction to NFT-Commerce has been reassured on Solana.

What's next for MonsterX

The first MonsterX curated project, “Rolex NFT No.1”, is to be launched on the MonsterX beta platform in the first quarter of 2022. We plan to extend our NFT projects from watches to other luxury goods and rare collectibles. The NFTs tied with physical commodity will be a new ownership and authentication standard in the global resale and collectibles market.

We believe that a paradigm shift from e-Commerce to NFT-Commerce is emerging now. Built on Solana, MonsterX envisions establishing a standard of the global NFT-Commerce platform.