TradeHouse makes ownership of NFTs affordable, by providing various payment options to the buyer, including several Buy Now Pay Later schemes. This is to allow people to transact better and in a friction free environment with the use of Circle Internet Payments Stack which allows integration of wallets, blockchain addresses and real-world fiat accounts. In addition to this, our motivation is to provide affordability and cost benefits to the end-users, so they have more opportunities to Buy, Own and Consume NFTs.
TradeHouse also provides the Option of Secondary Sale via its market.
Demo1: Application Overview and Direct Purchase
Demo2: Buy Now Pay Later
What it does
TradeHouse provides several payment options in Buy Now Pay Later (BNPL) scheme. Currently there are four options available :
- Direct Purchase For Low Price Items, Instant Transfer of NFT Ownership
- Double Dip 50-50 split into 2 milestones, Ownership Transfer after final milestone
- Tripple Tip – 33-33-33 split into 3 milestones , Ownership Transfer after final milestone
- Super Credit – 25% upfront and rest spread over 6 weeks , Ownership Transfer after final milestone
How we built it
we built using Circle Payment Stack, with a NodeJS and ReactJS environment. To start, we had to setup a small marketplace to showcase a few NFTs. We picked up the periodic table elements and added their discovers as the creators.
Next, we setup a few buyers and a holding account for the application. While most payments are in P2P mode, we had to use the holding account at various points which involved routing funds (split) - e.g. in scenario of 2 creators behind one NFT.
While Circle provides most of the APIs, which helped us to reduce development time, we used MongoDB in addition to compliment the setup for additional data requirements - specially for payment milestone contracts.
We setup a serverless architecture for all API calls from client to backend and Circle stack.
Challenges we ran into
- We mostly had to understand the payment APIs and setup the API calls. Payment APIs need secure calls, and sometimes cannot be directly called from front-end. We implemented serverless
- NFT was a new concept for us, and hence understanding NFT and ownership concepts took us some time. the mentors were helpful to get us started quickly and shortlist the track.
Accomplishments that we're proud of
Learning payment setup in crypto/digital currencies + real-world currency, split payments. We were able to build our payment workflows using the Circle Internet Payment Stack - and a working prototype. Special mention as the APIs integrations was very smooth - compared to some other systems we have seen.
While working through the transaction settlement flows, and fixing bugs, we discovered that using the Circle Internet Payment APIs, we can easily setup the Royalty Rewards for the Creators (Makers) of the NFT. Since ownership of the NFT is tracked from the first time its listed on the market, there is a possibility to rewards the entire custody chain (if required so). Current deployment only pays the last owner(s) of the NFT.
What we learned
We learned a lot about NFTs, various protocols and how smart contracts can deliver value in this space. Lateral knowledge of GANs, IPFS and some testing also done with nft.storage (is another very useful solution). We had a brief introduction to Rarible Protocol and now we will try to focus on that to learn more about it.
What's next for TradeHouse
We would like to see the feedback from the mentors and judges, continue with additional API integrations and see if we can launch a NFT marketplace in India using this setup. This will need combination of other tracks also - so there is a lot of learn and we might look for some partnerships also.