Warranty With NFT

A blockchain-based E-commerce warranty system using NFTs.

Comment

Inspiration

Purchasing luxury items online comes with a series of risks, particularly about whether it’s authentic. Digital warranties give customers additional peace of mind when purchasing luxury brands. It can also provide the purchasing history, warranty period, and other item information. The warranty card includes the item’s serial number and is sent to the customer’s smartphone. For luxury brands, digital warranties help combat counterfeits. If these solutions become the norm in the industry, items without a guarantee as an NFT are likely not authentic, which will enable consumers to choose legitimate items.

What it does

Objective Replace the physical warranty and have block chain based warranty using NFT. Allow users to track repairs and replacements and see the previous ownership Decay the NFT warranty after a certain period of use for the redemption of warranty benefits

Usecases 1 : Fraud detection by NFT verification before purchasing. 2: Provide the purchasing history and other item information. 3: Claim the warranty on the product and decay the warranty card as soon as it goes out of warranty. 4 : Transfer warranty and related document with a straightforward click upon resale 5 : Reduces complexity and the number of intermediaries involved

How we built it

Workflow

  1. Upon placing an order, the warranty and a key to claim NFT is transferred by the manufacturer
  2. The NFT is present in the OpenSea. All the details regarding previous transactions and details are fetched.
  3. Each NFT has been given an expiry date according to its warranty period.
  4. Integration of Scratch the Card and Loyalty program to increase engagement

Challenges we ran into

  1. Each individual does not have an account on the blockchain wallets.
  2. Due to its limited scalability, NFT cannot be used for every small item.
  3. Limited by the laws of a country with respect to the use of blockchain technology for commercial use.

Unique Selling Point

  1. Possibility of adding outbound NFT whenever needed by limiting number of transfers.
  2. Integration of Scratch the Card and Loyalty program to increase engagement
  3. Easy creation of NFT for manufacturers without code

What we have learned

  1. Team and collaborative work
  2. Workflow in a blockchain-based system.
  3. Introduction to web3

What's next for Warranty With NFT

  1. Integration of intelligent contract within the webpage.
  2. Organize the NFT into different categories
  3. Addition of GUI for NFT creation by Manufacturers

Built With

Share this project:

Updates