With the growth of cryptocurrencies, assets like Bitcoin are rising in popularity as a form of payment. The number one ranked digital currency is increasingly being used in the e-commerce ecosystem. Notably, bitcoin is also finding its way among traditional companies. At the same time, new entrants are starting to build their crypto eCommerce ecosystems.
Notably, World Token is among the emerging projects seeking to revolutionize the crypto ecommerce sector. The project is capitalizing on the rising popularity of digital assets as a payment solution. At the same time, following the pandemic, there has been a significant shift towards ecommerce, and World Token seeks to leverage on this trend to meet market demands.
What is World Token?
World Token is an emerging DeFi project that seeks to bring together different tokenomics of current frictionless yield protocols in a manner that enables users to earn instant rewards. Under the frictionless staking, investors with World Token are eligible to earn rewards passively, without the Marketing fund address, which is blacklisted for this function. Furthermore, the World Token project provides additional benefits of staking, available in its marketplace once it launches.
The launch of the World Marketplace will offer users a one-stop-shop for buying digital goods online, including NFTs, games, collectibles, comics, gift cards, music, e-books, and more. Notably, all the marketplace adopts an escrow-based approach powered by smart contracts, connecting merchants and customers globally. In the future, World plans to enable physical items, but the platform is currently working on various logistical and anti-fraud measures.
World Token’s development plan
To attain its mandate, World Token has lined up several development milestones. For instance, the protocol recently launched its testnet, marking the first in a series of new developments that the project has in store. The testnet offered the World Token community a glimpse of what to expect in the future. The team will continue developing it and polishing it further.
Furthermore, World Token has also announced several partnerships with leading global entities, including Shopping.io (SPI), an online store for shopping with cryptocurrency. Notably, SPI has existing partnerships with giants like Amazon, eBay, and Walmart. Products offered by these stores can be purchased with digital assets, including World Token’s WORLD. Currently, a partnership with AliExpress is in the works.
World Token has also planned a second phase of development with the World Marketplace launch. Merchants will be incentivized to accept World Tokens with their registered ETH address utilizing the higher reward pool rates, promoting a slower sell rate. The platform has assured users, the merchants will undergo a strict screening process where they will have to apply with an existing web store with at least three months of business activity and provide their sales history for the past month. The platform will also accept less than three months of history based on their customer base. Once World Token decentralizes the merchant acceptance program, there will be an established vendor bond requirement to any user open shop on the World Marketplace, lowering the risks.
World Token has also imposed a 3% transaction tax distributed to the holder, liquidity, and a development fund to attain sustainability. In the meantime, World Token is constantly growing until it can achieve a fully decentralized status where the development fund’s rewards will be turned off entirely, and ownership renounced to the community. Notably, all the rewards come from the 3% token tax applied to all transactions eliminating any additional minting of WORLD tokens. Every investor who holds the WORLD token is eligible to receive the tax rewards.
World team notes that regular stakers are less incentivized to stake; hence they are pushed toward using their tokens to make purchases. This increases the velocity, similar to traditional finance. In return, it contributes to the key pillars supporting the project: consumers, merchants, liquidity, and further marketing.
World Token is also working towards elevating cryptocurrencies in the eCommerce space to make it a reality. To reward community members, World has lined up the first Token Holder NFT Drop. The NFT drop will be divided into three tiers, all linked to the mainnet launch. All 100% of the proceeds will be channeled towards the future development of the project.
Overall, World Token is registering rapid growth of the ecosystem. Over the last two months, the platform has been full of activities, including audits, listings, AMAs, and community contests. Furthermore, in just a short span of launching, World has set up the foundation moving forward as the first decentralized escrow-based digital marketplace.
Company: World Token