E-COMMERCE MANAGEMENT USING WEB3 TECH
Sowbarnika A , Abishek Alias Krishna B , Ravi Kiran N , Aditya Kumar
Information Technology
Sri Manakula Vinayagar Engineering College (SMVEC)
Puducherry, India
Abstract: Blockchain and NFT tokens will play an important role in the technology sector in the near future, and this process may help us to prevent scams in online exchange products as well as generate worthy trust in society. Hundreds of complaints have been filed in which the buyer or seller claimed to be defense personnel and displayed fake ID proofs to gain trust.
Because Traditional Marketplace currently lacks a feature for reviewing sellers, users who want to buy products have little doubt about whether the seller can be trusted with the items they sell. Users can use it to determine whether a seller is reliable or not. Also, as a reference for purchasing items from the seller using NFT tokens. The Web3 is advancing more quickly in our society. Hopefully, it will have the widest possible audience for its reliable exchange, ownership transparency, and certified products.
An NFT marketplace is a gateway to trade digital assets.The latest web assets, from simple artwork to expensive asset exchange, are available for purchase and sale on the NFT marketplace. Non-fungible tokens' ownership verification capabilities are their main advantage. Given that they are on a blockchain network, NFTs can help to link ownership to a single account. Since the blockchain can permanently store information about the product, checking for rarity and authenticity will soon be a thing on physical products too. In the rapidly evolving landscape of online marketplaces, the emergence of NFT (Non-Fungible Token) technology has ushered in a new era for both the sale of new and used products. This abstract delves into the dynamics of an NFT marketplace that caters to a diverse range of commodities, offering a seamless platform for buyers and sellers alike.
This innovative marketplace leverages blockchain technology to tokenize both new and used products, providing each item with a unique digital identity that is securely stored on the blockchain. The use of NFTs ensures authenticity and provenance, instilling trust among users and mitigating the risk of counterfeit goods. The platform employs smart contracts to automate transactions, streamlining the buying and selling process while reducing the need for intermediaries.
