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There is today a perfect alignment between brands’ interest to invest in a circular model of their products - leading to stronger relationships with existing customers and connecting to new ones - and the value brought by web3 infrastructure - interoperability, auditability and immutability to name a few. Here is why and how brands are enhancing the circularity of their products and bringing web3 to millions - not because they care about web3, just because it works.
Why do brands care about Circularity?
They care about existing and potential new customers. Take Breitling, one of our earliest customers, connecting with second hand buyers of Breitling watches is a new opportunity to reach more fans of the brand and also drive customer acquisition cost down.
Reselling products becomes easier as soon as the info of the product like its provenance, the quality of service, the date of purchase (and more) are sharable, unfalsifiable and provable. That’s why every Breitling watch comes with a digital product passport that is an ERC-721 (an NFT), where the date of purchase, service history and warranty info. Trust between seller and buyers is stronger when all the info is made trust-worthy.
For the buyer, he has a verifiable record of the life of the watch. Knowing that the watch has been well-serviced and its claimed recentness is authenticated adds to their confidence. This is proven by the digital passport attached to the watch.
For the seller, the digital passport allows him to list his watch for resale in a few clicks and it helps share provable info about his product, increasing trust in the transaction he wants to carry through.
For brands, through the digital passport, they are now able to message the second-hand customers (thanks to Arianee Enriched NFT features) and start building new relationships.
For marketplaces - the digital passport increases the trust in the transactions taking place thanks to the improved transparency, auditability and provability of the info about a product. It also reinforces marketplace’s relationships with brands, since brands can now benefit by at least getting in touch with new customers.
Introducing the Transfer Permit
To make these transactions as seamless as possible for all the actors involved - we have developed a Transfer Permit. The goal was to reduce friction for everyone: sellers, buyers, marketplaces.
Before designing transfer permit, the transfer process was manual and involved constraints on the user experience:
- The brand had to either provide the marketplace with the link to transfer the digital passport, which implied that only one marketplace at a time could allow the sale of the product. In fact, the creation of a new link cancels the first-generated one.
- The brand could transfer the digital passport to the marketplace, but this would imply a stamp in the digital passport's history.
The transfer permit is generated by the owner of the digital passport and the permit delegates to the marketplace the right to transfer the passport once the transaction is settled.
The Transfer permit is a Smart Asset Sharing Token, and it is directly inspired from Uniswap's Permit2
How does the Transfer Permit work?
- Smart Asset Sharing Token (SST) Generation: When the owner puts up for sale his watch, he also generates the SST.
- SST Check: The SST is continuously checked to retrieve the watch's digital passport content. Some factors such as expiration may make your SST invalid.
- Fetch Passport Data: The marketplace can retrieve the digital passport content. The SST works as a view key here.
- Transfer Passport: Once the steps above are completed, the transfer permit is valid. When the sale is operated, the service provider, here, the marketplace, can transfer the digital product passport to the buyer's wallet address. The watch's journey continues seamlessly.
What does the SST look like?
Encoded SST
Decoded SST
Transversal topics
The Transfer Permit complements the Arianee Access Token, which can be used to access the content of a Digital Product Passport without being the owner (viewKey), and the Arianee Privacy Gateway, which can be used to store and manage access to this private content. Think of the Arianee Privacy Gateway as the fortress 🏰, and the Arianee Access Token as the drawbridge.
In conclusion, Arianee's Transfer Permit presents a solution for enhancing the seamless transfer of digital product passports through third parties and connecting with new actors on the market.
Want to dig deeper into Transfer Permit? Dig deeper into Arianee SDK technical documentation!
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