Spacelens: Leveraging Blockchain In E-Commerce

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Many industries are gradually embracing blockchain technology and cryptocurrency to adapt to the rapidly changing world. Spacelens, a decentralized e-commerce platform, is one of the leading companies championing blockchain integration in e-commerce. These companies like Spacelens are leveraging blockchain technology to offer new shopping experiences to their customers.

Online peer-to-peer e-commerce has grown exponentially. According to a study by iBe, Online marketplaces are estimated to exceed $7 trillion in sales by 2024. Today, every company wants to be part of the crypto, DeFi, and NFTs boom. This article will explore how Spacelens is leveraging blockchain technology and crypto in the e-commerce industry.

What Is Spacelens?

Spacelens is a decentralized e-commerce platform and has been in business since 2016. The mission of the Spacelens e-commerce marketplace is to allow users to create their listings and be in control of purchasing and selling of goods and services on the blockchain network. According to the Spacelens team, integrating blockchain in the e-commerce marketplace will unlock many possibilities. Users will enjoy an excellent level of transparency in their transactions.

Here, users can execute transactions directly on the blockchain with the use of the Space token. It means that transactions will no longer go through a centralized platform. Users no longer have to pay specific and often opaque fees in the form of commissions. With Spacelens, sellers will have their funds protected in their wallets rather than been held by a third-party entity. With the transparency of transactions on the blockchain, buyers will have access to information about specific vendors. Also, vendors/sellers will retain more of their revenue and compete more transparently with other vendors.

Spacelens users can do the following:

  • Create, list, and sell products to their local community.
  • Find, search, and contract counterparties using chats and messages.
  • Study what other vendors sell around you.
  • Following other vendors/sellers and locations on their feed.
  • Checking the offers of vendors on the map and navigating with their GPS.

Space Token And Its impact On Spacelens Decentralized Marketplace

The Space token is an ERC-token standard that serves as the utility token on the Spacelens e-commerce marketplace. Space tokens provide Spacelens users with a crypto-backed tool to execute their transactions on the platform. Aside from buying and selling on the platform, Space token also helps users implement and manage their e-commerce presence and brands.

Therefore, with the Space token, developers, distributors, vendors, content creators, etc., all over the world can increase their engagement on the Spacelens platform. The total supply of the Space token is 1,000,000,000, and users can purchase the tokens for ETH.

Space token is currently listed on Tokpie, the first crypto exchange platform with bounty stakes trading. Spacelens chose Tokpie because the exchange provides a full range of services needed to launch blockchain startups successfully. For the Spacelens team, it is not just about issuing the tokens but more about adding them to the most popular trackers. It is also about attracting thousands of advocates and supporters by making a crypto bounty campaign.

Benefits Of Decentralized E-commerce Platform

In the centralized e-commerce marketplace, users are susceptible to delayed payments, freezing of their accounts, and the likes. However, in a decentralized marketplace like Spacelens, vendors receive instant payment on their sales. There is also no issue of freezing your account because there are no intermediaries to control transactions.

Closing Thoughts

A decentralized e-commerce marketplace is the future of e-commerce as centralized marketplaces suffer fall short in many ways. However, it will take a while for the decentralized marketplace to become mainstream. However, with the growing impact of blockchain on many industries, we may not have to wait too long for the mainstream adoption of decentralized e-commerce platforms like Spacelens.

Image by Aaron Olson from Pixabay

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

Posted In: BitcoinBlockchainBTC Peersdigital currencye-commerceNFTCryptocurrencyNewsGlobalMarketsGeneral

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