Cryptocurrencies have revolutionized electronic payments. Initially relegated to investment and trading activities, they are increasingly becoming part of everyday life. Cryptos are now found on ad platforms which are places of exchange of goods and services par excellence.
Rather marketplaces or classifieds sites?
Ad platforms can be classified ad sites or marketplaces.
- On classifieds sites, sellers and buyers generally share a geographical proximity. In addition, transactions are often concluded offline, which gives them a risky reputation. We can cite, for example, the French The good corner or the American craigslist. The latter has also been accepting cryptocurrency transactions for some time.
- The marketplaces (Where marketplaces in French) act as operators linking sellers (individuals or professionals) and buyers without the requirement of geographical proximity. In addition, transactions are carried out online for a fee. The most famous platforms are Amazon, Ebay or Etsy.
Cryptocurrencies: those friends who wish you well
Commerce activities on the Web are strongly influenced by technological innovations in terms of means of payment. Although cryptocurrencies are in a bear market phase, the benefits they bring to ad platforms are undeniable.
Indeed, cryptocurrencies guarantee greater security of operations and better confidentiality of personal data. In addition to allowing lower fees, they are faster in executing transactions. Cryptos are likely to attract new users to these platforms, such as the unbanked population, for example.
Cryptocurrency ad platforms have already seduced more than one. Everyone is benefiting. These include, among others:
- swapnetworkthe generalist who offers goods and services of all kinds
- Bitifythe Ebay for the auction, the immediate sale in crypto
- Fromtothe pioneer of second-hand goods
- CryptoExchangethe specialist in luxury and rare items
Cryptocurrency ad platforms generally offer an escrow service or escrow service in French. It constitutes a security measure for the buyers by putting their cryptos in reserve for a possible refund if the good is not conclusive or for a payment if the good is satisfactory. For the time being, they have the common characteristic of being centralized.
Decentralized marketplaces: the new world
In recent years, marketplaces have grown in popularity. They offer the advantage of concluding transactions online. Decentralized, they allow transactions without intermediaries. Therefore, the costs are reduced there.
Unlike centralized marketplaces that delegate fiduciary management to people, the operation of decentralized marketplaces is governed by smart contracts and escrow contracts. Indeed, smart contracts define the operating rules of the marketplace. These cannot be changed once published. Escrow contracts are a type of smart contract. They regulate transactions between sellers and buyers. In addition, they guarantee that the obligations related to the payment in cryptos are fulfilled on both sides.
Thus, a decentralized marketplace is the guarantee of total transparency. Similarly, they provide more security to transactions because buyers can find the origin and history of the products sold.
The decentralized marketplaces sector is nowadays dominated by a plethora of platforms of a single product category, namely NFTs. One can cite for example Opensea, SuperRare or rare.
Few of the platforms are also focused on goods and services. However, the trend could be reversed due to greater democratization in the use of cryptocurrencies, but also with the arrival of new players such as Syscoin (hybrid of Bitcoin and Ethereum blockchains), Origami (based on Ethereum blockchain) or Metaclass (pioneer of classified ads linked to the metaverse).
Internet commerce has long been the prerogative of centralized systems with traditional means of payment. At the dawn of Web3, cryptocurrencies are presenting themselves as a real challenge for ad platforms. It is therefore not surprising to see the ECB (European Central Bank) choosing the marketplace giant Amazon as a partner for the creation of a digital Euro.
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