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Crowdmuse has built innovative smart contracts to enable creators to sell physical goods in a transparent and collaborative way.
The Crowdmuse Product contract builds on top of the ERC721A/NFT standard to give creators several abilities. They are -
- 1.Sale of products with each ERC721 token representing a physical item
- 2.Revenue sharing between collaborators which are stored transparently on-chain so that consumers can see where their money flows
- 3.A function that distributes the proceeds of the NFT sales to the contributors based on the collaborator splits defined in the contract
- 4.Royalty payments to contributors if the NFT is re-sold on a marketplace
- 5.Token-gating of creator artifacts that are intended as a perk for customers
- 6.Multiple NFT purchase in one transaction
This image is an example of a drop we did in collaboration with Fwb, DSPTCH and Tropical Futures Institute. You can see the revenue splits in the top left hand corner which are numbers that are read from this specific product contract. We also display the existing collectors for additional social validation.
Our website handles the complexity of smart contracts for you and gives you an easy form to fill out to let you harness the power of the smart contract without having to manage any code.
We also allow creators to upload and encrypt chosen files to be made available to NFT holders. This allows the creator to give perks and behind the scenes access to their customers. We use Lit Protocol for encryption and token gating. Here is what the product files look like to someone who hasn’t purchased the NFT and therefore doesn’t have access.
Everyone knows that web3 is not very accessible and this is a major barrier to broader adoption. We’ve put a lot of effort in to make it as accessible as possible.
Of course we allow people to use their own wallets and encourage people to do so but we understand that it’s not for everyone. So we’ve partnered with Privy to allow people to get access to a wallet using their email or social sign in. Their secure system allows for people to use a wallet and export it whenever they’re ready to manage their own keys.
We also allow people to pay with credit/debit cards in case they don’t have access to the relevant payment token. Our partner Wert handles this credit card payment and sends the relevant NFT to the customer's wallet. Currently, the contracts handle payments in USDC but we plan on adding flexibility to the contracts so that any currency can be chosen.
We’re chain-agnostic and currently support Ethereum Mainnet, Polygon, Base and Optimism.
We use the form to gather information about your product and store some information directly on the smart contract. The data stored on the contract includes:
- Inventory management (total stock and distribution of garment sizes)
- Price of the item
- Contributor addresses and their respective revenue-share figures
- Royalty % for NFT re-sales
- Product name
- Payment token used (currently USDC)
We also capture some data off-chain. This includes:
- Contributor information such as description of work done and links to any files uploaded for their work. These files are stored on IPFS and files that are gated for token-holders are encrypted so they cannot be accessed just by having the IPFS url - you need to use Lit Protocol to decrypt the IPFS link before having access to the file.
- Product story, description and returns information which are displayed on the front-end
- Physical address, email address and wallet address of customers - this data can be exported when handling product distribution