Enable collectors to pay in stablecoin, even if the artist has a default listing (only receives XTZ)

Voters 20

+ 14 voters

Under review
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Kevin Mehrabi

Currently if an Objkt listing is listed by that artist to only accept XTZ (the default), the collector must either pay in XTZ, or pay by Credit Card. But if a user wants to pay in stablecoin (e.g. borrows or holds USDtz) to pay for an Objkt listing (because they don't want to miss out on XTZ price rise), then they need to convert that USDtz to XTZ first (on 3route.io usually). That's how it currently works.

Proposal: It would be much better if the collector can pay in whatever Tezos-based token currencies they hold, and the swap/conversion happened after the payment was sent by the collector, but before the artist received their payment.

That way the user from their UI, can pay XTZ, then (under the hood) a separate contract swap occurs on 3route, and the final amount goes to the artist. The collector is debited the stablecoin only, with no swapping needing to be done on their part. A seamless experience for both parties.

This would eliminate most of the friction involved in popularizing the user of other currencies for payment on Objkt, as well as for making use of the credit markets (Yupana and TezFin) to expand Objkt volume. By this way, the paying customer is more likely pay and pay more, while the receiver doesn't have to do anything extra like setting a listing to accept that stablecoin instead of XTZ (which has consequence)

10-09-2024 -

Activity Newest / Oldest

marchingsquare

Status changed to: Under review

Ida Belle

Upvoted! 🩷

Baking Benjamins

This definitely involves some non-trivial dev work but it’s also such a great feature to have

Handan

handanumutcelik@gmail.com

Ana Glyphic

Great idea, it's even better to be able to price in stable coin. It does involve a lot of dev work from objkt though, doesn't it?

Kevin Mehrabi

Already an artist can set another coin for their listing as what they want to accept — but the obstacle to adoption of that feature is that choosing to list their currency for something other than XTZ essentially precludes them from being able to accept XTZ (which is and will continue to be the dominant and default currency, and for good reason), and that therefore they'd be cutting out the biggest market of collectors on Objkt.

But if we make it so that it doesn't matter what currency they choose (especially if they leave it at the default XTZ, which is most people), but enable the PAYER to pay in whatever they want and it will be converted on 3route.io to XTZ (automatically invisibly; on the backend; in the discrete background), and then that's what the recipient gets, then suddenly the ability to pay in other currencies becomes very useful and can become endlessly more popular than they are now!

Moreover, and even more importantly, it would remove the biggest obstacle to Objkt, artists, and collectors being able to benefit from the on-chain credit markets on Tezos (lending/borrowing platforms). That is absolutely key to the growth of any economy, let alone a marketplace, let alone the largest marketplace on Tezos.