Wrisycle is a decentralised protocol allowing users to digitally store & trade their luxury watches using peer-to-peer web3 markets. Similar to the traditional marketplaces we know today such as eBay or Chrono24, WRISYCLΞ allows manufacturers and watch suppliers to connect directly with with prospective watch buyers. WRISYCLΞ however, creates a channel to bridge the traditional world of commerce with the new evolving world of web3 using smart contracts and cryptocurrencies.
Web3, also known as Web 3.0, can be described as the new and improved version of the existing Internet we know and use today. The differing factor is that it is decentralised and based on peer-to-peer technologies such as public blockchains. Powered by smart contracts, the emphasis is placed on automation and computer code rather than manual operations and human bias.
In order to interact with web3 protocols such as WRISYCLΞ, you will need a web3 wallet. One of the most popular is Metamask. Metamask allows you keep your assets such as NFTs secured safety and in your possession.
A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can exist on a host of different blockchains. WRISYCLΞ uses NFTs as a means to verify and allocate ownership of a watch to the right entity. Once verified WRISYCLΞ allows users to trade NFTs rather than trading the physical watch itself.This makes the existing information available to the public on your traditional website or market place accessible on web3 market places such as WRISYCLΞ, opening the door to new prospective buyers.
The web3 ecosystem can be considered as the future of commerce. It is currently growing at at an alarming rate. According to statistics, one of the current largest web3 marketplaces processed in excess of $10 Billion to date. This is a stark contrast to the;
$473,000 in processed in 2018
$8 million in processed in2019
$24 million in processed in 2020
This shows an explosive growth in the web3 sector, a sector which the luxury watch market is yet to fully take advantage of. WRISYCLΞ makes it easy for new participants to navigate the dynamics of the complexity of web3 with a simple and straight forward user interface.