The inspiration behind this project is to remove the physical warranty system involved in purchasing products from an e-commerce website and replace it with a digital, blockchain-based warranty system with the help of NFTs. It can also provide the purchasing history, warranty period, and other item information.
For established brands, digital warranties help combat counterfeits. If these solutions become the norm in the industry, items without a guarantee as an NFT are likely not authentic, which will enable consumers to choose legitimate items.
- The project enables the seller of an E-commerce platform to create a collection(deploy a new contract) and inside that collection, the seller can mint NFTs to the users who have bought the product listed by that seller.
- The NFT is linked with metadata about the product, like name, description, purchase date, and warranty duration.
- The NFT owner can issue complaints as well for that product if it's under warranty and the seller can update the complaint status accordingly using the Smart Contract functionalities.
- The NFT owner can transfer NFT on furthur resale of the product.
- The NFT can be burnt once the warranty is expired.