The problem in global trade that Polytrade is addressing in the real world, has a different manifestation in the metaverse. Metaverse refers to a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. Augmented reality overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience. In contrast, virtual reality is entirely virtual and enhances fictional realities.
As the metaverse grows, it will create online spaces where user interactions are more multidimensional than current technology supports. Instead of just viewing digital content, users in the metaverse will be able to immerse themselves in a space where the digital and physical worlds converge.
“For this very reason, the metaverse has become the next hotbed for customer acquisition as consumer brands like Nike, Adidas, Sotheby’s have started making moves in this space.”
Taking a hard stance here, at Polytrade, we believe Metaverse without the elements of web 3.0 and decentralization, will be nothing more than glorified VR enabled internet. Our goal is to support and enable a truly decentralized version of the metaverse.
This decentralized metaverse will grab and hold the attention of customers and users. Customer acquisition begets trade and commerce, which in turn creates a need for a protocol governing and facilitating transactions in the metaverse. Trade, commerce and finance will flow in the metaverse space, just as it did into the erstwhile Internet. Polytrade, with its expertise in building a seamless trade finance protocol on blockchain, is suitably placed to tackle this problem and solve it in a manner befitting the metaverse. We’ll be approaching this in stages as laid out in the roadmap and explained below —
STAGE 1:
Companies like Polygon, Solana, Decentraland etc. in the blockchain space already have a vast vendor network and are struggling to manage the payments in a systematic way. If a unified, seamless, decentralized platform can be created to track & manage these payments and reward the stakeholders, a large chunk of accounting and operational issues can be laid to rest. We’ll tackle this in Quarter 1 of 2022.
STAGE 2:
Governance council integration will be done in Quarter 2 of 2022. Staking and insurance pools will be deployed and a first-of-its-kind “Earn while you pay” mechanism will be launched for buyers (enterprises like Polygon) that’ll allow them to monetize their collaterals committed to the Polytrade Meta Lending Pool. The staking and insurance pools will also increase TRADE token utility and reward holders for participating the protocol.
STAGE 3:
As users move towards pseudonymous identities, any protocol governing trade and commerce in the metaverse, will have to factor in integration of such entities. Quarter 3 will also allow retail users interested in contributing to the lending pools to play games, earn NFTs that’ll entitle them to higher APRs and also sell them in return for benefits.
STAGE 4:
In Quarter 4, API and end points will be created for third-party and enterprise systems. This will allow integration and development of endpoints that enterprises can start using to connect to their respective accounting and transacting systems.
FUTURE:
Reputation management system that’ll govern the credibility of pseudonymous entities and create a visibility across the metaverse about the reliability of an entity to pay or deliver goods and services as per commitment
Taxation mechanism will be incorporated as regulations evolve globally and solutions will be built for on-chain modules
NFT based trading of tokenized invoices
Our Lighthouse Customer
We are also excited to announce that Polygon has agreed to be our lighthouse customer for our metaverse product. This could mean that, every invoice being paid and every supplier and partner of Polygon will have to be onboarded via Polytrade’s systems. And this on an annual basis exceeds a USD 100 million in transaction value.
Our take on the Roadmap
We are taking a super aggressive(almost impossible) stance on what we intend to build and when we intend to complete it. There will be changes along the way, in terms of partnerships, ecosystem plays, re-prioritization and technical solutioning along this journey. We are thinking way ahead and farther than any other player right now. And that exactly is how we want it to be!
About Polytrade:
Established in 2014, Polytrade is a lending protocol that caters to the working capital needs of small and medium scale enterprises in developing economies, thereby helping them fulfil their orders to large global enterprises like IKEA, Walmart, Nike etc. We have financed US$ 500 million worth of invoices in the real-world. With an in-depth awareness of pain points and issues faced by SMEs, in 2021, we started developing a blockchain-based decentralized finance protocol that will harness the massive liquidity pool of the crypto world to meet the working capital needs of SMEs globally by tokenizing real-world invoices and bringing them on-chain into the DeFi space. The protocol is already on Testnet and all set to go live on Mainnet at 10:10:10 hours UTC on the 10th of Jan 2022.
The untapped opportunity in trade finance is of the order of $ 1.7 trillion and by connecting buyers, suppliers, insurance service providers and investors through a seamless platform, Polytrade aims to transform and amplify global trade for a healthy economic growth. Polytrade is also working on a Metaverse product that will enable enterprise-to-enterprise transactions in the Metaverse as the space continues to see an influx of consumer brands.
Shaping the future of Trade Finance 🚀
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