SPLYT AMA WITH WOLF OF MARKETS
On the 16th of April 2021, Sam and Evans from the Wolf of Markets team welcomed Cyrus Taghehchian and Lindsey Mallon of SPLYT to our trading chat for an AMA.
SPLYT’s eNFT (E-commerce-Non-Fungible-Token) tokenises off-chain products on the blockchain. This streamlines digital sales and enables lifetime product data tracking not previously possible. The eNFT empowers a transparent e-commerce ecosystem.
Cyrus Taghehchain | Co-Founder, CEO & CFO of SPLYT
LINDSEY MALLON | CO-FOUNDER CMO & CPO OF SPLYT
SAM - WOM
Hey there Lindsey!
We are very excited to have you here with us at Wolf of Markets for this AMA.
Lindsey - splyt
Happy Friday! Thanks for having us!
SAM - WOM
Our pleasure!
Let’s begin with a brief introduction, can you give our community an insight into who you are, what led you here and what you do at Splyt?
Lindsey - splyt
Sure! My background is in retail- everything from brand conception through design, development, production. I bring a decade of that experience to Splyt.
My focus has been on sustainable business practices, with an emphasis on the community- labor standards, our partnerships, an inclusive business landscape.
Splyt is really pioneering a more progressive business landscape and it's a really beautiful ride being a part of that!
At Splyt, I help lead conversations and make this progressive technology easily accessible for everyone. We are bridging the gap between blockchain/crypto and the mass marketplace.
SAM - WOM
Welcome Cyrus!
Great to have you here. Let’s also begin with a brief introduction. Can you give our community an insight into who you are, what led you here and what you do at Splyt?
Cyrus - splyt
Sam, Thanks for having us! Hope everyone is having a happy $DOGE day!
Sure! My journey started at Deloitte Consulting as an e-commerce expert followed by getting into bitcoin in 2014.
Been a big believer ever since and was fascinated by how Satoshi solved the double spend problem.
Taking that same concept of "double spend" and applying it to the e-commerce supply chain, SPLYT is able to solve the "double-sale" problem in e-commerce by overselling your inventory on hand through multiple retailers.
We were able to achieve this by assigning a NFT to each SKU creating a precise global inventory system that removes middlemen and puts money back in your pockets!
SAM - WOM
Very interesting thank you for that Lindsey!
Maybe you could give us a brief overview of what SPLYT is, how it works and what you along with the team are hoping to achieve?
Lindsey - splyt
Absolutely!
Splyt is a marketplace of marketplaces. We are an infrastructure connecting brands and retailers and influencers/affiliates. Similar to the piping under a city that brings water to all of the buildings. Or similar to the internet- it's something that connects people. It's a global blockchain catalog of brands and products, from which retailers/affiliates can sell.
We've created our tech to adapt to existing ecommerce stores, so that businesses don't have to leave their existing business structures behind. They simply add to it.
We enable brands to attach eNFT's to their products, which affiliates/retailers can then select to sell on their stores. This eNFT enables brands to list in multiple locations with live updating inventory so there is never a double-sell problem. It also has smart contracts to mediate and distribute pre-determined profit shares between brand and affiliate, then acts as a digital proof of authenticity which cannot be tampered with or replicated. It travels with the product for its lifetime, enabling resale data points and proof of authenticity in the resale market so that knock-offs are abolished!
EVANS - WOM
Your background is very impressive Lindsey. I see that you are the founder of MaisonDU, the first use case for SPLYT.
Can you explain how MaisonDu aims to utilise the platform and what types of partnerships you have in the works?
Lindsey - splyt
Maison Du is built on top of Splyt, as an ecosystem for luxury brands. MD has a shopping cart for stylists and influencers to sell products as well and many other tech features that are specific to that marketplace. We're really excited to build out MD on top of Splyt as the first marketplace, as this is an industry that really sees the maximized value of what we do, especially at the higher price point. Luxury has the most hurdles moving online right now. They also see maximized value of our eNFT, esp for proof of authenticity and fraud prevention in resale) and is an experimental marketplace, and also the largest online marketplace and rapidly growing!
SAM - WOM
Wow, excellent! Thank you for that very insightful explanation Lindsey it’s a very interesting concept.
Your eNFT concept for stock opens up endless possibilities for buyers and sellers, are there any industries or niches in particular that you are looking to target with products listed as eNFTS?
Lindsey - splyt
All industries! We see Splyt as the future of global e-commerce.
SAM - WOM
Good to hear… ambitious!
Cyrus - splyt
Lindsey for MVP!!
EVANS - WOM
This is a great first use case Lindsey! I really like your vision regarding luxury. While we are on the topic of fraud and authenticity.
I did notice it seems Splyt is taking every step available to make sure their community is safe. Can you tell us more about your dispute system and how exactly the process works on identifying fraudulent listings?
Lindsey - splyt
We require brands to stake SHOPX to mint eNFT's to prevent fraudulent listings and have steps to enable brands to prove their validity. We have validators going out looking for fraudulence, we have dispute resolution where both parties put tokens into escrow and arbitrators help resolve. We've also done 2 audits prior to our launch and are doing another one soon. We really value trust and transparency and go above and beyond to set the standards for transparent business ethics.
SAM - WOM
Cyrus time to come to you!
I see your project is powered by Polkadot, can you explain why you chose to build there rather than focus on the Ethereum network, and were there any contributing factors to focus there specific to the decentralised e-commerce industry?
Cyrus - splyt
But Lindsey is more fun! Haha jk - sure!
I really appreciate what Ethereum has done for the crypto space. The boom of dApps and countless cool projects spun out from there are amazing. However, there are some technical challenges they face and the problem isn't the tech as much as it is philosophy (as in where should the governance fall on making decisions on the tech).
That part is what I feel the Ethereum community needs to mature a bit which leads me to Polkadot.
They strike a great balance between decentralization and practicality. They have on chain governance to make faster decisions on how tech unfolds with the system.
And everyone knows about their Parachain architecture that will offload tons of Tx onto "shards" or pseudo side chains that can increase TPS (Tx per second) and decrease gas costs while still having a level of finality that a user can trust!
This gets us excited and we are on our path to Polkadot. 1) Build interoperability using Plasm's substrate via EVM. 2) Polkadot substrate builder program and deploy our own RUST pallets. 3) Bid for our own Parachain.
Having our own Parachain will let us optimize that chain for e-commerce and let others who are in the space thrive with us!
EVANS - WOM
Seems like you all have a solid process in line to keep consumers safe on your platform!
Just to clarify because the term is used often. Can you explain to our chat members that are not familiar what is Splyt’s eNFT? How does it differ from a regular NFT? What is the process in creating an eNFT?
LINDSEY
Right now, many are using the NFT for novelty cases- digital art, etc. We see the NFT as something that solves real world problems. We are the first to attach the NFT to physical products to help resolve pain points and create a universal SKU system for retail. Our NFT is an e-commerce NFT (eNFT). It represents off-chain assets.
Brands can upload their meta data and SKUs into our eNFT, universalizing all of their systems into one consumer-friendly eNFT.
So when you shop, you’ll have a digital "closet" or storage of all your eNFT’s.
SAM - WOM
I’d like to ask you about your e-commerce platform as you mentioned.
What benefits does decentralised e-commerce hold over traditional centralised marketplaces such as Amazon, and why would consumers or merchants choose to trade there over centralised options?
Lindsey - splyt
Many enterprise brands set advantageous terms and profit share %s on the brands they stock and sell.
When you decentralize it, you enable other affiliates and smaller retailers to help sell products, creating a more even distribution of selling power. You also enable large enterprise brands to test new brands without holding inventory- as the eNFT allows them to list and sell products that the maker drop-ships. So that also helps level the playing field.
The retailers can collaborate with affiliates and influencers, so it creates a more well-rounded symbiotic ecosystem. Everybody, emerging through enterprise, has room to scale and grow, but that growth is not reliant on a few key players with all of the power in a decentralized system.
EVANS - WOM
Seems like Polkadot is the future moving forward!
What is your relationship with Polkadot at this time? What are your plans moving forward on securing a Parachain slot over other great projects!
Cyrus - splyt
Yes! Our relationship is growing and getting friendly with the Parity team. Everything is relationships and grateful to be building with such cool people!
First, we are getting ready to get into the substrate builder program. This means we are going to start building out the Polkdaot dApp now and deploy to Rococo (Polkadot's testnet).
We just committed our first code and I project us being in the program by next month
From there, we will start building the Splyt protocol natively for Polkadot so when their Parachain bids go live we can participate.
We will most likely aim for securing a parachain from slots 15-30. We have partnered with some of our community to raise over 400,000 DOT and puts us in line to have the funds, dev, and people to make that Parachain bid a reality!
Oh, and I forgot, we are almost done with our web3 grant. While these sorts of things are not guaranteed, we believe we can bring one of the first standards for NFTs to the Polkadot ecosystem!
Still wrapping up the NFT architecture before we submit! I think it's fire and hope web3f does too.
EVANS - WOM
Web3 grant, me likey
SAM - WOM
I like the concept and idea of spreading the power and control of the platform more evenly between users.
Could you explain to the community how the affiliate scheme and bounty’s work on the platform and how users can benefit from this?
Also how does your affiliate scheme differ from traditional systems?
Lindsey - splyt
Yes, anybody can be an affiliate if they have an audience to sell to!
Brands set a bounty, or commission, into the data of their eNFT based on how much they want to give the affiliate or retailer for selling their product or as determined between the parties. When a sale is made, the smart contracts in the eNFT hold the funds in escrow until the product is shipped and received, then disperses the appropriate commission and profit to both brand and affiliate!
SAM - WOM
Very good, I myself believe this is a better alternative to traditional forms of affiliate marketing as they often aren’t as they seem to participants.
Is it possible or will it ever be possible for users of the platform to own fractions of the NFTs rather than only whole ones, and are the NFTs tradeable between users on the platform?
Lindsey - splyt
The eNFT can be resold, yes, but with the physical product. You could own a fraction, sure.... but that's likely more applicable to larger things like a home or boat.
SAM - WOM
Thank you, makes sense.
For those here who don’t know and are looking to invest in SHOPX tokens, where can they buy the token?
Also, would you be able to provide us with a brief explanation of the utility of the SHOPX token in the Splyt ecosystem and any possible ways that holders can earn rewards from their investments?
Cyrus - splyt
SHOPX contract 0x7bef710a5759d197ec0bf621c3df802c2d60d848
SHOPX is modeled as a TCR “token curated registry” that is needed for minting inventory on the blockchain as NFTs which helps brands decrease CAC and increase LTV making SHOPX represent “selling power” on the Splyt network – the more SHOPX you have the more items you can sell!
From a consumer perspective, you can stake SHOPX at brands to unlock SHOPX rewards and exclusive access and discounts at participating Splyt powered e-comm stores.
We will have a few CEXs dropping soon and over the next few months. We want to establish a healthy community so that everyone can have fun and participate in our community the way they feel safe.
Also, within 2-4 weeks SHOPX users can stake to earn more SHOPX and get some exclusive content from some of our cool partners.
EVANS - WOM
Thank you so much Cyrus and Lindsey for stopping by! We’re grateful you took time out of your day to educate our community on your vision and goals at Splyt!
Now we will open back up the chat to get the community involved, and giveaway 500 dollars for the best question!
SAM - WOM
Thank you very much for joining us Cyrus and Lindsey!
This has been very informative and helpful for us all.
Chat will be opened up now for community members to ask questions, please keep it respectful.
COMMUNITY QUESTIONS
“AUTOMATIC16TH”- Community Member
Hello Lindsey,
Whilst looking at Splyt’s website I was rather interested by the Shopify compatibility. By showing the products on Blockchain you’re able to provide proof of authenticity so knock-offs will no longer be found in resale. As someone who is hugely interested in resell and e-commerce this sounds amazing. However, my question is will this technology and protocols become available to all reselling sites like e.g Ebay and Amazon or will it be solely focused with Shopify?
“LIVEANDMAINTAIN”- Community Member
Hi first of all apologies if I have missed the answer to this previously and thank you for the time and info you have given us today my question is that ,Double spending is solved by the blockchain providing a way for all nodes to be aware of every transaction. What is splyts primary methods on preventing double sale within e commerce. Same method? If so how does this work with physical assets sold by a retailer will sellers have to create a stock database based on splyts platform, if this is the case what do you believe will attract retailers (especially large already established) to move from traditional marketplaces to yours where they will have to relist stock through potentially a unorthodox method one they have maybe not approached before (NFT etc)?
“WIZEFRAIM”- Community Member
How do you plan on getting consumers on board with Splyt and moving from amazon - who have no idea what cyrpto is (really like what your doing) especially because your main competitor Amazon offers Prime: which provides convenience and next day delivery?
Lindsey - splyt
Easy! we're not competing against Amazon. in fact, we want Amazon to build on top of us! we connect brands and retailers and affiliates. We are not competing against them a brand can now list products on amazon and on best buy and 10 affiliates, without overselling/double-selling a product thats listed across multiple platforms!
“SHAHRIAR_SHANTO42”- Community Member
How do plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
“JESSEY721”- Community Member
Do you have any plans to attract non-crypto investors to cryption who are still not in the crypto world specially as a new project entering to crypto. What are the plans to increase awareness about cryption around in non-crypto space?
“NAZMUDASAT”- Community Member
If conventional NFT really manages to solve the problem of product duplication, thus giving authenticity to each one of them, and they can also be a developer for multiple platforms, why prefer to develop an eNFT? Could it be that it will be much easier to sell and trade an eNFT than conventional NFTs?
“GHOSTIINGG” - Community Member
Hey Lindsey, Thanks for your time first of all! Great project and sounds like a great team. My question would be seeing as the whole E-commerce industry is growing rapidly (Amazon being a leading giant) and integrating the whole Crypto & eNFTs sounds amazing, Very promising indeed! But where e-commerce has such a big following and although crypto is gaining a lot of attention, we’re still yet to see mass adoption. How will shopX challenge the taboo topic of crypto and bring in an audience naturally from an existing huge audience of e-commerce. (to simplify, the project is huge but to link an already huge industry into crypto will face challenges. How will you guys go about marketing and make sure you guys are working with the right influencers to grow the brand and project organically) Thank you!
Lindsey - splyt
We market our company to be consumer facing and easily digestible by all. We use SHOPX for consumer rewards to help ease new users into crypto. They might see it more as rewards to discount their product purchase next time they shop, but it is crypto and they can slowly grow from there if they want! they don't need to understand it fully to utilize it. We also enable shopping with traditional credit and forms of currency in our ecosystem, so it's not limited just to people who are fully immersed in crypto. the same way we bridge our tech to adopt existing online stores, we bridge crypto into the mass market usage.
“ZARIVVS” - Community Member
Looking at the website on the team experience section you guys have a lot of listed companies, could we see potential partnerships with some of the companies or not?
LARA CRYPTO - WOM
There are rumours that a Shopify app is in the works, can you confirm this and possibly touch on this a little too?
Cyrus - splyt
Yes! The Shopify app is one of many clients that will connect sellers to the blockchain and let them create eNFTs with a push of a button. It's as easy as OpenSea but built inside every Shopify store and tailored for e-commerce!
“MACKEY20” - Community Member
Now that technology is changing every second, are you afraid that in the future Your project will lag behind new projects with newer technologies?
“KYLE BLACKWOOD” - Community Member
Thank you! What do you believe are your biggest challenges/obstacles and how do you plan to overcome them?
“WAIS212” - Community Member
Currently listed on uniswap, does the team have any aspirations for $SPLYT to be listed on a CEX, if so could we have a potential hint as to what exchange this will be?
Lindsey - splyt
We do, but you’ll have to stay tuned for that! That should be going live in the next few weeks!
“V1GZZ” - Community Member
What do you think is more important for your overall organization development; its dynamic values or its static vision and mission?
“FREE ROAM” - Community Member
What key factors do your e NFT system use to prove authenticity for products between merchants/brands and customers and how can do you aim to combat issues that arise by consumers that aren’t satisfied with products exchanged or other issues that arise in contemporary e commerce ? What policies have you put in place for this?
“ONKKOSHTO” - Community Member
What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
“HOWMUC” - Community Member
Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of a token? What is the income model?
EVANS - WOM
Perfect thanks everyone for the questions!
We love the interaction from our community. I honestly think there were a lot of great questions. It would be hard to pick just one winner…
What do you think Sam?
Cyrus - splyt
Yes, this was hands down the best AMA – you guys rocked it and I love the WOM Community!
EVANS - WOM
Wow makes us feel good, much appreciated!
SAM - WOM
Haha good to hear!
Let’s make this interesting…
Cyrus and Lindsey can you each pick your favourite question our community asked here today!
Both will win $250 each!
Cyrus - splyt
My pick is “GHOSTIINGG”’s – love the foresight of this question!
You guys are so awesome, love how fun you make it!
SAM - WOM
Perfect, we have our first winner!
PM me your BTC wallet to claim your $250 prize “GHOSTIINGG”!
Lindsey - splyt
I’d say “WIZEFRAIM”’s is another great one as many people have the same misconception. What we’re doing is super new!
SAM - WOM
That settles it perfectly!
Thank you once again for joining us here Lindsey and Cyrus.
We look forward to seeing what the future holds for SPLYT and SHOPX!
“WIZEFRAIM” PM me to claim your $250 prize!
Cyrus - splyt
Thanks for having us Evans and Sam. Thanks for being such great hosts.
Love to be back anytime!
Lindsey - splyt
Thank YOU! Yes stay Tuned!
Cyrus - splyt
SPLYT Out – Love y’all!
Winners for the AMA were paid out immediately, we always support our community and encourage active discussion and listening!
Congratulations to the winners @GHOSTIINGG and @WIZEFRAIM!
