Whatever happened to decentralized marketplaces? - page 2.

Abiky

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Quote from: feed_me_a_stray_sat on April 01, 2024, 11:33:09 PM

Syscoin was originally a decentralized marketplace and had a CLI implementation called Blockmarket but it just wouldn't scale. They have changed and bolted on to their tech so much since then that it's a mess that's trying to push itself as a Bitcoin L2 now.

Good-old Syscoin. Never thought it had a decentralized marketplace of its own. I guess the team didn't advertise the feature so much. With tokens and NFTs gaining traction, it's hard to believe single-purpose Blockchains will rise all the way to glory (except Bitcoin, and Dogecoin). I'm talking about chains without smart contract features. These days it's all about token-based "meme" coins and NFTs. People won't care about decentralized marketplaces if it doesn't make them money in the short term. They're interested in getting rich quick. Not in the tech itself.

I sure hope existing decentralized marketplaces don't go away due to low popularity. We need as many alternatives to centralized marketplaces as possible. In countries where authoritarianism limits freedom, decentralized marketplaces' censorship-resistance does wonders. Not everyone can get access to eBay or Amazon, though. The future is filled with uncertainty, so we can only hope for the best.

feed_me_a_stray_sat

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Syscoin was originally a decentralized marketplace and had a CLI implementation called Blockmarket but it just wouldn't scale. They have changed and bolted on to their tech so much since then that it's a mess that's trying to push itself as a Bitcoin L2 now.

oktana

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Maybe the industry is shifting into memecoins but I doubt it’s shifting into NFTs. NFT had its season and it’s gone.

I think the reason why it seems so is because there’s no much promotion for it. Imagine if there was a hype saying that cryptocurrencies were great for buying at online stores, we will see a lot of movements wherein people would even purchase just to join the trend. But what’s rather trending is how you can make profit from cryptocurrencies by hoarding them.

Abiky

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Quote from: mk4 on March 28, 2024, 02:18:33 PM

It's definitely a factor, but not really. It's simply the fact that usage has always been really small, and people are simply just using the likes of eBay instead. Truth be told, bitcoin and cryptocurrencies are mostly held as investments today, rather than for payments.

Convenience goes above all else. As long as people are able to buy/sell items without hassles, nothing else matters. Decentralization is only a subject of interest to those who're concerned about government censorship/suppression. In countries where freedom is limited (usually in authoritarian countries), decentralized alternatives to eBay and Amazon does wonders.

It was surprising for me to read that OpenBazaar closed its servers 3 years ago. Wasn't it based on P2P tech? If not, then OpenBazaar isn't as decentralized as I've once thought it would be. With investors shifting their focus away from utilitarian projects, it's hard to imagine decentralized marketplaces will take off anytime soon. At least, the idea is there. The future can't be predicted, so lets hope for the best.

avikz

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Quote from: Abiky on March 28, 2024, 12:59:51 PM

I've once heard about decentralized alternatives to eBay and Amazon where you can buy/sell items online without middleman. OpenBazaar and Parcl are among several alternatives aiming to transform e-commerce. While they've gathered a lot of attention within their early days, it seems the concept of a "decentralized marketplace" is fading away as the industry shifts into "meme" coins and NFTs.

Are tightening regulations one of the reasons why decentralized marketplaces aren't taking off? Considering what happened to Silk Road in the past (although not truly-decentralized), it's likely such projects will remain a "niche" forever. Too bad because this had the potential to radically change e-commerce for the better.

Thoughts? Huh

I don't really know what the decentralised E-Commerce means! There has to be a seller who would source the product from someone and sell it through the marketplace. It's not always possible that the manufacturer itself sells the product through such marketplaces. So not sure how would you remove the middle man from this game!

Also e-commerce cannot happen in anonymity. The receiver will have to inform necessary details in order to receive the product. I don't think that decentralized market places can exist.

kentrolla

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I work for a E-commerce/quick commerce giant and trust me there is no way we can decentralise ecommerce or marketplace as it can't run without involvement of third part be it from supply chain end or logistics end or last mile we need third party to increase the reach else the cost involved in fulfillment of one order will be more than the actual selling price itself hence I would say it's a bad idea.

Volimack

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Decentralized market is not possible People can easily take services to themselves from apps like amazon to buy and sell products but decentralized market is not controlled by anyone. Creating a decentralized marketplace would be a huge problem. More than a decade after bitcoin was created, there is no reason for us to be buying and selling digital currencies through a centralized operator. Decentralized exchanges offer all the tools and features found in centralized platforms but without the need for an intermediary or guardian.

Text

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Perhaps it’s because they know that when it’s decentralized, it’s not as user-friendly as exchanges. I think they need to find ways to simplify the user experience and we know that it’s not yet accessible to a broader audience due to adoption. And the major issue is addressing regulatory concerns. If decentralization doesn’t work out with regulators, then frameworks that promote innovation without compromising safety can’t be established. So, regulations have a big impact on the growth and adoption of decentralized marketplaces. Regulatory clarity is essential for these marketplaces to operate effectively. The lack of clear regulations could lead to uncertainty and risk, deterring some users and investors.

It seems Parcl is operational and continuing its services, unlike OpenBazaar which announced the closure of its servers in January 2021.

Bureau

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If you are referring to a decentralized marketplace on a blockchain then Opensea is one of the biggest examples. I do not think it will be possible to create a decentralized marketplace like eBay or Amazon. Blockchain can only help the cryptocurrency industry and cannot replace the traditional industries. Although e-commerce giants can use private blockchain to track shipments I do not think there is a need to replace it completely. The biggest issue would be the adoption of such a marketplace when you can buy products from these companies by buying their coupon in a coupon marketplace like Bitrefill.

btc78

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How is a decentralized marketplace possible? I mean I know it’s possible if the product your are buying is in the hands of just another person but I don’t think we can buy directly from a factory or wherever a product is being sold. Some products are manufactured and aren’t really interested in the merchandise aspect making it necessary for third parties to come and handle that side of business.

Besides it might be impossible considering apps like amazon requires full contact details when they are delivering straight to your house.

electronicash

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i tried opening the openbazaar, the page is just openbazaar 3.0 - openbazaar 3.0 - coming soon i once had this installed on my laptop. seem not getting enough support.

transaction fee is probably another factor that made it not very possible. nothing forces people to use a decentralized marketplace i guess and the convenience of using fiat on e-commerce sites is getting easier too. and then scammers will be populating the platform.

mk4

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Quote from: Abiky on March 28, 2024, 12:59:51 PM

Are tightening regulations one of the reasons why decentralized marketplaces aren't taking off?

It's definitely a factor, but not really. It's simply the fact that usage has always been really small, and people are simply just using the likes of eBay instead. Truth be told, bitcoin and cryptocurrencies are mostly held as investments today, rather than for payments.

Abiky

legendary

Activity: 3192

Merit: 1359

www.Crypto.Games: Multiple coins, multiple games

I've once heard about decentralized alternatives to eBay and Amazon where you can buy/sell items online without middleman. OpenBazaar and Parcl are among several alternatives aiming to transform e-commerce. While they've gathered a lot of attention within their early days, it seems the concept of a "decentralized marketplace" is fading away as the industry shifts into "meme" coins and NFTs.

Are tightening regulations one of the reasons why decentralized marketplaces aren't taking off? Considering what happened to Silk Road in the past (although not truly-decentralized), it's likely such projects will remain a "niche" forever. Too bad because this had the potential to radically change e-commerce for the better.

Thoughts? Huh

Topic: Whatever happened to decentralized marketplaces? - page 2. (Read 317 times)