Redeemable NFTs: an introduction
Boson Protocol’s NFTs (rNFTs) are redeemable for off-chain items, and represent a bridge between the isolated blockchain and physical worlds. Whoever is the owner of an rNFT can do all standard ERC-721 operations on the blockchain, but can also get the underlying off-chain item, without relying on a trusted entity.
A single, digital market for physical things
Boson tokenizes commitments to exchange real-world assets as redeemable NFTs, which can be held, transferred or traded like any other NFT. This enables commerce to shift from fractured, monopolized markets to an open and competitive: single, digital market for physical things, built on decentralized infrastructure.
Token-gated commerce
Obtaining an rNFT for certain items can be restricted to special conditions imposed on Buyers, forming so-called token-gated commerce. The conditions for a potential Buyer can be programmed to check the ownership of a specific ERC-721 token or to check the threshold balance of an ERC-721/1155/20 token at a particular contract address. Token gating enables Sellers to target customers based on the assets they hold, enabling a new form of verifiable targeting.
Digital twins and The DEX for anything
The hardest problem which Boson solves is automating the fair exchange of physical assets. Offers can be created that bundle a real-world item and its digital counterpart.
The rNFT received when committing to such an Offer could be used to redeem both the physical item and its on-chain counterpart “digital twin” (i.e. an NFT). This allows sellers to provide offers that include a physical item along with an NFT that the Seller owns. Thus, the item of the exchange can be any configuration of physical, digital, and experiential bundles, in what are called “phygitals”.
In this way, Boson can be viewed as a decentralized exchange for anything.
Seller and marketplace economics
Boson Protocol rNFTs provide a verified trail of ownership and enable revenues from primary and secondary sales. Royalties are specified by a percentage of the secondary price that the Seller and/or the Agent receives.
Placing royalties in-protocol is obviously beneficial to Sellers and Agents as they are thus guaranteed to collections, whilst Buyers are recommended to perform any secondary sale in-protocol for the transaction assurances that Boson Protocol provides.
Capture resistant, decentralized public infrastructure for commerce
Boson Protocol is decentralized public infrastructure for commerce which is progressively decentralizing towards community governance via the Boson DAO. As a result, Boson is aligned with the incentives of participants; this reduces platform risk for builders and is resistant to capture by minority interests.
Boson is a commerce infrastructure which anyone can use, and everyone can trust.
Read on: download our v2 whitepaper
Boson enables the decentralized exchange of physical assets- tokenized as redeemable NFTs.
The launch is planned later this year, and over the coming weeks, we will be releasing additional information about what Boson is, how it works, and how you can build on the protocol, and participate as either buyer, seller or integrator.
To read more in our white paper, you can download it here
