Boson Protocol is a decentralized trading protocol designed to enable the sale of physical goods, services and experiences in the Metaverse as non-fungible tokens (NFTs) and hopes to provide a layer of infrastructure for the exchange of assets of non-monetary value. For example, an NFT of a pair of sneakers purchased using the Boson Protocol in the Metaverse would be redeemable for that physical pair of sneakers in the real world, and vice versa.
Before launching its first metaverse commerce experience in Decentraland called the Boson Portal, Cointelegraph spoke with Justin Banon, co-founder of Boson Protocol, to learn more about the company’s long-term vision and trading model:
“Now it is normal for people to have a digital shadow, such as a LinkedIn or Twitter profile. And in the next few years it will be normal for physical and fashion items to have a digital twin. “
This notion of “twinning”, or that there is an NFT digital representation of every physical object or service, is central to the Boson Protocol’s goal of being “an ubiquitous bridge between the physical and the digital”, according to Banon.
This is why Boson Protocol developed the Boson Portal as a place similar to a virtual mall where Decentraland users browse virtual items in the metaverse and then potentially get the physical item on their doorstep.
The portal is also a gamified space. Banon described it as an “adventurous wonderland with quests”. Users can go to a brand’s boutique and choose to play a quest or a game. The prizes are NFTs and are considered hero items. Customers can either purchase these hero items for full price or play the suggested quest to purchase the NFT at a discounted price.
The BOSON token is the protocol’s potential utility token. The network also founded the dCommerce DAO with plans to be a self-sustaining, community-managed, decentralized autonomous organization that will reinvest its revenues in growing the ecosystem or use the revenues to buy back or burn BOSON tokens. In the Boson portal, a fee of 1 to 2% is charged per transaction. These charges would then be fed back into the log and distributed to the token holders.
“The key is that there is no middle man, Amazon or eBay in the middle. They are all smart contracts encrypted with game theory. That means that nobody takes a piece from the middle. “
Banon added that by working with trusted brands in the Metaverse, users can trade without fear of losing their money. In September, Boson Protocol acquired “The Glass Suit,” a $ 1 million Dolce & Gabbana suit that is also an on-chain NFT. The digital version of the suit will be housed in the Boson portal, while the physical item will be displayed in a museum. More and more large global brands are using NFTs to integrate fashion and the metaverse.
When asked about the value of the trade in the Metaverse, Banon told Cointelegraph:
“It’s this next generation interface. We tend to turn to the things that are most real than the low-fi versions. Why should you choose a 2D flat screen when you can immerse yourself in the same room with someone? ”
Banon confirmed that a work in progress Boson Protocol 2.0 will allow brands to plug in an e-commerce system like Shopify and then sell directly into the Metaverse. And that the protocol should be extended to other virtual worlds and even to traditional video games like Fortnite.
Starting with Decentraland, Boson Portal aims to not only house retail space for brands, but also to provide an event space for conferences, art installations and cultural activities. The first conference called Boson Forum coincides with the portal’s launch on Thursday and will present speakers on topics related to metaverse commerce.