The Marketplace
Our marketplace enables creators or service providers to list credit offerings for purchase via auction or direct sale. In general, there are two types of listings: credit offerings for service hosted elsewhere (at the creator’s site or service venue). The second type consists of offerings which the creator hosts on the Meritic platform.
Market transactions can be grouped into two categories: primary and secondary. Primary transactions result in the first sale of a token. Except in a few cases where the creator or service provider elects to cover token minting costs, a token associated with a listing will not be minted until the service smart contract receives payment. Secondary transactions engender the transfer of a token from one owner to a new owner or the transfer of credit from one token to another token on the same slot.
Creator / provider services
Market services are services which Meritic offers to any creator or service provider that deploys a service smart contract.
Update content offerings In many cases content accompanying a listing will be limited to an image (or short video content), a text description of the credit or service offering, the amount of credit issued, and the minimum bid price (or sale price) to own the credit, and a map or details about redemption, including any expiration dates.
For some services which creators host on our platform, the offering is the content being uploaded (or streamed). In such cases market participants will only be able to view a short clip (if video ) or read the first few lines (if text). The long-form content or virtual meetings hosted on the platform will be token-gated - meaning that one has to hold a token with appropriate credits to consume the content.
The creator may update content for a market listing or for a token even after the token has been minted. The token metadata URI will change with each content, however.
The marketplace includes embedded video players and integrates with a Web3 streaming platform, Livepeer, to support creators that host on our platform. We will also support token-gated video conferencing enabling services to host meetings with token holders.
Add and withdraw listings: Creators may add or withdraw market listings.
The Meritic API can be used to update or withdraw market listings.
Market Participant services
In order to participate in a market transaction, a participant must have a wallet address and an email address. As of today various solutions have been offered to improve user wallet experience. We are seeking to leverage those solutions that enable a participant to own a wallet address with just their email address or social media handle. Participant email addresses are not shared with other market participants. Participants are able to perform standard marketplace queries like browsing and searching service collections. They will also be able to carry out the following:
Primary transactions: Participants can reserve time, bid on a listing and, if a bid is accepted, purchase a token.
Secondary transactions: If the crater or service provider configured the smart contract to allow transfers on the token then the token holder may list her token or a fraction of her credits for sale, at a price she deems favorable. A participant may also make an offer for tokens or credits.
Message creators / administrators A participant can send a text or video message to a creator in conjunction with a valid bid or offer.
Participate video session / conference A market participant may join a video session or live stream, if he/she holds the required token / credits.
Token considerations
Time and Cash credits A creator lists time credits on the market with time durations specified during smart contract configuration. The time durations may be further qualified with a start timestamp and an ending timestamp. If the time credit is for a meeting or event, then the time credit is listed as a reservation. The time credit token is minted when the provider accepts the bid.
Cash credits A service may list cash credits independently, or as the price of a product offering. If the former then the credit listing may also include a discount, in which case the minimum bid price is below the amount of credit. If it is the latter then only the product / service listing and required bid price in (ETH or USDC) is shown - the credit listing is implicit: once the bid price is met the cash credit token is minted and the bid amount paid is transferred to the service revenue wallet in exchange for the product.
Priority credits Priority credits are listed sequentially, with the requirement that the credit of a listing must be greater or equal to the credit value of listings that precede it. Furthermore, each credit lists on the market only after its preceding credit has been minted. If an upper bound (lowest priority) was specified during contract configuration then once the upper bound is reached no further listing occurs until the queue clears. If min bid price was specified then the bid must be met for one to hold a priority.