Cryptocurrency is being used for so many things these days, one of which is payment for goods and services. Time magazine accepts bitcoin for subscription payments and WeWork has also hopped on the train. One aspect of consumer culture that is very prominent and is starting to get the cryptocurrency treatment is e-commerce.
After all, billions of dollars are spent every day on e-commerce sites to buy goods and services, and with more people using cryptocurrency than ever before, it is only natural for this to happen. Spacelens, a company that has recently partnered with the Tokpie Exchange, allows for the buying of goods across the internet using cryptocurrency.
In many ways, the Spacelens platform functions the way any other e-commerce platform does in that it sells goods and consumers can buy. The difference is that the goods in question are denominated in cryptocurrency as opposed to local currency and this is beneficial for the global e-commerce sector.
How Spacelens Works
Because consumers need to make purchases from different parts of the world, a single universal currency denomination reduces a lot of confusion as well as the cost associated with currency conversions. A dollar is worth different amounts in different countries but a bitcoin is a bitcoin everywhere.
The platform works through its native $Space token that sits at the center of its ecosystem and can be used for the purchases of everything from fashion products to technology. For those who want to buy from merchants closer to their area, there is an option to search using geolocation and there is a chat function to facilitate the sale and payment.
How NFTs Are Involved
In terms of token storage, Spacelens comes with a native wallet that is secure and allows for the buying of products listed on this platform. Spacelens is not only offering access to traditional e-commerce products like clothing and tech but is also offering customers the ability to buy non-fungible tokens (NFTs) on the platform.
NFTs have been all the rage in the last year and have become a very lucrative part of the blockchain industry. Making it as easy for customers to buy NFTs as they would a dress or sneakers over the internet goes a long way to normalize the use of blockchain and also provides a way for crypto holders to make an income.
The native token for Spacelens was first listed on the Tokpie Exchange which is renowned for its development of blockchain start-ups. There is a total of 1 million of the token and the management of Spacelens is closely monitoring the token supply situation.
Moving forward, we can expect to see more e-commerce platforms offer cryptocurrency as a means of payment, and hopefully, we will approach a future where cryptocurrency being used for e-commerce is as common as debit cards.