Pic-to-Peer

Screenshots

Problem Statement

Pic2peer stands for "picture to peer", it is a descentralized escrow smart contract for buyer and sellers to directly negotiate, pay and send NFTs. Once creator and buyer agree on a price, the seller deposits the nft into an escrow and the buyer pays via bank transfer. Since the bank transfer is an off-chain event, an oracle is initialized when the buyer asserts the payment has been made. This oracle solves any possible dispute between them since public verification of the bank transfer is possible:If the buyer pays and the seller doesn't release the NFT, the oracle releases it to the buyer after some time elapses.If the buyer doesn't pay within certain time, the seller can claim the NTF back.

Solution

This is achieved with and escrow contract that holds the nft until the buyer pays through bank transfer or the seller claims it back.Once the payment order is issued, the buyer is asked to transfer the money through bank account and add evidence of it (invoice) in IFPS Using an oracle (UMA), the buyer confirms the payment and the seller can release the NFT, the creator can claim the NFT back in case the buyer doesn't pay.