The world’s largest B2C crypto-exclusive e-commerce marketplace, GM.co has launched, offering the Web 3 community the opportunity to buy and sell real-world items using cryptocurrency.
Since launching its BETA platform in March, more than 1,000 listings have been added to the site, including collectibles, apparel, luxury goods, experiences and more. The platform is the brainchild of Julian Chow, Daniel Whyte, Lori Liu and Ferhat Dogru who are also the co-founders of Phantom Network (PxN), an NFT project and Web3 tech company.
GM.co co-founder and CEO, Julian Chow believes the new crypto-exclusive platform merges the best of Web3 and traditional ecommerce in an exciting new way for crypto holders.
“The idea of a decentralised marketplace, built on the blockchain where crypto holders can buy and sell goods is something the Web3 community has been asking for a long-time. Our mission is to be the go-to marketplace for forward-thinking shoppers and sellers alike, while providing the most secure e-commerce platform run on blockchain. Based on the positive feedback we’ve received so far, we’re confident we’re on track,” Chow said.
In addition to apparel, shoes, luxury items and collectibles, a notable differentiation is unique offerings such as a Mech pilot training, a luxurious omakase yacht experience, and the soon-to-be-launched ‘PROTHESIS’ that holds a Guinness World Record for the largest tetrapod exoskeleton.
For early adopters like lifestyle apparel and accessory brand, BLVCK Paris, the platform presents tremendous opportunities to tap into a new breed of consumers. “For brands such as ours, GM.Co represents a great opportunity to showcase what we have to offer to the world, especially to the digital community that has high purchasing power but can’t find suitable outlets to spend their crypto,” head of growth, Steffi O. said.
To make a purchase, users simply connect their crypto wallet with MetaMask, Coinbase Wallet or WalletConnect. Shoppers will have an option to pay with either USDC, or Ether (ETH) to participating merchants, with a view to onboard other cryptocurrencies in the long term.
Unlike traditional e-commerce platforms, all transactions on GM.co are verified for full transparency and peace of mind when shopping on the marketplace.
GM.co also offers an Escrow service for users who prefer added assurance. With Escrow, payment is only released when transactions are completed safely and securely between the buyer and seller. Escrow is available for purchases made via USDC and applicable at 2.9% of the total price.
To coincide with the launch, GM.co also announced a collaboration with The Open Network (TON), a decentralised and open internet, created by the community using a technology designed by Telegram.
TON boasts a community of over one million subscribers and followers across various social platforms, along with a $2.3 billion market capitalisation. Together, GM.co and TON will pioneer mutually beneficial integrations, granting TON’s extensive community access to decentralised commerce.