NFT-Based Escrow Service: Business Logic

Jackson Ng


How do you ensure that the Non-Fungible Token (NFT) that you just bought will definitely be delivered?

Let’s take this question further.

Imagine that you are purchasing a used luxury watch that comes with an ERC-721 based NFT certificate (like the one that I discussed in the article NFT-based Luxury Watch Certificate). How do both the buyer and seller ensure payment and delivery without a middleman?

Photo by Nicolas Cool on Unsplash

In this series, I propose how an NFT Escrow Service Smart Contract may make peer-to-peer trading of NFTs or physical goods such as luxury watches safe and secure.

The source codes for this project can be found in its Github repository here.

Getting Started

In the scenario that I am demonstrating, John purchases a watch and receives an NFT-based certificate from BreitLex, the watch manufacturer. He gets bored with his watch after a while (yes, this happens to watch flippers all the time) and sells the watch to Mary.

To execute this scenario, create 3 accounts on your Ethereum Wallet. Here, I use MetaMask.