Galactic Market is live! Buy and sell items using Stellar Lumens (XLM)

Today we are launching Galactic Market — the first marketplace where you can buy and sell items exclusively using Stellar Lumens (XLM).

Sellers benefit from hyper low fees, and near-instant distribution of payments. The cost per transaction is 0.00001 XLM, which is currently valued at a fraction of a cent. Payments are distributed to sellers in 3–5 seconds.

Compare this to other payment platforms such as Paypal which come close to 3% fees per transaction, and sellers often must wait several days for ACH transfers to clear. The benefits of a marketplace powered by Stellar Lumens are clear.

Sellers can sign up to list their products today. Listing a product is easy: choose a title, description, public key to distribute funds to, and upload images of the product. Once the product is approved, the product page will go live, and users can easily buy the product using XLM. Sellers get alerted of every new order, and can manage order statuses via their Galactic Market dashboard.

Buying and selling with XLM is just the beginning. Being powered by the Stellar network allows us to create some exciting new features in the future, such as:

• Verified reviews. Because every sale is on the Stellar blockchain, customers could sign a message with the key they used to purchase the item in order to prove that they actually purchased the item
• Distributed payments to multiple parties. Instead of an order payout of an order going entirely to one account, we could distribute different amounts to different accounts. Imagine buying a MP3, and seeing blockchain verified transactions showing that 33% went to the composer, 33% went to the backing musicians, and 33% went to the label.
• Payouts in other currencies. Once more anchors launch, users could be able to receive funds in their native currency on the Stellar network, instead of receiving XLM.

We’ve launched with some great products, including stylish Stellar Pins (20 XLM), Handmade Bleach XLM T-Shirts (60 XLM), Stellar Lumens Polos (150 XLM), and Sustainable Colombian Coffee (50 XLM).

If you’re interested in selling items on Galactic Market, we’d love to have you join. Register and start listing products today.

If you’re a buyer and would like to stay up to date with developments of Galactic Market, including getting e-mails when new products launch, we welcome you to join our mailing list.

We welcome any feedback, questions or press inquiries at hi@galacticmarket.io