tangled marketplace overview
the tangled marketplace allows users to buy and sell digital and physical items in a centralized marketplace. all transactions within the marketplace are conducted using millix as the currency.
users can list digital and physical products for sale within the marketplace. users can buy and sell tangled social groups, exclusive reaction items, a variety of NFT media types and physical products. product listings are similar to tangled social content. users can moderate, comment and react with a reduced set of reactions. the engagement with the product listings can be used for sorting and filtering by popularity and reputation.
it's important that the marketplace charge the seller a commission of sales to increase the accuracy of price discovery. this fee adds friction to a seller who would otherwise list a collectible item for sale, buy it from themself using another account, and repeat the process of buying and selling the item to manipulate the perceived value of the asset. the marketplace fee is paid by the seller to the tangled marketplace at the time of the sale.
the millix protocol and the tangled browser provide native support for creating, storing, previewing and transferring NFT items. the tangled marketplace allows NFT creators and owners to list their NFT in the marketplace to gain exposure to an audience of potential buyers. the marketplace offers a level of confidence for buyers by validating the provenance and availability of NFTs and facilitating the transfer of owners through real-time escrow.
tangled social users are provided with a millix address that supports transactions containing data (messages and NFT). tangled social offers functionality to mint NFTs from content, and those NFTs can be added to the tangled marketplace via a background millix transaction that deposits the NFT to the users' address. users can also deposit NFTs that stored in their collection within the tangled browser.
the tangled.com system is integrated with the millix protocol to recognize transactions sent to its wallets. when the system detects a transaction has been received containing user data, such as an NFT, it decrypts the data and stores a copy of the data separately from the original copy to allow the marketplace audience to view it. in addition, the tangled.com system preserves the unspent that is associated with the NFT. the associated unspent will only be used to fund a transaction if the NFT is withdrawn from the tangled marketplace. this preserves the provenance of the NFT.
any NFT that is added to the marketplace can be previewed by the audience of potential buyers. they can see the asset, the price and the transaction history of the NFT including the verified creator (domain name owner or social media page of the creator).
users can engage with items listed for sale in the marketplace in similar ways to engaging with content within tangled social. users can report items that appear to be in violation of U.S. law, like, comment and share the items.
NFT sellers can remove their NFT from the marketplace at any time prior to a purchase transaction. the seller provides a millix data address to withdraw the asset to, the associated unspent is used to fund the withdrawal and the item is removed from the marketplace.
when a buyer purchases an NFT from the tangled marketplace the funds are removed from the buyer's balance and placed in escrow, the item is removed from the sellers account, the funds are cleared by the tangled marketplace, the item is delivered to the buyer and the funds are provided to the seller.
NFTs can be stored within the tangled marketplace or withdrawn to a data address on the millix protocol.
in addition to traditional reactions such as likes and comments, tangled social introduces collections of more playful and creative reactions. like Pokemon or Magic The Gathering items, the reactions have built in attributes such as the value transferred to the recipient of the reaction, visual affects that alter the content being reacted to and the rarity and exclusivity of the reaction.
for example, a reaction called the Sword of Truth, which is extremely rare (one-of-one) awards any recipient of the reaction with a very large amount of Millix and temporarily shields the owner of the reaction from being affected by other reactions.
another reaction, called Judgement Day, causes all comments to a piece of content to temporarily disappear, thus ending any debate. a reaction called the Troll Bomb temporarily marks a commenter as a troll and allows other users to band together to attack their comment or content. in each case, the reaction transfers Millix to the recipient or all participants affected by the reaction.
users can buy and sell special reactions in the marketplace and build an inventory of reaction classes that enhance their reputation and entertainment within tangled social.
tangled social users can create groups and build large audiences of followers to view and engage with whatever type of content the group is focused on. for example, a user could create a group called /g/newyork that focuses on local news, events, communities in the city. they may promote and attract hundreds of thousands of users within the community and operate the group as a business that earns from engagement and sponsors. these groups can be bought and sold within the marketplace.
this creates an economy that rewards people that create groups that interest people, promote them to build an audience and populate them with engaging content. content creators or entrepreneurs that wish to purchase an established group are able to preview analysis of the group's audience size, demographics, traffic, earning etc.
the tangled marketplace acts as an escrow service that allows group buyers and sellers to transact with confidence.
content creators are able to reserve exclusive content for users that pay a subscription or pay to access an individual content item. the content creators can add their personalized subscription and content packages to the marketplace for other users to buy.
entrepreneurs and businesses can list any type of merchandise that is legal under U.S. law within the marketplace. the merchandise inventory and order fulfillment is managed by the seller. the marketplace provides the buyer and seller with all the functions required for e-commerce, such as payment processing, order messaging, logistics tracking and customer support.