Building a crypto escrow service with a luxury item as the showcase

Defactor is on a mission to bring real-world assets to the blockchain. Bridging the gap between DeFi and TradFi

As an extension of its current tooling, the Defactor team would like to showcase a crypto escrow service for the exchange of valuable assets as a method to protect against fraud and scams.

🏆 Prize Pool 💰

$1500 USDC (1st place winner team) + $1500 in FACTR tokens. With an additional $1,000 in FACTR tokens if the solution utilises the $FACTR token to interact with the solution.

⚒️ The Challenge 👊

Defactor is on the path to releasing a number of value-add technology modules that facilitate the tokenisation and creation of real-world assets on the blockchain.

In the luxury goods asset class, there is a huge problem with fraudulent activities including chargeback scams, counterfeit goods and other nefarious activities.

The challenge aims to facilitate the creation of a new escrow service to protect consumers and offer a secure medium of exchange.

• Create an environment where users can connect their wallet, and lock up an NFT in a smart contract which releases the item to the seller once both buyer and seller have approved the transaction.
• The underlying asset must be minted as an NFT to be locked into the contract. The parameters of the NFT should match the sample item.
• Prove who minted the asset and how it is paired with the physical good (Extra points for creativity on this one!)
• Allow users to exchange crypto for a luxury item (for example a High-end watch)
• Implement a crypto escrow service to protect against fraud and scams
• Utilise the $FACTR token as a means of interacting with the solution for additional prize money

The Judging Criteria

Submissions will be evaluated by the Defactor core team and our advisors based on three aspects: creativity, practicality, and feasibility of implementation.