June 18 2018“I could spend $50 and buy something that would be worth nothing to you.” — Prof. Joel Waldfogel
Let us admit, it is too often that the gifts we unwrap end up rewrapped and regifted to families or friends. Probably the size isn’t too fit for you, you just bought the same pair of shoes, it reminds you of a painful memory or the store of the gift card you received is located miles away from your home, etc. We surely have our own share of reasons, but definitely we feel regret too, wishing we can have them replaced for an item that we will actually like or perhaps need. This kind of dilemma is only one of the many conflicts in the gift industry that Brifs.co aims to resolve.
Brifs.co, which was founded in 2017, is building a trustless and decentralized peer-to-peer exchange of digital card values on the NEM blockchain. Previously, unwanted gift card balances were previously locked up by issuers and held hostage by rent-seeking middlemen, marketplaces that adding little value while demanding 12% to 15% commissions on peer-to-peer transactions. This is why Brifs.co’s intent is to improve gift cards, removing the old stigma and instead, making it as good as your cash.Built on the NEM Blockchain
Brifs.co team is utilizing the NEM Blockchain to build a secondary marketplace for gift cards, (digital store vouchers) transitioning into a decentralized peer-to-peer exchange with 0% commission. This is to facilitate maximum gift card transferability and minimize loss of value upon sale.“Is every asset in the world destined to become liquid on the blockchain? The answer is ‘yes.’ That is the next revolution.” — William Mougayar
NEM’s multisig feature is used to verify gift card funds and create a system of record. NEM’s namespace and mosaic are utilized to tokenize the gift card values, record, and manage ownership rights, facilitate clearing and settlement, making it significantly more fungible. With all these, the Brifs.co team is building a very dynamic marketplace where consumers can buy and sell their unwanted gift cards without needing to pay commission and payment processing fees.
Brifs.co believes that gift cards belong to consumers, not from the issuing stores, and not by secondary marketplaces that demand a heap portion of commission of all peer-to-peer sales. By this, we can ensure that no gift cards are put to waste, making the gift industry a place where we all feel at peace to give and giddy as a child to receive.
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