Introduction
With the explosive growth of NFTs and user adoption quickly on the rise, there was something lacking in the ecosystem: the ability to safely trade peer-to-peer (P2P).
The majority of applications built for Solana NFTs were exchanges that allowed the listing of NFTs for sale, purchasing, and (more recently) bidding or sending offers.
We saw that the community was craving something more than just an “eBay” for NFTs –– they wanted the ability to negotiate, create deals, and trade with peers. This led to hundreds of OTC (over-the-counter) trades taking place off exchanges, which required trusting a third-party intermediary to act as escrow for the trade.
Unfortunately, as in every emerging market, there's one thing that we can never escape: fraud.
Scams began running rampant with fake escrow services and community admin impersonators. A rough estimation based on public examples is that over $600,000 worth of was stolen in the months before we launched due to bad actors and a broken trading system that relied on trust.
Enter Yawww: Solana's first automated escrow for NFTs
Utilizing smart contracts on Solana, we built this ecosystem's first automated escrow service for peer-to-peer NFT trading. By removing the need for a trusted middleman, we have made this space safer for everyone.
After witnessing a tragic rise in the number of scams taking place in our ecosystem, the Yawww team said, “Enough.”
We began our journey with a single, short-term goal: to eliminate scammers from the NFT community. Working together with project teams, DAOs and individual collectors, we have already nearly achieved this objective.
"Yawww only" is quickly becoming the norm for safe P2P NFT trading.
For more information regarding our platform, take a look at our Medium article below:
Last updated
