Swap NFT for Tokenized Bank Deposits
Use Cases
About
Payments/Digital Asset Transactions
This use case involves swapping an NFT for tokenized bank deposits between accounts at different banks in a compliant way via a blockchain network.
Smart contracts can be leveraged to automate transfers of digital assets based on the completion of events. This could, for example, deliver escrow functionality or the ability to split payments between different parties based on pre-set criteria codified into smart contracts. The uses can range from automating payouts in supply chains to helping split marketplace payments among different parties in a transaction.
Description
Key Stakeholder:
Retail users
Story:
Alice mints an NFT of her art and places it in her wallet at Bank A.
Bob wants to purchase Alice's NFT using his funds from Bank B.
Bank B tokenizes a portion of Bob's deposits for the NFT's price.
Bank B initiates a swap of the tokenized deposits for Alice's NFT on the platform.
The swap is executed atomically between Bank A and Bank B.
Alice receives her desired payment in her preferred medium (for example stablecoin) as per agreement with Bank A.
Bob receives the NFT in his wallet at Bank B.
Postconditions:
Alice's NFT is swapped for Bob's tokenized bank deposits in different banks. Atomic swap occurs compliantly via a blockchain network.
Example of Solution Provider
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