Decentralised E-commerce
What is GM.co?
GM.co is a core tech offering in PxN’s ecosystem. GM.co is the first crypto-based, social e-commerce platform of its kind, the evolution of how people will buy and sell in a blockchain-powered future.
GM.co will expand the use-case of owning crypto, by being the missing link in the ecosystem, and creating a fun and immersive way to spend and shop with crypto. With an addressable market of 580 million crypto holders worldwide, crypto should be more than just a store of value; it should be a digital currency for purchasing real-life goods and services. GM.co will be the catalyst that begins this revolution.
Why GM.co?
Cryptocurrency has seen widespread adoption. From January 2022 to date, over 100 million more Ethereum wallets have been created, and there are 580 million global crypto users as of Jan 2024. This number will exponentially increase as cryptocurrency becomes the norm.
Most people use crypto as an investment vehicle, while some may even receive it as part of, or even their entire salary. With all the ways to earn it, the missing piece of the puzzle is a way for people to spend their crypto without the need to convert it to fiat.
With more and more ways to convert fiat to crypto, some e-commerce stores have started accepting cryptocurrency as a form of payment. Yet, for the consumer, these stores are often difficult to find. A simple google search will not get you very far.
Most of the time, you see the same few companies that provide B2B services, such as Microsoft, fast food stores, and somewhat necessary, but less exciting service providers like VPNs. With limited search results, consumers are unable to find enticing avenues to spend their crypto.
GM.co is built by web3 natives, for web3 natives. Over 40 merchants had been onboarded before the platform even launched, with new merchants and product lines added frequently. Most web2 marketplaces are not built with the modern web3 shopper in mind. They have outdated UI/UX and non-immersive buying experiences. This is where GM.co excels.
Decentralised Solutions
Currently, the majority of crypto payment services are provided by centralised exchanges such as Crypto.com, Coinbase, and Bitbay. Centralised exchanges have custody over a customer’s crypto portfolio, and go against one of the fundamental values of cryptocurrency - decentralisation. Decentralisation is a process where users have full sovereignty over their own funds, and complete control over their own assets.
As we’ve witnessed in recent years, when centralised exchanges misuse and mismanage funds, it is the users of the platforms (primarily retail investors) who are faced with heavy financial losses without much recourse, should anything happen to the exchange. As a result, many consumers and investors have lost trust in exchanges.
We often talk of mass-adoption, and as more and more people adopt crypto, centralised exchanges can put more people at risk through problems outside their influence. There is a real market need for users to be able to safeguard their crypto assets through decentralised solutions, whilst having the chance to spend it however they so wish, in a safe and secure manner.
This is a problem that GM.co addresses, with the safety of the consumer at the heart of our platform - a platform where you can spend your crypto whilst retaining control over your assets.
Summary
GM.co will revolutionise the way people shop online. As we progress and grow this marketplace, more functions will be added to the platform based on feedback from buyers, sellers, and web3 communities, ensuring a platform that is successful, relevant, and fit for purpose.
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