Unsure about purchasing via NFT marketplaces? JustiFi's escrow service grants buyers and sellers fair trials with each transaction - allowing users to dispute transactions via crowdsourced juries.
JustiFi provides escrow services to NFT Marketplaces. If a marketplace integrates JustiFi, buyers on these sites may purchase NFT's through JustiFi's escrow service. Funds and the purchased NFT will be held in our escrow for 5 days. Within this timeframe, a buyer may raise a dispute regarding the transaction for a fee of 0.01 MATIC. If a dispute occurs, jurors are crowdsourced from the stakeholding jurors in the marketplace to arbitrate the transaction with the provided evidence. The jurors will either determine: if the seller refunds the buyer while the buyer returns the NFT, or if the transaction is valid and funds deliver as normal. Once all jurors submit votes, the majority ruling determines the outcome. The majority receive their stake back, along with the stake of jurors ruling in the minority - as well as a portion of the transaction fee from the buyer raising the dispute. This process incentivizes jurors working together and to rule honestly.
How it's made
JustiFi uses an escrow contract, NFT-721 contract, and arbitration contract in order to provide it's escrow services. All contracts are deployed and interact on Polygon's network. JustiFi also integrates with a cloned OpenSea marketplace using Moralis API. Using the Moralis API benefitted us by saving us time in building the marketplace. Polygon benefitted us by providing an easy interface for deployment of contracts.