UQUID is a shopping platform that aims to connect decentralized finance (DeFi) with e-commerce, facilitating smart shopping for NFTs and physical products in Web3.^[1][2]

Overview

UQUID, founded by Tran Hung on May 19, 2016, aims to develop a Web3 shopping infrastructure by merging DeFi with e-commerce to support direct transactions via smart contracts. The platform accommodates both physical and digital products, offering compatibility with over 100 cryptocurrencies.

Since transitioning to Web3, UQUID introduced the NFTD marketplace, designed for non-fungible tokens (NFTs), and currently serves an extensive user base of over 50 million. The platform provides access to a large selection of physical and digital products from more than a million brands across 200 countries. UQUID processes a high volume of monthly orders and continues to explore opportunities in sectors like gaming and the metaverse.^[1][2][3][4]

History

UQUID started in 2016 with a digital shopping platform using its UQC coin. Despite challenges such as the 2017 Bitcoin crash, it expanded by partnering with gaming, software, and mobile top-up companies. By 2017, it supported global mobile recharge with 99 cryptocurrencies and added 100,000 products by 2018.

In 2019, UQUID transitioned to Web3, incorporating DeFi payments and launching the NFTD marketplace. By 2020, it supported DeFi shopping payments and partnered with Binance, Gate.io, and others in 2021. By 2024, UQUID had listed 160 million physical and 200,000 digital products, aiming to be a key player in Web3 e-commerce.^[5]

Ecosystem

UQUID shop

The UQUID Shop serves as a Web3 e-commerce platform that integrates DeFi technology to enhance digital shopping experiences. It supports various payment methods, including cryptocurrency, and features mechanisms such as Shop-to-Earn and Buy Now Pay Later (Payin3). The platform facilitates the purchase of physical and digital goods, including NFTs, while allowing users to connect their wallets directly for transactions.

UQUID aims to provide transparency through Ethereum-based liquidity, enabling users to track their transactions. Merchants can develop campaigns and events to engage buyers while managing their operations with reduced oversight.^{[5][6][9][10]}

NFTD

NFTD serves as a digital marketplace for non-fungible tokens (NFTs), aiming to facilitate the buying and selling of various digital products. Each seller and product is assigned a unique token ID to confirm ownership upon transaction completion. The UQUID NFT Marketplace accommodates diverse digital assets, such as videos, poetry, novels, paintings, software, games, subscriptions, and gift cards.^[3][5][7]

UQUID Mini Apps

UQUID offers mini apps on platforms such as Binance, Gate.io, Ledger, and Crypto.com, which account for 90% of the traffic to the UQUID Shop. It aims to enhance user engagement by being the first merchant to introduce three mini apps on Binance and nine on Gate.io, as well as collaborating with Gate and Bybit.^[3]

Projects

EARTH Punk

UQUID's EARTH Punk initiative aims to promote environmental awareness through the sale of NFTs on the Polygon network. Scheduled for March to coincide with Earth Hour, the project features 35 unique NFTs centered on rare animals and conservation, minted on the eco-friendly Polygon blockchain.

The proceeds are intended to support environmental NGOs, demonstrating the potential for blockchain technology to contribute positively to environmental causes. The NFTs will initially be sold on OpenSea, followed by a sale on the NFTD marketplace, reflecting UQUID's focus on sustainability.^[13]