Why Businesses Are Building On Solana | Baxus, Tzvi Wiesel
May 29, 2024
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Founder & CEO of Baxus, Tzvi Wiesel, discusses building a global marketplace for spirits on Solana. They cover topics like account abstraction, marketplace dynamics, DeFi, institutional demand, and the market size of rare spirits & wine. They also explore user flow, app chain vs Solana, and the evolution of building a whiskey marketplace on blockchain.
Boxus is revolutionizing wine and spirits trading with real-time data and analytics, enhancing market transparency and liquidity.
Boxus prioritizes user experience with seamless e-commerce, instant settlement, and transparent pricing data, enhancing trading velocity.
Solana offers robust infrastructure for innovation in the wine and spirits industry, focusing on delivering a solid product and user experience for specialized applications.
Deep dives
Revolutionizing the Wine and Spirits Industry with Boxus
Boxus, a wine and spirits trading business, is transforming the industry by redefining how wine and spirits are traded, authenticated, and valued. Their recent $5 million seed round announcement, led by Multi-Coin Capital, signifies a significant step in revolutionizing a longstanding industry. Through real-time data and analytics, Boxus provides insights on pricing, enabling users to trade confidently and efficiently, enhancing liquidity and transparency in the market.
Inefficiencies in Pricing and the Birth of Boxus
The inception of Boxus stemmed from identifying inefficiencies in the pricing and distribution of wines and spirits. The founder's background as a professional spirits trader highlighted disparities in prices across different locations, sparking the idea for creating a platform to streamline trading and offer a solution to price inconsistencies. Boxus evolved from early brokering days to a marketplace, providing users with the opportunity to trade, buy, and sell bottles with real-time settlement and instant liquidity.
User Experience and Instant Settlement on Boxus
Boxus prioritizes user experience by offering a seamless e-commerce platform for buying and selling bottles. By integrating technologies like magic for logins and CoinFlow for payments, users can conveniently fund their accounts, purchase bottles with traditional methods like credit cards, and have instant settlement in USDC. The platform's focus on instant settlement enhances trading velocity, providing users with real-time liquidity and transparent pricing data.
Building Your Own Chain vs. Infrastructure in the Wine and Spirits Industry
Companies often opt to build their own chains or higher level structures in blockchain projects, showcasing future token allocations as a significant advantage in fundraising. However, the true value lies in what users build on these chains rather than their existence. By focusing on delivering a solid product and user experience without getting caught up in proprietary chain development, companies like Solana offer robust infrastructure for innovation within the wine and spirits industry, fostering creativity and specialized applications.
Transforming the Traditional Spirits and Wine Trading Market with Blockchain Technology
The estimated 20 to 40 billion dollar market of fine and rare spirit and wine trading experiences a significant shift with the integration of blockchain technology. By leveraging features such as sensors for monitoring temperature and humidity, along with blockchain-backed loans and trading capabilities, distilleries and consumers gain innovative methods to interact with the industry. Such advancements not only enhance operational efficiency and market liquidity but also open avenues for broader consumer participation and new trading possibilities.
Gm! This week we welcome Tzvi Wiesel Founder & CEO of Baxus to discuss why they're building on Solana, growing a global marketplace for spirits & of course... how Baxus are bringing whiskey onchain. Enjoy!
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(00:00) Introduction
(00:58) Baxus Overview
(09:02) Permissionless Ad
(10:04) Account Abstraction
(13:58) User Flow & Experience
(22:05) Marketplace Dynamics
(31:17) App Chain vs Solana
(40:45) DeFi & Institutional Demand
(51:49) Market Size of Rare Spirits & Wine
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Disclaimers:
Lightspeed was kickstarted by a grant from the Solana Foundation.
Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mert, Dan and our guests may hold positions in the companies, funds, or projects discussed.
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