The highly anticipated Observ Merchandise Store launched Friday June 10th, and has already sold out of one of it’s items. Their unique utility offers much more than well designed merchandise. It provides a solution for other merchants to make an easier entrance into offering cryptocurrency as a form of payment to their customers free of charge.
The Observ Merchandise Store, the latest addition to the Observ Ecosystem, is a revolutionary innovation when it comes to token utilities offering a solution to more than just their platform. Although their marketplace was built to accept almost any cryptocurrency on any blockchain, the team has decided to keep it exclusive to the $OBSERV token. “Of course we want to encourage the use of our token above all the rest. We developed our merchandise store to give our token a utility, but also for others to easily implement it in on their own platforms.”, said the founder, Bobbert, on Friday. The store is much more than clothing with their logo, it offers a solution to merchants who have thought about accepting cryptocurrency as a form of payment, but thought it was too hard to implement.
The store started off hot with many investors purchasing $OBSERV to have a chance to purchase real world merchandise with cryptocurrency and even sold out of one of their hoodies by the next day. Their design of their store was well throughout. Prices are listed in USD so that users can have an idea on how much they are spending, and only see how many $OBSERV tokens it takes at the checkout. “Since users hold a large number of tokens, it’s easier to think of it in terms of their worth and not the amount it takes”, said Bobbert.
The biggest issue the development team ran into was how to make it possible to pay suppliers who don’t accept cryptocurrency for payment. The solution was creating a reserve USD fund to convert $OBSERV payments to one that their suppliers accept. The founder added, “When we receive $OBSERV its held in a rotation of different wallets for security, then once the order is confirmed, we convert the $OBSERV back to USD to payback the reserve account and any profits are sent to charity.”
The founder and team behind Observ have been completely selfless in their efforts to provide others with the opportunities that only a handful of others can claim. Their ecosystem is built on transparency and is always free to use. In the coming months, the team plans to close out their first roadmap stage at 500 holders and start a more intensive marketing strategy to kickoff stage 2.