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What is Scent Store
SCENT STORE is a pioneering platform for digitizing and trading scents as NFTs, creating a standardized global data format for fragrances. It aims to preserve copyright through blockchain technology, similar to how JASRAC operates for music in Japan. Built on its blockchain with WEB3.0 and DAO, SCENT STORE enables the purchase, resale, and diffusion of scent NFTs, backed by its cryptocurrency SML. Participants in the SCENT STORE community can collect, register, and transact scent data, earning SML rewards, leading to a new "Smell To Earn" model.
Challenges We Address
Challenges in the fragrance industry include the lack of universal appeal due to the custom combination of ingredients for specific orders, making it hard to offer a standardized digital experience. To address this, a new approach proposes limiting ingredients to enable mass production and adapt to digital and metaverse trends.
Diffuser users typically face issues such as being unable to switch scents easily, the tediousness of mixing oils, and the high cost of aroma oils. Scent Store, as an NFT platform for scents, allows users to download and synthesize scents digitally, bypassing the need for physical stores and offering convenience similar to music downloads on smartphones.
The traditional fragrance business model faces scalability challenges due to the variety of ingredients used. By reducing the number of ingredients and focusing on creating a broad range of scents from a limited selection, the business can be expanded while reducing costs and allowing for flexibility in the digital era.
Perfumers traditionally create bespoke scents for each client, leading to inventory excess and the need for regular client visits. The solution proposed is a scent printer that can mix thousands of combinations, reducing inventory risk, and enabling scent updates remotely, providing a variety of scents more efficiently.
Universal Scent Format.
The project introduces the Universal Scent Format (.usf) for quantifying scents, enabling digital control of scent characteristics like intensity and duration in devices. Leveraging NFTs, this system provides unique, non-duplicable ownership records for scents on the blockchain, enhancing the ways digital works are enjoyed and traded.
Integrating scent quantification with NFTs and digital devices opens possibilities like mood-based room scents via AI diffusers, olfactory experiences in games or the metaverse, and scent-enabled AR/VR travel. Scent Store aims to enter the digital marketing sphere, capitalizing on the growing global advertising expenditure, which saw digital advertising rise to $355.7 billion in 2021, and the scent market, expected to hit ¥6 trillion by 2025.
With the metaverse field's expansion bolstering the NFT market—forecasted to reach $80 billion by 2025—Scent Store is poised to diversify advertising options in this burgeoning sector.
Scent Store Platform
The Scent Store platform integrates WEB3.0 elements, such as NFT and DAO, offering features for NFT registration, a marketplace, and scent playback management.
NFT Registration Management allows users to create NFTs from quantified scents and earn rewards through a DAO community by participating in scent and NFT approvals, with additional earnings from NFT transactions.
In the Scent Store marketplace, users can buy and sell scent NFTs via fixed price or auction transactions, with the ability to resell NFTs. There are two types of scent NFTs: common cards for scent usage rights and owner cards for scent ownership, the latter earning dividends in SML currency.
The platform also includes a digital smell copyright for tracking and billing the number of times a fragrance NFT is used, with the ability to issue NFTs with limited plays. Furthermore, a dedicated Scent Store App enables users to manage all platform features, control scent devices, and process SML transactions.
Technology
The Universal Scent Format (.usf) is a standardized code to quantify scents for digital reproduction, including parameters like "cartridge number," "duration," "intensity," and "maximum print limit" for scent devices.
The Scent Store platform operates on the Polygon blockchain, known for its low transaction fees. For advertising purposes, the project utilizes an IPFS service for storing rich content files, with an IPFS cluster managing file pinning across nodes.
Smell Token
The Scent Store platform marks a new era in the fragrance industry with Smell Token (SML), a special token for participating in the digital transformation of the industry. Holding SML allows users to engage with various businesses and games, and purchase scent data in digital formats.
SML token holders receive exclusive early access to special scent NFT sales, such as digitized scents with historical value or those developed by famous brands. This early access to limited and valuable NFTs provides a unique opportunity for holders to expand their collections, exchange ideas with other enthusiasts, and potentially make a wise investment as the value of these NFTs may increase over time.
SML also enables users to create and sell custom scents on the platform.
The amount of SML held correlates with the diversity and richness of scents one can create, fostering a competitive and quality-driven ecosystem. Imagine creating a unique fragrance for a live concert, which fans can purchase instantly via a QR code, leading to significant revenue and growth opportunities for creators.
Additionally, holding SML grants the right to participate in fragrance competitions on the platform, with winners earning the privilege to develop original scents for celebrities and characters, which can be leveraged across various industries like entertainment, gaming, and hospitality.
The Scent Store platform democratizes scent creation, allowing not only professional perfumers but anyone to compete in the market. This innovation opens up the fragrance industry to new business opportunities and makes the world of scents more accessible, enabling individuals to enjoy unique fragrances or succeed as perfumers, significantly contributing to the industry's development.
Roadmap
In 2023, the foundation was laid with the creation of the 'Universal Scent Format' and the launch of the 'Scent Store' for downloading 'Smart Fragrance' files. Six scent inks were initially released with plans for expansion, and the 'Smell Token economy' began to grow, extending from Japan to Indonesia.
The year 2024 is a preparation phase, focusing on growing the 'Universal Scent Platform', expanding Smart Fragrance products through collaborations, and evolving the scent format from six to ten inks. The 'Creator Mode' will be introduced, allowing the creation and sale of unique scents, and competitions will be hosted for fragrances inspired by celebrities.
In 2025, the aim is to integrate the scent format further into the perfume industry, targeting a 10% market share, entering five new countries, expanding scent inks to 20, and venturing into gaming and advertising. A 'Smell Bank' staking service will be launched to attract those new to crypto assets.
By 2026, the goal is to transform the fragrance industry, increasing scent inks to 40 and diversifying the use of scent across various sectors, including communication, advertising, gaming, education, and medicine. Expansion of the Smell Token economy and establishment of branches on every continent are planned to secure a dominant global market position.
Company
Company Name: ATIT TECH IT SOLUTIONS
Address: Office 1002, 48 Burj Gate, Downtown, Dubai