The Foundation for Economic Education (FEE), a popular free-market think tank, announced on Facebook that it has set-up an OpenBazaar extension to its traditional online store.
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On June 6, 2016, the official facebook page of the Foundation for Economic Education (FEE) posted about their OpenBazaar store, saying “This is technology that puts the power of retail in the hands of every living human being, with no intermediary. Awesome.”
At press time, FEE’s store has gained nearly 50 followers and has grossed about 0.04224 in BTC sales. This is a meager start to say the least, but isn’t so bad considering that the top grossing stores on OpenBazaar have grossed just a little over 1 BTC thus far.
Other OpenBazaar-related statistics can be found through the OpenBazaar search engine, BazaarBay.
Customers shop at FEE’s OpenBazaar store by downloading the OpenBazaar client and searching @feestore. Its listings, so far, include some of the more popular material that can be found at FEE’s more traditional online store.
Being mainly an educational resource, FEE’s store comprises mostly of books and FEE apparel — including classic reads such as Leonard E Read’s I, Pencil and Frederic Bastiat’s The Law.
To date, FEE is one of the largest established institutions — by revenue and popularity — to create an OpenBazaar store.
FEE is a significant institution in many ways, being the oldest institution to be founded for the purpose of advancing free-market economics. It also holds special significance to many libertarians, recognizing the organization as an epicenter of libertarian thought since its inception in 1946.
The organization has also hosted many influential thinkers and economists, beginning with FEE’s own founder Leonard E Reed. Other notable thinkers that have been associated with the foundation include Milton Friedman, Ludwig Von Mises, F.A. Hayek, Henry Hazlitt, James M. Buchanan, Vernon Smith, Walter Williams, F.A. “Baldy” Harper, and William F. Buckley Jr.
OpenBazaar is an open source project that leverages blockchain technology to provide a decentralized peer-to-peer marketplace with no fees or restrictions. It employs bitcoin as the default mode of payment for users and uses smart contracts to inject unique types of data into blocks like usernames.
OpenBazaar originated from a hackathon project called DarkMarket, which itself was developed as a proof-of-concept in response to the takedown of Silk Road. Developer Brian Hoffman forked DarkMarket and renamed it OpenBazaar.
What do you think of FEE’s decision to create an OpenBazaar store? Let us know in the comments below!
Images courtesy of OpenBazaar, YouTube.