Similar to the default escrow contract, item contract terms describe the product/service quality, its delivery and inspection time, accepted network(s), and token(s). However, these contracts will also display an item image and a set price. Buyers are also given the choice of networks and tokens to pay.
To clarify how pre-approved contracts work below is the sample contract workflow - from item contract creation to its execution (1 purchase of an item).
The Seller logs in via web3 wallet (MetaMask) and clicks "My Items" from the left panel. Then, clicks "Add item".
Then, sets the price and selects acceptable network(s) and token(s). There are two checkboxes at the bottom of the page - for one-off items and pre-approved items.
One-off items can only be sold once (original and not reproducible artwork, a particular website, etc.) Items that are pre-approved by the Seller do not require manual approval and allow buyers to deploy contracts immediately.
The Seller clicks "Add" and waits for moderator approval (usually 2 - 12 hours).
The Seller clicks on the user icon and selects "Profile". Once approved by the moderator, the new item will appear on the Profile page under the "Items" tab. Clicking on the item displays its details.
If necessary, items can be edited (note that all changes undergo moderation).
Then, clicks on the item to see the details. Next, the Buyer selects the network and token and clicks "Buy". The contract with the Seller and the Buyer addresses and terms is created, and the Buyer approves it.
The Buyer deploys the approved item contract to the chosen blockchain network and transfers the payment inside.
The Seller checks the contract address 0x63443e62d52b42229a06319c5ebdf9ba91aa0dd7 via Etherscan (or another applicable explorer) to verify that the payment is inside the contract.
24- hour inspection time (buyer protection time) starts.
Just like a default escrow contract, a pre-approved contract can be used for selling all kinds of products, services, or assets. The given table lists common use cases for pre-approved contracts, a.i. item contracts.