ShopNEXT, a mobile application built on the BNB Chain, partnered with Visa, the multinational financial services company, to launch a never-before-seen Web3 loyalty platform.
ShopNEXTis a Web3 loyalty platform powered by the BNB Chain blockchain. They have created a new mechanism called Shop-To-Earn using Visa linked card payment, NFT and gamification. ShopNEXT allows users to earn tokenized rewards from daily purchases and manage to help merchants to grow their business and crypto adoption. They have a token called ShopNEXTShopNEXT, developed on the BNB Smart Chain blockchain and is exchangeable.
Visa is the world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities, Visais the world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities. They operate in more than 200 countries with the aim of connecting the world through a payment network that increasingly innovates in more ecosystems as in the case of cryptocurrencies.
The partnership involves ShopNEXT starting to take care of tracking and rewarding every successful Visa card payment and returning loyalty points to users, which are essentially tokens on the blockchain. In addition, ShopNEXT also features in-app web3 games and NFT cards, which will enable multiplying rewards to its customers. With shopping, GamiFi and NFT in one place, ShopNEXT is on a mission to be the ultimate complete shop-to-win model.
The new Web3 buy-to-win loyalty platform aims to benefit users, but also vendors, as they will have the possibility to scale their business and popularize the benefits of the Web3 ecosystem and the crypto industry.
The Shop-To-Earn concept will clearly have the opportunity to generate benefits for all parties involved, from the payment system as in this case Visa to the end user, who is encouraged to spend more to get more rewards.
ShopNEXT presented this innovative model to the public and published it as “External Profit Reserve” (EPR).. In addition, they explained it as the process of backing up tokens in the app by EPR, since, 100% of merchants’ profits and card issuers’ sales commission will be sent to the reserve. Accordingly, the users themselves will generate the tokens through the purchase process.
Linh KhánhCEO of ShopNEXT, spoke at the launch of the partnership and commented that they want to leverage Web3 to create a compelling loyalty platform. He also added that the company’s mission is to help merchants grow their businesses by motivating customers to shop and earn rewards to stimulate the global economy in an innovative way. Finally, he said that he believes this is the best way to open the doors for everyone to start their web3 journey with the Shop-To-Earn model and that the collaboration with Visa will help speed up the merchant and user acquisition process more efficiently.
Dung DangVisa’s manager in Vietnam and Laos, shared Linh Le’s position and added that Visa is proud to acquire a new partner like ShopNEXT, which promotes blockchain-enabled digital shopping, including NFTs for the mass market.
Both companies are clear that this new feature linked to Visa cards will gain user support by offering instant rewards. While, companies in the crypto ecosystem are launching different solutions for their users, from ShopNEXT they are confident that this is the time to gradually adjust business on the Web3 and consequently gain popularity in gamification and NFTs that are growing exponentially.
ShopNEXT, wants to focus on retail, as, they believe they can achieve more followers with the concept of shop to earn and get rewards as customers perform daily spending activities.
To gamify shopping activities, ShopNEXT combines the Shop-To-Earn model with gaming elements through the issuance of NFT cards. There are 12 categories of NFT cards that are differentiated by four attributes: earnings, karma, capacity and power. Learn more about what ShopNEXT offers to the owners of these NFT cards. here.
The goal of the NFT cards is for users to accumulate $STE, the reward token, and the more non-fungible tokens they have, the more daily account limits they can increase.
Finally, ShopNEXT and Visa are innovating in the market by creating this attractive and functional loyalty platform on the Web3. We will see if by bringing together the NFTs industry, shopping activities and a rewards system, they can change the course of things in the ecosystem that every day requires more revolutionary ideas for mass adoption of Web3 and its underlying technologies (NFTs, GameFi, DeFi, Cryptocurrencies).
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.