A BNB-powered mobile app ShopNEXT has teamed up with Visa to release an ingenious web3 Loyalty Platform. The application utilizes a feature of the Visa Offers Platform, allowing any Visa cardholder to link their card to ShopNEXT. The initiative fully discloses the shop-to-earn concept, offering not only a seamless shopping experience but also providing token rewards.
Thanks to one of the world’s largest electronic payments networks VisaNet, ShopNEXT will be tracking and rewarding each successful card payment with loyalty points, which essentially are tokens on the blockchain. On top of that, ShopNEXT also comes up with in-app web3 gameplay and NFT cards, allowing users to multiply their token rewards. With shopping, GamiFi, and NFTs under one roof, ShopNEXT releases a supreme full-fledged shop-to-earn model.
The new shop-to-earn web3 Loyalty Platform aims to help sellers scale their businesses alongside popularizing the benefits of web3. The shop-to-earn concept suggests a close-knit, mutually-beneficial collaboration of many parties involved, starting from the payment system like Visa up to the end-user — a shopper, who is encouraged to spend more to gain more rewards.
While introducing the innovative model to the public, ShopNEXT first sounded out the new term called External Profit Reserve (EPR). It explains the process of backing the in-app tokens by EPR, as 100% of the profit from merchants and card issuers' sales commission will be sent to the reserve. This model is the best evidence of how users themselves generate the tokens through the shopping process.
“We want to leverage the beauty of Web3 to create an appealing Loyalty platform. In the situation that the global economy is struggling to grow due to COVID-19, our mission is to help merchants grow their businesses by motivating everyone to shop and earn token rewards, which contributes to rapidly stimulating the world economy. From there, we also provide the easiest and safest gateway for everyone to start their web3 journey with the Shop-To-Earn model. This collaboration with Visa will help us accelerate the process of acquiring merchants and users efficiently,” Mr. Linh Le, ShopNEXT CEO, said of the collaboration with Visa.
Ms. Dung Dang, Visa Country Manager of Vietnam and Laos, shares his partner's position. According to the official, Visa is proud of acquiring a new partner in the face of ShopNEXT, which is promoting digital shopping and blockchain technology, including NFTs to the mass market.
Thus, both companies are sure that the new card-linked feature will gain consensus support from users by offering instant rewards. While major companies and brands in almost all spheres keep gradually adjusting their businesses to the web3, the popularity of gamification and NFTs is growing exponentially. As for retail, the shop-to-earn concept is expected to find even more fans, as everyone will be glad to gain rewards for their daily spending activities.
ShopNEXT and Visa are most likely to top the shop-to-earn trend by creating the most appealing and really working web3 Loyalty Platform. Bridging NFT gameplay, shopping activities, and a rewarding system, it can greatly change the course of things in the web3 realm. Let’s wait and see!