ShopNEXT has partnered with Visa to launch the first-ever Web 3 loyalty platform, allowing Visa cardholders to earn rewards while shopping and assisting millions of merchants in growing their businesses.
Shop and Get Paid
We thought we had seen it all with the Play-to-Earn and Move-To-Earn platforms launch, but ShopNext has decided to shift the bars with the introduction of Shop-To-Earn. ShopNext announced in a tweet earlier today that it would partner with Visa to launch the first-ever Web3 loyalty platform. This would allow Visa cardholders worldwide to shop conveniently and earn token rewards on their purchases. Presently, Visa remains one of the most active and largest payment processors in the world. Their partnership with ShopeNext is seen as a step in the right direction.
Shop-To-Earn is an ingenious, long-term initiative that adds real-time value to the economy while also providing incentives to citizens. This is a classic win-win situation, as it encourages users to shop more to earn more token rewards, assisting merchants in growing their businesses.
Aside from earning tokens on your next grocery purchase, ShopNEXT also introduces in-app gameplay and NFT cards, which give users options to boost their earnings. Shopping, gamification, and NFT will create an innovative Shop-To-Earn model.
Exploiting VisaNet for ShopNext
ShopNext uses the card-linked feature of the VisaNet Platform that allows any user to link a Visa card to their mobile app. ShopNext will be able to track all successful purchases made through VisaNet and reward users instantly with the tokens as a bonus for shopping.
ShopNext allows users to use token rewards from daily shopping while helping merchants grow their businesses. The partnership between ShopNext and Visa would boost customer shopping because users would be incentivized to shop more to earn more. Imagine getting paid for buying your groceries. ShopNext token is a loyalty point, but the difference is that it is developed on blockchain.
More on Sustainability
To strengthen the model’s uniqueness, ShopNEXT defined a new term called External Profit Reserve (EPR). 100% of the profit from merchants’ and card issuers’ sales commission will be sent to the EPR to back all the tokens issued on the market. This ensures every token has an intrinsic value that users generate through shopping.
Ms. Dung Dang, Visa Country Manager of Vietnam and Laos, said:
“Visa is excited about this new collaboration with ShopNEXT that is pushing out the horizon of digital shopping. More consumers now shop online than ever before and they are showing great appetite for new digital experiences like token reward based on blockchain technology and NFTs. Our partnership will help consumers shop without worries while enjoying the speed and security of Visa payments and earn exciting novelties like NFTs.”
Web3 has already introduced a new paradigm to companies and businesses, and many are already saying bye-bye to the good old Joe transaction method. ShopNEXT is already leading the trend by creating the most appealing Shop-To-Earn model, which can bring many benefits to users and merchants. We expect more innovations and adoption in the coming days.