Project Venkman, an e-commerce engagement solutions platform for brands to attract customers, has announced the partnership with Acala, an Ethereum-compatible smart contract platform.
It plans to develop a portfolio of engagement solutions for brands, which takes advantage of on-chain loyalty points and NFTs.
Launching The Loyalty and NFT Platform for Venkman’s Client
According to an official announcement, the first product under this newest partnership is the launch of the loyalty and NFT platform built for Venkman’s first client, known as theCHIVE which is set to serve 10 million monthly active users mainly living in the United States.
Since its launch, theCHIVE has made over $400 million in revenue through its robust e-commerce business.
Project Venkman is an e-commerce engagement solutions provider by leveraging blockchain and NFT technologies.
The project was founded by executives of theCHIVE, an online community that has merchandise partnerships with some celebrities such as the estate of Chris Farley and Bill Murray.
The startup’s vision is to help brands reimagine and how to evolve outdated loyalty points models by bringing transparency to the historically opaque ecosystem of consumer rewards programs.
If the company’s enterprise rewards programs previously have not been clear and affected the interaction of consumers in redemptions and engagement.
Through the adoption of emerging blockchain and NFT technologies, Project Venkman provides branded community crypto tokens and treasury management tools aiming to help businesses to create better transparent programs while also delivering users tangible rewards for their purchases.
Clients can also create digital collectible NFTs which are used for integrating into community engagement programs.
Founded in 2019, Acala is an Ethereum-based platform that is optimized for DeFi and expanded DApps to Polkado. Its built-in DeFi protocols are available for developers, including a decentralized stablecoin, Acala Dollar (aUSD), trustless staking derivatives (LDOT), and a decentralized exchange.
Besides, Acala has received support from many leading companies such as Polychain Capital, Digital Currency Group, Arrington XRP Capital, Coinbase Ventures, and Pantera Capital.
Speaking on the strategic partnership, Gavin Gillas, CEO at Project Venkman said,
“We’re pleased to partner with Acala and work across the Polkadot ecosystem to bring a new class of rewards to brands and communities around the world. DeFi brings so many opportunities for consumers to own their loyalty rewards and we’re proud to collaborate with Acala to make this happen for millions of users in the coming months.”
More Feature Coming For theCHIVE Members
By being built on Ethereum, Acala is a good technology platform for Project Venkman to customize for all of Venkman’s client demands with low transaction costs while having the ability to open scale for millions of users.
Acala’s network is set to launch in late 2021 and theCHIVE’s integrations will be deployed after the Acala’s launch in the weeks.
In addition, new digital wallets will be available for theCHIVE users to earn community tokens and enjoy its NFT offerings. Tokens can be used for purchases, content uploads, comments on the website among other utilities.
Tokens also can be converted to merchandise credit, digital rewards, and access to exclusive sales or events on the platform.
Blockchain Technology and NFTs Continuously Disrupting the Cryptocurrency Space
The world has seen the boom of blockchain technology and the NFT era. As people are increasingly demanding information security, transparency, and speed in transactions, as well as asset storage, more and more individuals and enterprises choose blockchain technology-based services.
Therefore, it has led thousands of startups and integrations to be established yearly.
Blockchain technology and NFTs have made revolutions in a range of industries like art and gaming. Not only are they a place for people to store their creative products, but they also allow them to make money. There’s still a lot of potential for people to explore!