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Litepaper
ShopNEXT is a Web3 Loyalty Platform powered by Visa and BNB Chain. We utilize card payment, NFT, and gamification to invent the Shop-To-Earn model. We allow users to earn token rewards from daily shopping while helping merchants grow their businesses. ShopNEXT token is one kind of loyalty point, but the difference is that it is developed on blockchain and exchangeable.
ShopNEXT has developed a token rewarding model backed by affiliate marketing since December 2021. By that time, ShopNEXT had partnered with Binance Pay to build a platform that can encourage wider blockchain adoption, by giving users easy access to a token wallet and rewarding them for shopping. After 6 months of launching, ShopNEXT has approximately 100,000 mobile app users from 76 countries.
The affiliate-based model was cool, but over time exposed some drawbacks. It is why the huge partnership with Visa will enable ShopNEXT to introduce a new Web3 loyalty model, which can help onboard billions of people to Web3 through daily card payments.
As long as you have a Visa card, you can participate in the ShopNEXT ecosystem without any additional fee. ShopNEXT has a wide range of partner deals that allow users to earn token rewards. The attractive reward scheme will motivate users to experience and explore our ecosystem. After that, users can decide whether they want to upgrade to MOON membership.
MOONers are community members who lock $300 in NEXT tokens. The locking period for MOONers is currently set to 180 days. Users can downgrade the membership at any time; their locked tokens will be released in 180-day cycles. Compared to normal users, MOONers have 3 main advantages:
- Earn token rewards at all Visa-accepted merchants
- Applicable to exclusive shopping vouchers
- Can use NFT cards to increase token rewards
Gamification has been proven to be one of the best ways to improve user engagement. As such, it is missing for anyone building a loyalty platform without gaming elements. Besides blockchain tokens, NFT or digital collectibles are getting huge attention in Web3 due to their unique characteristics. Combining all these, ShopNEXT introduces an in-app gameplay for MOONers that involves card payment with tokens and NFT.
NFT Cards are the core of our gameplay. There will be 10 different NFT card categories that MOONers are encouraged to collect to boost their reward earnings. Each NFT card will have 4 main attributes: earning, karma, capacity, and power. There are also many gamification activities around these NFTs such as boosting, recharging, redeeming, and opening for users to interact within the mobile app. Based on their shopping behaviors, users can develop their own game strategies with NFT cards to earn the most rewards.
There will be two tokens within the ShopNEXT ecosystem: $NEXT and $STE. NEXT is the limited loyalty token that users acquire to upgrade their MOON membership. STE, which stands for shop-to-earn, is an unlimited reward token for users through shopping. All utilities for $NEXT and $STE can be seen below:
In this tokenomics, $NEXT tokens will be deflated as the gameplay collected fee will be burnt. For $STE, the token price over the long term will never drop to zero by the invention of External Profit Reserve (EPR), see its explanation below.
3.2.1. Internal and external revenue
Similarly to other x-to-earn projects, ShopNEXT can generate internal revenue from in-app engagement and trading fees from the NFT marketplace. This revenue flow is proven not so sustainable and will drop gradually over time without the new users. While this revenue is the only income for other projects, ShopNEXT also has external revenue from partnered merchants. This means in the worst-case scenario, when there is little user base growth, ShopNEXT can still earn profit via shopping of the existing members to maintain operation.
3.2.2. External profit reserve (EPR)
To strengthen the uniqueness of our tokenomics, we define the first-ever term called External Profit Reserve (EPR). All the profit from potential business (affiliate business, interchange fee, merchant commission) will be stored in the EPR to back all $STE tokens issued on the market. The purpose of the EPR is not to make STE a stable-coin; it is to make sure every token has an intrinsic value that is generated by our users through their shopping.
3.2.3. An ingenious NFT Card minting system
The common problem with other x-to-earn projects is the inflation of NFT over time by over-minting. This issue makes NFT prices drop quickly once many people join the platform. To control this minting issue, ShopNEXT issues a creative policy so that new NFT card cases can only be redeemed by $STE earned from shopping, not deposited. This means that users can not simply buy $STE from exchanges and swap for card cases, which keeps NFT cards from inflation.
- Step 1: Download the ShopNEXT app
- Step 2: Signup for a ShopNEXT account
- Step 3: Link VISA Cards
- Step 4: Upgrade MOON membership
- Step 5: Collect NFT Cards to increase earnings
- Step 6: Improve NFT Card attributes
- Step 7: Accumulate STE to redeem NFT card cases
Web3 is changing how people engage, connect and monetize on the internet. ShopNEXT’s business model can be changed over time, but the ultimate vision & mission is always to provide the easiest & safest gateway for everyone to start their Web3 journey. This appealing Shop-To-Earn model with the support from Visa is expected to lead this Web3 onboarding trend by offering many benefits for all involved parties.
That is it! You are all-set and welcome to the world of Web3!
Last modified 2mo ago