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Litepaper

1. About ShopNEXT

Our vision is to make the world of Web3 accessible to the masses through rewards. We’ve partnered with Visa, Google Cloud, and Binance Pay to build the first-ever Web3 Loyalty Platform that allows users to earn token rewards via shopping while also helping thousands of merchants worldwide grow their businesses. Not everyone is a gamer, but almost any person has to spend on something. That’s why we believe that ShopNEXT will be the best gateway for Web3 mass adoption.
From our point of view, there are 2 key barriers preventing a normal user to onboard Web3: complexity and credibility. Our solution is to create a disruptive Web2.5 mobile app that motivates users to move from Web2 to Web3 easily and safely:
  • Being super convenient: users just need a single app to shop and earn token rewards at multiple merchants worldwide, both online and offline. We use one reward token for all merchants. Users are able to redeem tokens to get phone prepaid cards, shopping vouchers, NFT cards or withdraw tokens to their Web3 wallet.
  • Being very easy to use: UX and UI are similar to other Web2 shopping apps so anyone can start using it right away. Users also shop with traditional methods of payment.
  • Being trustworthy: besides our reputable partners such as Visa, Google Cloud, and Binance Pay , we’ve been onboarding thousands of top merchants worldwide: Grab, Shopee, Lazada, Mc Donald, 7eleven, Adidas, Zara…
  • Being scalable: any merchant worldwide, whether online or offline can easily join our platform as long as they accept Visa card payment.
  • Being motivated: tokens are kind of loyalty points but much more appealing because it’s also an investment. To earn more token rewards, users need to have their own Web3 wallets, engage with NFT cards…that would directly motivate themselves to explore the Web3 world. Moreover, we also offer a lifetime referral program that allows users to earn 10% of total rewards from their friends forever.

2. Product structure

Our mobile app includes 3 main parts: Shop & Rewards, an on-chain NFT marketplace and a Web3 self-custody wallet. More details, please see How to play​

2.1. Shop & Rewards:

Let users shop, engage with merchants to earn off-chain token rewards.
  • Link a Visa card to ShopNEXT app one time then users can use the linked card to shop at our partnered merchants to earn token rewards. We also support affiliate tracking for online merchants
  • Tokens can be redeemed to phone prepaid cards, shopping vouchers, NFT cards or withdrawn to the Web3 wallet
  • Collect ShopNEXT NFT cards to earn up to 4X rewards. We also design a gameplay with NFT cards to make the app more fun and engaging
  • Stake tokens to upgrade membership and get countless perks

2.2. On-chain NFT marketplace:

Let users buy and sell ShopNEXT NFT cards, which can be used to boost token rewards.

2.3 Web3 self-custody wallet (under development):

For users to store and manage their Web3 assets.

3. Our unique approach

The partnership with Visa has enhanced the scalability of our model. Any merchant in the world, whether online or offline can easily join our platform as long as they accept Visa card payment. Besides, we design an attractive and sustainable way to reward tokens:
  • The token amount that users receive on shopping will have no relation to the token price. That would attract users when the token price changes.
  • We define the new term called External Profit Reserve (EPR). All the profit from merchant commissions 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.
  • We also categorize 10 different NFT card groups to represent the 10 most common shopping categories like F&B, Entertainment, Supermarkets, etc. The NFT cards help users earn up to 4X more rewards if the category of the NFT card matches the category of the merchant. Users need to accumulate enough rewarded tokens from shopping to redeem those NFT cards. Tokens deposited from external sources cannot be used to redeem NFT cards; this is a substantial difference from other Web3 gameplay.
Moreover, we are not affected much by legal restrictions as our reward token is designed as a loyalty point, not a currency. It means that users still use fiat for Visa card payment, not crypto payment.
Last but not least, ShopNEXT originated from Shopiness, the top cashback platform in Vietnam, which had 700,000 users that generated $4M GMV & 1M transactions every month. Our awards are included but not limited to Lazada True Partner in 2021, Shopee Best Content Creator in 2021, Accesstrade Best Ecommerce Publisher in 2022. These prove our expertise and experience in marketing, product and business development.

4. Our tokenomics

There will be two tokens within the ShopNEXT ecosystem: $NEXT and $STE. $NEXT is the deflationary loyalty token that users use 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).

5. Revenue model:

  • NFT marketplace transaction fee: We charge a transaction fee of 5% in $STE for each NFT card transaction occurred on our marketplace.
  • NFT in-app engagement: Users need to pay $NEXT and $STE to boost, recharge, redeem NFT cards.
  • Merchant’s sales commission: Merchant partners will pay us sales commissions when ShopNEXT users have transactions at their stores.
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 is expected to lead the Web3 onboarding trend by offering many benefits for all involved parties.
Join us here!
Last modified 3mo ago