The engineering and product team here at 24karat is super excited about our next major feature drop – the ability for users to send their brand NFTs to Web3.0.
As a first step users will be able to send their NFTs to Polygon. These NFTs are minted via the brand’s specific smart contract , hence maintaining the brand value and authenticity of your NFT. To maintain the uniqueness of the NFT your NFT on the 24karat wallet will be burnt, leaving your Web 3 NFT as the only digital representation.
This product decision is highly integrated with the core value of our platform, and we feel that it is integral that we provide some context and background. So for those of you who are interested in knowing more, please keep reading.
Early in the stage of our product design, we have always felt that we want to build a product that solves a problem that people face in their daily lives. And coming from a CPG digital marketing background, Masaki and I decide that the loyalty points experience is an experience that requires an overhaul. Not only are most loyalty point experiences difficult to use, they are also built on ancient technologies and architectures that prevent them from rapidly adapting to consumers’ every changing needs. The consumers deserve better, and the brands simply lack the right tools to serve their consumers better.
This is where we believe the blockchain technology will help. By building a product that is powered by blockchain, we are able to provide brands a way to not only quickly create their own brand tokens and NFTs, but also no code utilities for brands to engage with their communities directly with the tokens and NFTs; collaboration with other brands is also made much easier thanks to the liquidity of the blockchain.
We also build the product with brands and daily consumers in mind and this ideology is reflected in our product design of closed brand token ecosystems and cloud (custodial) wallets.
Closed brand token ecosystems
24karat see tokens as a way for brands to engage with their community in the form of community currencies, and do not provide ways for the brands to trade the token publicly. Doing this not only ensures that only loyalty fans of the brand will come join the token community, but also makes it easy for many corporate brands to start experimenting with token marketing without having to worry about accounting and regulation complexes that come with cryptocurrencies.
Since our goal is to rebuild the brand loyalty experience, it is also important that our product is friendly enough for the daily consumers. The current Web 3 wallet experience is simply not for them, and we believe it is important to hold our users’ hands and help them slowly transition from Web 2 to Web 3. This is reflected on our platform via the form of cloud wallets – we manage the private key of our users and our users only have to access their wallet through traditional ways, such as email/password or mobile SMS.
Technology is evolving at an amazing pace, and we believe one day many of the great things of the Web 3 technology stack will become mainstream, hidden behind the next generation of amazing user experiences. And we would love for our brands and users to seamlessly connect to this new world directly from our product. Hence our decision of providing a way for the brands and users to bridge to the Web 3 world with our upcoming feature drop.