Utility NFT to leverage community.

THORWallet, a revolutionary Swiss made multi-chain crypto wallet, was looking for a way to build community, increase engagement and reward loyalty.

Client
THORWallet
Year
2021
Services
- Smart Contract Consulting and Engineering - Web3 Integration - IPFS Hosting

The Challenge.

THORWallet is the premiere non-custodial crypto wallet for the THORChain ecosystem and cross-chain token management and trading. Their app enables decentralized transfers, trading, native multichain swaps, liquidity providing/yield farming and borrowing/lending/saving, all in one app and possible across multiple blockchain ecosystems.

The THORWallet team was looking for a way to build community, increase engagement and reward loyalty. They wanted to promote gamified community missions, simplify community coordination and foster financial inclusion and sound financial decision making. Non Fungible Tokens (NFTs) seemed to offer a novel solution to achieve these community and marketing goals. It soon became clear that NFTs can be much more than jpegs!

What we did.

i.AM Lab and the THORWallet team engineered this NFT to do more - to provide utility and access to special, differentiated premium features built into their wallet app.

How does this work?
Well, wallets manage addresses. And addresses hold assets like coins and tokens, but also NFTs. The wallet app detects the presence of a THORWallet NFT in the managed address and can query the NFT to determine the NFT’s “rank” attribute. Depending on the NFTs rank, certain premium features as e.g.

  • Reduced fees on trades
  • Preferential liquidity providing fees
  • Access to special chat rooms and communities

Could this have been done with a subscription?
Sure, but this requires centralized management of payments, personal data storage, login credentials security and technical maintenance. NFTs give you this, but in a tokenized form that allows your community members to simultaneously show their affiliation and commitment. And NFTs turn all of these advantages and utility into a tradable asset!

How you can benefit.

This is the new path of community, web3 identity and credentials - and it is here today.  We can show you how to do more out of your NFT project:

  • Build community & increase engagement
  • Reward loyalty
  • Simplify community coordination
  • Foster financial inclusion an decision making

Get in touch and discover the magic of NFTs.

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