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!
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.
The THORWallet NFT operates by managing addresses that hold various assets like coins, tokens, and NFTs. When a THORWallet NFT is present in the managed address, the wallet app can query the NFT to determine its "rank" attribute. Depending on the NFT's rank, users gain access to certain premium features such as reduced fees on trades, preferential liquidity providing fees, and access to special chat rooms and communities.
While a subscription model could have achieved this, it would require centralized management of payments, personal data storage, login credentials security, and technical maintenance. The use of NFTs, however, allows for a tokenized form of affiliation and commitment that can also be traded.
This represents a new path of community, web3 identity, and credentials, which is available today. With THORWallet NFTs, users can build and increase engagement within their communities, reward loyalty, simplify community coordination, and foster financial inclusion and decision-making.