Project Venkman To Launch Brand Loyalty And NFT Platform On Acala
theCHIVE Set To Debut to 10 Million Monthly Users
Project Venkman, an e-commerce engagement solutions platform, is announcing Acala as its technology partner for launching a portfolio of enterprise engagement solutions. Acala is the leading blockchain platform built on the Polkadot network, co-founded by a team of engineers based primarily in New Zealand.
Venkman and Acala’s partnership will begin with a loyalty and NFT platform built for Venkman’s first client, theCHIVE, and its 10 million monthly active users based primarily in the United States. theCHIVE has a robust e-commerce business, having generated over $400 million in revenue to date. Venkman and Acala will continue rolling out e-commerce engagement solutions to additional clients and brands over the coming months.
Venkman is coming off its recently announced launch, with the goal of rethinking how brands evolve outdated loyalty points models and drive consumer retention. The startup was co-founded by executives of theCHIVE, the online community known for irreverent content and merchandise partnerships with celebrities such as Bill Murray, Chris Farley, and John Daly.
Enterprise rewards programs, Venkman’s focus, have historically been deliberately opaque, deterring redemptions and undermining consumer engagement. Using emerging blockchain and NFT technologies, Project Venkman will provide businesses with branded community crypto tokens and treasury management tools to design incentive programs that are transparent and deliver users tangible rewards for their purchases. Project Venkman will also offer clients the ability to create digital collectable NFTs to integrate into community engagement programs.
“We’re pleased to partner with Acala and work across the Polkadot ecosystem to bring a new class of rewards to brands and communities around the world,” said Gavin Gillas, CEO of Project Venkman. “DeFi brings so many opportunities for consumers to own their loyalty rewards and we’re proud to collaborate with Acala to make this happen for millions of users in the coming months.”
Project Venkman selected Acala as its technology platform due to its compatibility with Ethereum technology, ability to customize for all of Venkman’s current and future client needs, low transaction costs, ability to perform at scale for millions of users, and high performing engineering team. Acala’s network launch is expected in late 2021, and theCHIVE’s integrations will begin rolling out in the weeks following Acala’s launch.
In the coming months, theCHIVE members can expect to receive new digital wallets to earn community tokens and participate in its NFT offerings. Chive users will be able to accrue tokens for purchases, content uploads, comments or time on site, among other actions. Tokens can be redeemed for merchandise credit, access to exclusive sales or events, or digital rewards.
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