World’s 1st Redeemable NFT: KryptoGO Brings NFTs From Metaverse to Brick and Mortar as Your VIP Passes

KryptoGO Inc., a decentralized DeFi wallet company, partnered up with Demiverse, the largest NFT community in Asia, and launched the Metaverse’s first redeemable Lucky Bag NFT campaign during this Lunar New Year. With the exclusive NFT redemption feature in KryptoGO Wallet, participants would be able to redeem physical perks simply by flipping NFTs and scanning QR codes. For the first time, NFTs can be real VIP passes on the go.

In 2021, the NFT market experienced a surge in trade volume around $23 billion according to the DappRadar report. Big brands such as Nike, Gucci and Coca-Cola have started to cultivate NFTs as a kickstarter of Web3 and provide add-on benefits. “How to verify NFT ownerships as VIP entries for perks at stores or parties is still troublesome. Currently guilds have to use either questionnaires or Google form to track down owners. This is time consuming and can’t prevent double spending in real time. Our new feature is aiming to simplify the verification process and solve the hassle of duplicated redemptions within one app,” according to KryptoGO.

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This campaign released 6,666 lucky bag NFTs in total and cooperated with more than 50 vendors to provide nearly 20,000 prizes including The Lalu hotel vouchers, Michelin-star restaurant dinning, iPad mini, etc. The mint price was entirely free, so was the gas fee. “We want to lower barriers to entry so that newbies can easily participate and experience the mint process. The more newcomers join, the quicker Web3 can be adopted,” KryptoGO explained.

During the four-day campaign, KryptoGO Wallet app downloads increased seven times and surpassed Crypto.com in the app store rankings. At the peak times, more than 10,000 unduplicated addresses sent out 2 million mint requests to the server and on the last day, Lucky Bag NFTs sold out within 73 seconds. By the end of the campaign, total holders were around 3,300 and average redeem time for one perk was 10 seconds.

“So glad to grab one Lucky Bag NFT without suffering from paying a high gas fee. It’s my first NFT ever and I’ll keep it as a souvenir,” one participant said. Along with the rising awareness of NFTs for mainstream audiences, in 2022, the blockchain industry expects to embrace more exciting NFT projects with various add-on benefits and attract new faces to join. Visit the intro of KryptoGO Wallet to explore more details of redeemable NFT features.

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