From Ticketed Events to Memberships; Redeemable NFTs Unlock New Potential for Brands and Creators Entering Web3
By Anastasia Samaras
Upstream is excited to announce the launch of ‘Redeemable NFTs’ as part of its suite of unique NFT integrations that work to usher in the next generation of fan engagement-focused digital collectibles.
What are Redeemable NFTs?
Redeemable NFTs enable buyers to redeem an item or experience while still being able to hold the underlying digital collectible. Upon redemption, the NFT unlocking the experience is replaced with an evolved NFT that can be held as a collector’s item for proof of attendance, continued ownership, and trading.
What Value do they Bring to the NFT Market?
There are a variety of use-cases being introduced for NFTs that can create hype and build a modern community. Upstream’s Redeemable NFTs provide a cutting-edge Web3 approach to ticketing, membership, fulfillment, and more.
Upstream is working with brands across sports, media, and entertainment where events and merchandise play a key role. Redeemable NFTs help events and physical merchandise transcend at and beyond the initial touch point.
For example, Redeemable NFTs have the ability to act as event tickets. Fans can enter a special NFT line, redeem their NFTs on the spot for admittance, and then promptly receive a new NFT as a digital collectible after entering the event. Think of it like a digital ticket stuck to keep in your blockchain wallet rather than your physical wallet where it could get ruined or lost eventually.
Redeemable NFTs can be utilized as proof-of-attendance for festivals, movies, concerts, clubs, sporting events, and more which naturally builds community in person and online. These attendees could in turn sell the collectible to fans who missed the event but who want to hold a piece of limited memorabilia and enter the fan community.
Further, Redeemable NFTs on Upstream can be chained and set off a cascading set of experiences that can bring holders on an interesting journey. Holders could receive another Redeemable NFT after the initial one that enables access to a particular VIP NFT area, then another one to act as a voucher for snacks.
Brands and creators can design particular virtual events that require their audience to carry out particular tasks before they can redeem an NFT to increase buzz or guide consumers to a set of actions.
Movie promoters could send fans to relevant locations to redeem NFTs or push fans to purchase physical merch to continue redeeming NFTs for additional experiences or clues. As NFTs continue to evolve into more utility-focused opportunities, this is just the tip of the iceberg.
How Redeemable NFTs Work for Brands and Creators on Upstream
When selecting an NFT type to launch on Upstream, issuers will now be given this option alongside other unique NFT integrations offered by Upstream!
Other NFT integrations on Upstream include:
Through Redeemable NFTs, your audience can choose to redeem physical goods, receive early admission to concerts, become a member of various clubs, or get special access to other NFT initiatives.
After an NFT buyer redeems an NFT from your sale, they are given a unique redemption code that they will provide you with. Brands are responsible for fulfilling the obligation when a valid redemption code is provided.
We’ve also launched Upstream’s fulfillment API which can integrate with your booking or fulfillment system. This integration allows the holder to enter their redemption code on your portal and be verified automatically by the API to proceed with the online booking.
Redeemable NFT Journey for Fans
- Open Upstream
- Tap Investor
- Tap NFT
- Tap NFT Redeem and enter the appropriate NFT ticker symbol from the portfolio
- Tap ‘Notarize’ to cryptographically sign the smart contract redemption transaction
- The Redeemable NFT is removed from the user’s portfolio, aka ‘burned’ and replaced with another similar commemorative NFT or another Redeemable NFT
The buyer will receive a special, confidential redemption code through push notification after a successful redemption to provide the NFT issuer. The first individual to provide this code to the issuer will be deemed as the qualified individual.
Redeemable NFTs are the latest in Upstream’s catalog of available NFT use cases we offer brands and verified NFT creators. These include NFT Social Mint, Geofenced NFTs, Soulbound NFTs, and more!
NFTs, give investors unique proof of ownership and further access to an exclusive online community with commonality. They go beyond the overt material to provide recipients with new ventures such as game admittance, access to more premium content, fan bases, and more!
Those interested in bringing Web3 to their digital marketing strategies can contact Upstream at firstname.lastname@example.org to learn how to bring the power of digital collectibles to your fan engagement strategy.
*NFTs received have no economic value, royalties, equity ownership, or dividends. NFTs are for utility, collection, and display only.
*U.S. investors are not permitted to trade in upstream listed securities. U.S. and Canadian citizens will only be able to trade in security they currently own that has been listed on Upstream for liquidation only.
*Funding using bank payments. For bank payments, complete KYC and initiate a wire or transfer from your bank or financial institution using the details provided via email after your KYC is approved. If you haven’t already completed KYC identity verification or didn’t select ‘Bank’ as the ‘Deposit From’ option when you completed the KYC identity verification process initially, please go through KYC again selecting this payment method. Complete the KYC identify verification process by tapping Me>KYC