Acala and Project Venkman recently announced a partnership to launch new brand engagement solutions. Acala will use on-chain NFT and loyalty points to assist the eCommerce engagement services provider.
The partnership will start with Project Venkman’s first customer, theCHIVE, boasting 10 million active monthly users based primarily in the US. theCHIVE packs a robust eCommerce venture, amassing over 400 million dollars in revenue till now.
The integration will see Acala and Venkman release new eCommerce engagement services to new brands and clients over the next few months. In addition, the eCommerce service provider aims to revolutionize how businesses elevate dated loyalty point models to drive user retention.
Venkman was co-founded by executives of theCHIVE, the platform known for merchandise partnerships with names like John Daly, Chris Farley, and Bill Murray. Venkman has been transparent about its focus – deterring redemptions leading to undermined user engagement.
The platform uses NFT and blockchain technologies to offer branded community cryptocurrencies and treasury moderation solutions. Brands have used the tools to prepare transparent incentive programs, delivering tangible rewards to users for their expenses. The startup wants to help clients create NFT collectibles, which can be incorporated into community engagement programs.
Gavin Gillas, Project Venkman CEO, talked about the partnership. Gavin expressed delight to join the Acala team and work through the Polkadot framework. The veteran thinks that it will bring new rewards to communities and brands across the globe.
DeFi can offer unlimited prospects to users, allowing them to own loyalty rewards. Venkman is delighted to work with Acala and make this happen shortly, added Gavin.
Acala’s compatibility with Ethereum is the primary reason behind the partnership. In addition, the venture can address the needs of Venkman clients, including low transaction charges, scalable solutions for millions of users, and a highly-skilled engineering team.
Given the portfolio of the involved entities, the collaboration will bring the utmost value to the sector.