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A New NFT Reward Plan For Ryde Carpool Users

Any unclaimed Ryde NFTs will be distributed to waiting clients and those on one-month membership contracts.

A New NFT Reward Plan For Ryde Carpool Users

Carpooling operator Ryde in Singapore has boosted the number of crypto payment options available on its in-app wallet as part of a strategy to attract new users by launching a NFT (non-fungible token) campaign on Friday (April 15).

As per Ryde’s campaign, 3,350 Ryde+ customers will be eligible to receive a RydePal NFT on May 31. Members with a three-month Ryde+ membership will have first dibs on the NFTs, which will be delivered and airdropped in priority order. Ryde+ became publicly accessible in December 2021. 

It is also to be noted that any unclaimed NFTs will be distributed to waiting clients and those on one-month membership contracts.

NFTs include art, music, video games, and movies, which are all digital versions of their physical counterparts. They are often purchased and sold online using Bitcoin. 

With RydePal NFTs, users will be able to take advantage of exclusive discounts and increased savings on selected travels. While, in the long run, RydePal owners will be able to schedule excursions in advance and get complimentary rides during promotional events.

Additional worthy Riders who complete a certain number of journeys will receive NFTs and tokens, which they may redeem for additional services using RydeCoin tokens.

After the first 3,350 RydePals are issued, the only method to earn extra RydePals is via in-app activities such as ride accumulation.

The initiative, according to Ryde founder and CEO Terence Zou, seeks to build loyalty among Ryde’s community of customers and drivers by providing compelling reasons to stay and contribute to the platform’s success.

Simultaneously, utility tokens like NFTs and cryptocurrencies are gaining popularity, since they enable users to execute network functions with their tokens.

Numerous businesses, like Burger King and Marriott, are already using NFT rewards as part of their client loyalty programs.

Despite the technology’s potential, Mr. Zou reports that just a few NFT initiatives have been deployed in the real world.  NFTs will be utilized to boost the real-world worth of Singaporean cryptocurrency owners, a segment of the market that is quickly rising.

Ryde was created in 2015 as Singapore’s first carpooling app. The recent additions to its operations include ride-hailing and delivery services, increasing the overall demand. In the year 2020, the app also finally began taking Bitcoin payments. And, the app is visited by approximately 200,000 users daily.

Well, Ryde now anticipates listing its Catalist shares on the Singapore Exchange in 2022.

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