As NFT interest is on the decline, developers are desperately looking to add utility to their profile picture projects. Singapore car pooling app Ryde has steered away from the profile picture phase and is driving straight towards NFT utility.
On Friday, Ryde launched its NFT campaign as well as expanding the range of crypto options available in its in-app wallet.
Some 3,350 users on the Ryde+ subscription plan will be eligible for a RydePal NFT from 31 May 2022, which will be airdropped to them. Users with a three-month Ryde+ subscription will be given priority. Any unclaimed NFTs will be assigned to those on a one-month subscription.
Each NFT will provide access to exclusive, in-app rewards and discounts on rides. NFT holders will also enjoy priority bookings and complimentary rides during promotional campaigns.
Those who reach a certain number of tips will unlock an even more valuable tier of NFTs as well as RydeCoin tokens for new services.
RydePal NFTs can only be earned through in-app activity but can be minted and traded on secondary NFT exchanges including OpenSea.
Ryde founder and chief executive Terence Zou said the company hopes the NFT campaign will encourage loyalty among its community of riders and drivers.
“Despite the promise the technology holds, few NFT projects today have real-world utility,” said Zou, adding, “We want to deploy NFTs in a way that generates more real-world value, especially for the rapidly growing market segment of Singaporeans who hold crypto.”