App & Digital Card Based Product
Our App alongside our Token Gated Payment Service Platform lay the foundation to provide the first kernel of value to not just our own community but many other project within the Solana ecosystem. We will begin with a Beta App launch to a select group of public testers followed by a regional rollout only accessible for West 57th Clubhouse NFT holders
Here’s why our App creates value:
- Our app allows a user to redeem a digital payment card with custom branding of the project or their NFT asset.
- Our app allows users to convert thousands of project tokens into Spendable Credit.
- Our payment cards (and Spendable Credit) are accepted at millions of merchants in-store and online.
- Our app is the gateway to access merchant funded Crypto-back rewards.
- Limited KYC required for app download or card issuance (mobile number only).
Additional Note. We can see the vast potential Solana Pay has in creating a decentralised, open and truly peer-to-peer payment protocol to remove unnecessary intermediaries. The foundation for our app and payments platform was built in such a way that we can leverage what Solana Labs has developed to eventually use this product to facilitate transactions as Solana (as a chain) scales and as West 57th (as a company) gains traction in market. This will offer both our users and merchant partners an alternative to the traditional schemes, and processors we have in place today.
Crypto-Back Rewards Program
We’ve partnered with thousands of merchants to provide rewards to West 57th NFT holders when they use our card to transact at their locations in-store and online.
These rewards come in the form of currency that can be used on everyday purchases at millions of merchants (not just our partners) or can be converted into select Solana-based cryptocurrencies.
At present we’ve partnered with more than 2,000 brick-and-mortar merchants and even more who operate online.
Our existing merchant partnerships will be announced in Discord.
Token Gated Payment Service
Our Token Gated Payment Service (TGPS) is the mechanism that allows our NFT holders to request a branded payment card at no charge.
More importantly, this service is accessible by other projects to allow their NFT holders to redeem their own (project branded) digital card. Using this card, their holders can deposit their project token to make real-world purchases at millions of merchants worldwide in-store and online.
This is one of the ways West 57th is helping our own users and those in the broader Solana ecosystem make the most of their digital assets.
NFT Staking For DAO Access
Staking your West 57th Clubhouse NFT is how you’re able to gain access to our DAO. Within the DAO holders earn a portion of each card issued and transaction made. They will also benefit from reduced transactional fees and higher rewards.
Likewise, they will receive a token airdrop based on the rarity of their NFT granting access to higher reward tiers. These reward tiers include 1 – 10+% Crypto-back on eligible transactions. Existing merchant partnerships will be announced to the community closer to mint within our Discord.
Parachain Payment Option Integration
Until this milestone, users will only be able to spend Solana-based cryptocurrencies. We will begin to incorporate additional chains (ex. ETH) to allow for more flexibility among our users and additional revenue generation opportunities for our DAO.
This includes the ability for ETH-based project owners to issue their own NFT-branded digital cards to their community.
On-Chain Payment Option Made Available
Within our app, we will incorporate an option for our app users to make payments ‘on-chain’. The primary benefit of doing so is to remove traditional intermediaries to reduce transactional fees. Since this milestone requires higher merchant adoption for ‘crypto-friendly’ point of sale (POS) terminals it is scheduled for later in our roadmap.
Initial Token Offering & Token Airdrop
We will launch a native token that will be airdropped to NFT-stakers prior to public offering.
This token will have a number of uses within our ecosystem such as:
- used to transact for goods and services at millions of merchants online or in-store
- staked to gain access to higher reward tiers
- earned as a reward on eligible transactions
- staked to earn a passive return
- swapped for other cryptocurrencies
- used to cover transactional fees
Additional Product Creation
We are always listening for feedback and open to suggestions for the types of products that can enhance the value and usefulness of our communities digital assets. It’s important that the products we create tie into our mission, are sought after by our community (ie. fill a market need), and can generate stand-alone revenue to contribute to the DAO.
Strategic Enterprise Relationship Outreach (Web 2 Focused)
Using our existing technology, we will have a dedicated team strategically focus their efforts on targeting enterprises to enhance their (already existing) NFT projects or assist in creating new ones. In doing so, they will be able to leverage some or all of the features we’ve created including:
- Smart contract set-up on our Token Gated Payments Platform.
- Thousands of “crypto-back” rewards for holding their NFT.
- earned as a reward on eligible transactions
- Issuance of a branded NFT payment card accepted at millions of merchants in-store and online.
- Issuance of QR and Barcodes to redeem POS specific items when holding their NFT.
- Bespoke Airdrops to their NFT holders.