VeeCon 2022: The Future of Web3 and Loyalty

Industry

VeeCon embodies the future of Web3 and the culture that surrounds it. A first-of-its-kind conference featuring an NFT-ticketing system that would provide its holders access to the event, including discussions and performances from iconic and emerging leaders in the NFT and Pop-Culture space such as Snoop Dogg, Beeple, Mila Kunis, Logan Paul, Deepak Chopra, and many many more!

High-Level Summary

Gary Vaynerchuk (a.k.a. GaryVee) released his first two “VeeFriends” NFT collections in 2021 and 2022 respectively. From the side of qiibee we wanted to take this initiative to dive deeper into the world of web3, specifically investigating how loyalty can be adopted on a grand scale using web3 and the decentralized nature of the blockchain.

These collections provide holders a bridge into the VeeFriends ecosystem but more importantly act as a web3 loyalty program that uses NFTs to determine the loyalty ranking of a holder/member (based on rarity and features). With NFTs being used more widely as a way to engage users in a culture or project, we thought it was necessary to better understand how members were exactly being rewarded.

With Around 10K VeeCon tickets being airdropped to series 1 holders and many interested users buying from secondary, it was clear that the hype surrounding the event was real. With more than 3400 ETH or $ 6.8 Million in volume generated on the secondary marketplace.

“VeeFriends Series 1” Included 10,255 NFTs and sold out within 3 weeks, generating approximately 50,000 ETH, or at the current price of Ethereum that would be $ 20.5 Million. For “VeeFriends Series 2” Gary V. released 55,555 NFTs that sold out in less than 24 hours, with a raffle implemented for the public since there were more than 100,000 interested buyers. A total of approximately 19,400 ETH was generated or at the current price of Ethereum that would be $ 38.8 Million.

Our Top 3 Picks For Loyalty Use-Cases At VeeCon

1. VeeFriends

Users that held the “VeeFriends Series 1” collection would receive a free ticket to VeeCon that they could either choose to use or sell on the secondary market. Only members that purchased and held a “VeeFriend Series 1” NFT before a certain date were able to reap the benefits of their loyalty.

For each “VeeFriends Series 1” NFT held, the loyal holder received 1 VeeCon ticket. These tickets did not only act as access to the event as previously mentioned but also included further utility (claimable NFT collaboration with Snoop Dogg) that was announced by Gary V. during the event, showing how effective NFTs are in enabling brands to connect on a more personal and dynamic level with their loyal fans.

2. World of Women

Similarly, the female-led NFT project, World of Women, which embodies the female culture in the web3 space, also sought to organize multiple events after each day of VeeCon. Although tickets still had to be purchased for the event, only the most loyal members that were holding a World of Women NFT before the surprise announcement were able to purchase these tickets.

This loyalty mechanic is amazing for evoking increased engagement and sustainable loyalty since only loyal holders were able to benefit from these surprise perks! It is important to note that all the individuals that purchased a World of Women NFT after the announcement, were not able to purchase tickets to these exclusive events since the team didn’t recognize these users as loyal holders.

Leading to the overall increase in loyalty and incentivization for members to keep holding these NFTs in the future with hopes of receiving more surprise perks and benefits, rather than just always relying on a quick flip to make a profit -> holding pays off!

3. POAPs: Pepsi and One37PM

POAPs or better known as “Proof of Attendance Protocol” are a form of NFTs that essentially act as badges representing proof of attendance at an event like VeeCon.

Pepsi set up daily POAPs at their stand that were unique in nature since the first 150 people to scan the QR code each day could claim a rarer POAP, that featured a different art piece. The remaining POAPs were considered “common” and were limited to 1500 supply.

Similarly, One37 PM also had a stand set up in the US Bank Stadium, that featured a new POAP per day designed by a different upcoming artist each day. In both these examples, the brands rewarded individuals who would return to their stand by continuously giving out these POAPs for claims, which were unique each day. Also gamifying the whole experience and tapping into a deeper level of loyalty.

Our Thoughts

Using NFTs as a collectible to reward your loyal members works well, especially when utilizing this concept in an ecosystem of brands or collaborations, similar to how Gary V released his “VeeFriends Series 2”, expanding the ecosystem and establishing a higher tier of loyalty.

This higher tier of loyalty was determined to be any holder that still held the “VeeFriends Series 1” collection. Allowing Gary V. to reward those holders even further by airdropping free tickets (value + exclusive access to his event).

With these different mechanics implemented that boost engagement and garner a higher level of loyalty, it is important to ask. How may these collections soon be used to establish communities and loyalty programs around those communities? And how can NFTs be used as a means to stay more connected to your customer?

Key Takeaways (TL:DR)

  • Gary Vaynerchuk released his first two “VeeFriends” NFT collections in 2021 and 2022 respectively. From the side of qiibee we wanted to take this initiative to dive deeper into the world of web3, specifically investigating how loyalty can be adopted on a grand scale using web3 and the decentralized nature of the blockchain.

  • VeeCon embodies the future of Web3 and the culture that surrounds it. A first-of-its-kind event featuring an NFT-ticketing system providing holders with discussions and performances from iconic and emerging leaders in the NFT and Pop-Culture space such as Snoop Dogg, Beeple, Mila Kunis, Logan Paul, Deepak Chopra, and many many more!

  • Web3 has so much to offer not only in terms of art, collectibles, and simple profile-picture collections but also in terms of real-life utility and loyalty, as was displayed by the different use-cases observed, including Pepsi, World of Women, and VeeFriends.

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