Quick take:
Versify Labs has launched a digital collectibles loyalty offering on Polygon. The blockchain-based Software-as-a-Service (SaaS) platform is joining a growing list of consumer-facing projects that have collaborated with the Layer 2 Ethereum scaling protocol to launch various products.
Polygon has teamed up with some of the leading brands, including Reddit, Instagram, and Mastercard, among others to onboard billions of users to Web3. Web3 is generally described as a next-gen internet that leverages emerging technologies like blockchain, artificial intelligence, and decentralised apps to power user-owned communities on the web.
Versify’s blockchain-based SaaS platform enables brands to create NFT-based loyalty programs for their customers. On the other hand, Polygon’s highly scalable solution enables the fast execution of transactions.
In July, the platform announced the Zero-Knowledge Ethereum Virtual Machine (zkEVM), enabling the creation of infinitely scalable products on the blockchain.
Versify’s blockchain-based customer loyalty solution could help onboard web2 brands onto web3. Since the turn of the year, brands have leaned onto web3 to offer exclusive loyalty programs, helping create deeper relationships with their customers.
In July, US restaurant giant, Starbucks teamed up with Polygon to launch an NFT-based loyalty program called Starbucks Odyssey. The program allows Starbucks customers to earn and purchase digital assets that unlock exclusive experiences and rewards.
A non-fungible token (NFT) is a blockchain-based digital file representing proof of ownership of a digital collectible, JPEG, virtual merchandise, artwork, or video clip. Brands have adopted NFT technology to create proof-of-loyalty products that customers can use to unlock exclusive rewards and experiences.
Versify’s product makes the process of launching web3 loyalty programs easier for web2 brands. According to the announcement, its products integrate applications like “MailChimp, HubSpot, and ActiveCampaign on the backend to help track, manage, and distribute loyalty programs to customers easily.”
Brands are able to engage with their customers more whilst also offering them an opportunity to participate in immersive experiences.
Versify was founded by Troy Smith, who worked as a software engineer at Capital One between 2019 and 2021. Smith also briefly worked at Facebook’s AI Research division before launching Versify Labs in 2022. The company is backed by leading web3 accelerator Outlier Ventures, Polygon, and web3 venture capital firm Primal Capital.
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