What is a Redeemable Digital Token?
A redeemable token is a unique digital asset, often represented as a Non-Fungible Token (NFT), that holds intrinsic value by offering its owner the ability to exchange it for tangible goods, services, or experiences.
These tokens can be categorized into online and offline redeemable types, with the former typically integrated into e-commerce platforms through APIs, allowing users to redeem their digital assets for corresponding items or privileges in the virtual realm.
On the other hand, offline redeemable tokens facilitate real-world interactions by enabling users to physically present a QR code associated with the token to vendors, who can then initiate the redemption process. The concept of redeemable tokens adds a dynamic layer to digital ownership, bridging the gap between the virtual and physical worlds and offering a novel way for users to derive value from their digital assets.
Nuqtah here provides both online and offline redeemable digital tokens.
Offline Redemable tokens at Nuqtah
Nuqtah's platform provides full service to the offline redeemable tokens for the vendor and their users. We enable them to create offline/physical redeemable tokens via our easy to use console
After its creation it can be sent/gifted/claimed to certain users by email or by a claim code. (Check out the article about how to create claimable tokens) Once the user recieves it he/she can redeem it by simply viewing it in his/her Nuqtah wallet and showing the QR to the vendor before making a purchase, just like when you scan a discount at Mcdonalds, but this time its an NFT!
Having it as NFT means its registered on the blockchain in your name and ensures that you truly own this token and there is no dispute or tampering with its information. Moreover you can transfer it over to friends if you don't want to use it yourself or even sell it, the possibilities are endless!
Online Redeemable Tokens
What if the vendor wants to offer his services/products online? For example offer a discount on some Nike shoes they are selling on their website?
Nuqtah also supports such a feat with online redeemable tokens!
Vendors can use Nuqtah's API to integrate their e-commerce websites with our services and this will allow them to offer these tokens on their online websites.
As a user, all you need to do is navigate to your Nuqtah wallet and click on the NFT you want to redeem online, you will find a redeem button upon clicking it will redirect you to the vendor's online website where you can redeem your discount over there easily.
For demonstration purposes, lets assume this ice-cream shop is the vendor's website. There you can view all your issued NFTs and redeem them at the checkout process to consume the discount and apply it to your cart!
Some use cases
These Digital tokens can be used for a lot more than just discounts on purchases, the blockchain is really powerful and secure and allows the use of such tokens in many different ways.
Here are some of the use cases we recommend, regardless you can really use it however you want, its that powerful!
Updated on: 16/11/2023