ShopNEXT Research
Overview
Project name: ShopNEXT
Cashtag: $NEXT
Website: https://shopnext.io/
Whitepaper / Lightpaper: https://docs.shopnext.io/whitepaper/
Genre: Shop to Earn Crypto Onboarding Platform
Blockchain: BSC
Github: Not immediately apparent
Audit Company/Link: Certik https://www.certik.com/projects/shopnext
Twitter: https://twitter.com/HelloShopNEXT
Telegram: https://t.me/shopnext_chat
Launch date: December 22nd 2021
Launch platform: Gate.io — NEXT/USDT and Pancakeswap
Market Cap at launch: $889k
Fully Diluted Market Cap at launch: $15M
Introduction (Introduction, concept, any relevant info)
ShopNEXT is a Shop to Earn Crypto that rewards users with free crypto when shopping and making transactions with ShopNEXT partners.
ShopNEXT users also earn the native token, $NEXT, when shopping with ShopNEXT partners, where they can freely sell these tokens on exchanges.
Also worth noting is the fact that ShopNEXT is backed by Shopiness which is a huge cashback platform in Vietnam that boasts over 700k users that generate over $4 million revenue from 1 million transactions every month.
What’s more, they are already partnered with more than 600 local and global brands which includes (but not limited to) Booking.com, Adidas, Amazon, Lazada, and Shopee.
With Crypto being such a widely known yet relatively untapped market for most in the SE Asia region, ShopNEXT aims to broaden the reach of crypto by tapping in to the everyday activity of shopping to bolster awareness, and, well, revenue too; let’s be honest.
(Note — 80% of the population is aware of crypto, and although hard to quantify, the amount of SE Asians who own crypto is much lower than this awareness factor)
ShopNEXT will be launching an app in Q4 2021 that will enable online shopping and crypto cashback in six SE Asian markets (Vietnam, Indonesia, Thailand, Philippines, Singapore, and Malaysia).
Token and Tokenomics (What is the token for, release and distribution plans)
In terms of Token & Tokenomics, let’s cut to the main utility of the token: rewarding shoppers who use the app.
Whats the Big Deal?
ShopNEXT states that they’re the first and frontrunners in creating a Shop-to-Earn model (StE). The team feel that by rewarding users with a token which can then be spent, this potentially acts as motivation to get billions (well, perhaps a bit exaggerated but the potential market is genuinely huge) motivated into adopting crypto from a mainstream perspective.
So how does it work?
The nuts and bolts of the token mechanism works like this:
- ShopNEXT connects users and merchants
- Merchants pay commission
- Users receive 60–70% of of these Merchant commissions as cashback
- User can then use this cashback to buy crypto from their Binance Wallets (restricted to BTC, ETH, & BNB for now)
- ShopNEXT then keeps 30–40% of the commission from Merchants to buy back the $NEXT token and top the community fund up
- Users also get $NEXT as they shop which they are free to hold or sell as they desire
- This mechanism applies to both online and physical shopping experiences in terms of commissions, cashback, and also $NEXT token earnings
Extra Perks / Point of Difference
There are two types of users in the ShopNEXT world; standard / normal users, and also MOONers (which can be called a “VIP level” if you will)
- MOONers: need to lock a yet-to-be determined amount of tokens in their wallets (think staking), where MOONers then earn 20% more cashback
- MOONers also get some extra perks with regard to the amount of $NEXT distributed when shopping on the platform (see below table)
- And another goodie that’s listed perk wise for MOONers is the ability to participate in weekly flash sales, be a part of exclusive sales, and also receiving birthday and holiday rewards
- More on this in the Whitepaper
Chain Info
Chain-wise, ShopNEXT have launched on Binance Smart Chain, with no plans to migrate in future that I have seen.
Tokenomics
Token Release Schedule
The Table is quite long to copy into this article; please follow this link to explore the Release Schedule from the Whitepaper
Team and Community (Who, Telegram/Twitter/Social Media presence)
Overview
Team Photos
Individual Details (From the Whitepaper)
Linh Lee — CEO
Tony Tran — Strategy Head
Phong Dinh — Technology Head
Duy Nguyen — Partners Head
Socials
Twitter: https://twitter.com/HelloShopNEXT
Followers 62.1k
Telegram https://t.me/shopnext_chat
Subscribers 41.26k
Vietnam TG https://t.me/shopnext_vietnam
Subscribers 3.8k
Website https://shopnext.io/
Whitepaper https://docs.shopnext.io/
Take on Socials
ShopNEXT Twitter and Telegram are quite healthy in terms of following and subsribers and also seem to be on to it in terms of culture and managing their pages and chats. Admins quickly dismiss scammers and publicly post to deter members from falling for scams etc.
Messages are pinned quite clearly, and overall, the vibe is good. Of course, all chats will have their fair share of negative characters, but ShopNEXT seems to be dealing with this very well.
Overall Outlook (Why you like this project, any weaknesses or concerns, analysis on future potential)
What’s my perspective on ShopNEXT?
Well, to be fair, I do feel that the Shop-to-Earn as a service is a natural progression in crypto in order for it to head mainstream. This clearly already works in terms of rewards cards, fly buys, cheap fuel, the list goes on really already in our everyday lives.
I can see a massive opportunity in the SE Asian market for a product like this, particularly as Shopiness is involved, which, coincidentally, sees the CEO and CTO of ShopNEXT also holding the same roles at Shopiness, so there is certainly no shortage of a potential user base if these guys simply flick the on switch to onboard merchants and users to their already successful product base.
Scam-wise, this one feels like it passes the sniff test based on the already high profile Shopiness factor, and as covered in the last paragraph, that the same guys also steer this ship, where there is a lot of ground to run into if they put their existing company into jeopardy by executing the crypto tie in poorly.
The Verdict
The market space that ShopNEXT finds itself targeting is an already developed user base of crypto hungry millennials and Gen Z’s who foster mobile shopping, tech, and the information superhighway quite easily, where something like crypto rewards for doing what you do anyway feels so…natural.
Partners
There are some mega partners in the form of Nike, Adidas, Amazon, and Apple, but in the interest of a neutral review, this could be perhaps ‘borrowed’ already from Shopiness’ partner base. Not to take away from them, but just want to present a neutral case.
Backers
ShopNEXT are backed by a suite of VC’s as shown below. The key connection from a backing or partnership perspective is Binance, where users can integrate their wallets in with the ShopNEXT platform for ease of use, which, (while harping on about feeling like a natural progression several times already) does actually feel like a common sense natural progression
Would I Buy It?
I think that I’d personally be dubious on the whole idea if the Shopiness team members weren’t directly involved in this project, as the merchant platform and user base already exists, which puts ShopNEXT miles ahead of any other competitors who would either need to partner up with someone like Shopiness, or establish their own time consuming activities to set up their own user base etc.
Overall, the mainstream adoption of crypto into everyday lives will happen (not a matter of if), so something like ShopNEXT certainly sets the scene, particularly in SE Asia where start ups like this seem to flourish.
Where to Buy
Disclosure: I invested in one of their private rounds
The $NEXT token can currently be traded on:
Gate.io — NEXT/USDT
Pancakeswap: (official contract) https://bscscan.com/address/0x9809e877192b510d767a94ba39a79429219a5afb
