The first-of-its-kind retail pass uses NFT technology to help the company generate over $100,000 of revenue without moving any product
Miami, Florida–(Newsfile Corp. – June 29, 2022) – SHOPX, a Web3 company that gives businesses the power to create branded e-commerce NFTs (eNFTs) to drive sales and customer engagement, in partnership with the Mag Park today announced that its very first e-commerce NFT pass has sold out in less than 24 hours.
The hype wear brand, based out of Los Angeles, integrated SHOPX’s revolutionary ReserveX App into its Shopify store to provide customers with exclusive access to high-demand products. While a typical pass gives holders exclusive content, access to in-person and digital events, and members-only prices, The Mag Park created an innovative tiered system with unique benefits: beginning with The Reserve Pink Mocha Pass. This grants holders:
- One free NEW ERA x MAG PARK LA Dodgers “Reverse Mocha” Fitted
- Access to enter the Mag Park NFT Holder monthly design contest
- Guaranteed one Mag Park hat per collection drop
- 25% off Magnolia Park collaborations and branded products
- 50% chance at 2nd Mag Park hat per collection
Customers interested in The Mag Park Reverse Pink Mocha Pass had three ways they could acquire it. First, by submitting their Web3-enabled wallet address into a form on The Mag Park’s ReserveX storefront (whitelisting); second, by entering a raffle in the dedicated time window, or third; by competing in a “first come, first served” time window, which made any remaining passes that were not claimed in the initial whitelist and raffle period available to the general public.
Though the sale lasted for 24 hours, half of the Reverse Pink Mocha e-commerce NFTs were sold in the first 60 minutes. Moreover, when the public sale was opened, The Mag Park was able to sell enough passes to generate $20,000 USD in revenue during the first three minutes.
“When we started doing drops for our product, we constantly had to monitor our servers for bots that would steal inventory from our customers and sell it on the secondary market for huge markups,” said Miki Guerra, CEO of The Mag Park. “With SHOPX, not only were we able to mitigate those issues, but we were able to generate over $100,000 [105 ETH] of revenue without moving any product. This has never been done by any e-commerce brand before.”
Prior to the release, The Mag Park began promoting its new Discord community that would become the home base for its hat, shoe, and apparel enthusiasts. While the server had initially been flooded with over a thousand new members just minutes after Guerra began promoting it, it’s now only accessible to NFT Pass holders, who now have a direct line of communication with the CEO. Going forward, the gated server will be the only place The Mag Park drops new information and announcements to its most loyal customers.
SHOPX’s ReserveX eNFTs are fully-compatible with leading Web3 marketplaces, enabling e-commerce companies like The Mag Park to generate royalties from secondary market sales in perpetuity as customers sell and trade them. The current floor price for the Reverse Pink Mocha Pass is now four times the original mint price.
“It’s been inspiring to partner with Miki and The Mag Park since both have incredibly loyal communities and supporters,” said Raymond Sarkis, Strategic Partnership and culture at SHOPX. “By using ReserveX, The Mag Park was able to capitalize on this energy to protect its customers and turn products into new revenue streams that will regenerate over and over for years to come.”
Guerra finished, “Through ReserveX, we were able to reduce our customer acquisition cost, bring in over 200 first-time NFT holders into Web3, and have been empowered to redefine what e-commerce is and what it can be for everyone.”
Brands interested in using ReserveX can get the app up and running in less than 10 minutes without a single line of code:
- Install the app in the Shopify App Store
- Connect the brand’s wallet
- Input a photo and a few details to create the ReserveX Pass
- Input a photo and a few details to create the landing page
- Designate existing Shopify store products to be connected to the pass
SHOPX plans to follow up the launch of ReserveX with the launch of two much-needed apps on the Shopify App Store. These advanced Web3 tools will tokenize physical products and revolutionize supply chain management while streamlining affiliate marketing, coordinating global inventories, and verifying physical products in secondary markets.
SHOPX is an NFT-as-a-Service (NaaS) suite of products that allow businesses to create branded NFTs that are fully integrated into Shopify, with more e-commerce platforms to come. The company helps retailers drive sales and changes how brands acquire customers in Web3 and the Metaverse.
Learn more about SHOPX:
Kurt Ivy, [email protected]
About The Magnolia Park
The Magnolia Park is a contemporary retailer carrying brand-name sneakers for basketball, running, and training, plus apparel and hats. Founded in 2015, Magnolia Park combines hype, basketball, music, and art to create a completely immersive retail experience for customers. This passion for sneakers and the most sought-out apparel goods has made Mag Park a staple name among the biggest influencers in the world.
The company currently has retail locations in Burbank and Woodland Hills, California.
You can find them online:
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Pune journalist was involved in the writing and production of this article.