How Upstream combines location and blockchain technology to create meaningful interactions for brands and their fans
By Fernanda De La Torre
We’re excited to announce the launch of our enhanced geofenced NFTs on Upstream! This groundbreaking feature aims to provide brands, companies, and public figures with a unique avenue for releasing digital collectibles and offers tailored to precise location(s).
What is geofencing?
Geofencing is a location-based technology that establishes virtual boundaries, often defined by GPS coordinates or other location data. When a device, such as a smartphone, crosses into or out of these predefined boundaries, specific actions or notifications can be activated. This service is utilized to engage users within designated virtual perimeters, referred to as ‘geofences,’ offering them exclusive content, offers, or opportunities.
What makes geofenced NFTs on Upstream so unique?
Geofenced NFTs on Upstream harness the GPS data provided by your phone to craft a unique experience. By establishing a designated radius around a specific GPS coordinate, these NFTs have the ability to create personalized, exclusive experiences for fans and consumers.
You can even set up multiple geofences for a single NFT, creating location-specific opportunities for fans to participate on a wider, yet controlled scale.
A few examples:
- A new store location can partner with a local artist to create a unique digital collectible offered to customers who visit the new location.
- A food franchise celebrating a national food holiday can offer location-specific incentives to scan and use.
- A band tour can offer a unique digital collectible per concert location that fans can collect and hold in their digital wallets.
- A University can create a digital scavenger hunt around campus driving students to important locations during welcome week.
These are just a few ways that geofenced NFTs can add value to a brand awareness strategy or even an existing rewards program. Geofenced NFTs can help transcend an event or moment and continue to drive fans back to a brand or specific location.
Geofenced NFTs can also be combined with Upstream’s Redeemable NFT type, which enable buyers to claim and redeem an item or experience while still being able to hold the underlying digital collectible. An NFT can be claimable and only redeemable at specific locations to drive meaningful user journeys.
NFTs are progressively entering the physical space through social media, billboards, art installations, and auctions, leading us to envision a future where NFTs universally merge with the physical world, facilitated by geofencing, architectural integrations, and even merchandise.
Why should you incorporate geofenced NFTs into your brand engagement strategy?
- Add geo-specific digital collectibles to build local brand awareness and closeness
- Drive fans or customers to your physical locations using digital offers
- Create new revenue streams by combining the digital and physical
How it works for brands
- Take a concert for example. A verified artist can record a sample intro or take a picture of a special pre-concert moment to commemorate it.
- A QR code can be displayed at the event for fans within the concert venue to scan and collect the NFT in their Upstream digital wallet using a claim code.
- Fans go home with an exclusive and meaningful digital keepsake
How it works for fans
- Fans download Upstream on their preferred App Store and tap Sign Up. No MetaMask, no third-party cryptocurrency exchange, fans simply enter a password that will create their blockchain profile and ‘signing key’.
- At the time of the geo-fence airdrop, fans take out their phones, scan the QR code, and are directed to download or open Upstream on their smartphones.
- Fans enter the Claim Code and receive a push notification that their NFT claim was successful and find the NFT in their portfolio to collect or trade with other fans.
As the NFT market continues to expand, Upstream remains dedicated to fan-engagement NFTs that democratize Web3 experiences for the wider public. In line with this commitment, the integration of geofenced NFTs into our NFT offerings was a seamless progression.
This communication shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is not permitted.
NFTs have no royalties, equity ownership, or dividends. NFTs are for utility, collection, redemption, or display purposes only. Anyone may buy and sell NFTs on Upstream.
*U.S. or Canadian-based citizens or permanent residents may only deposit, buy, or sell securities on Upstream after being introduced by a licensed broker-dealer. Note that U.S. or Canadian-based investors include those U.S. or Canadian citizens who may be domiciled overseas. All orders for sale are non-solicited by Upstream and a user’s decision to trade securities must be based on their own investment judgement. Anyone may buy and sell NFTs on Upstream.
This communication contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) difficulties in obtaining financing on commercially reasonable terms; (ii) changes in the size and nature of our competition; (iii) loss of one or more key executives or brand ambassadors; and (iv) changes in legal or regulatory requirements in the markets in which we operate. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.