Singapore-based carpooling app Ryde has officially entered the NFT chat. The Asian ride-sharing and ride-hailing platform recently launched RydePals, a collection of non-fungible tokens hosted on the Polygon blockchain network. The announcement also comes with in-wallet crypto payment options and a newly introduced “ride-to-earn” model.
The RydePals campaign will airdrop 3,350 standard NFTs to Ryde+ monthly subscribers ($19.99 value) with early whitelist priority given to 3-month subscribers ($49.99 value). A reserve stock will be airdropped to the first 500 drivers with top reviews and over 400 trips completed between April and July 2022. Unclaimed NFTs will available to those next in queue. Ryde will then release a collection of 38 rare RydePals for public mint on OpenSea. The value of each rare NFT is approximately $3,000-$10,000.
The generative artwork features a signature RydePals character, with a varying traits that include gender, age, color and accessories. The company aims to promote the diversity of the Ryde community. The 1% rare collection, however, will feature non-generative 3D art. Ryde also hopes the collection will grow into merchandise, collectibles, soft goods and generally be a part of the overall pop culture and entertainment experience.
The IRL Utility
RydePals provide exclusive in-app rewards and benefits for holders. This includes tiers for riders and the ability to access enhanced rewards over time. The company has coined the “ride-to-earn,” which aims to make rides more fun and rewarding. Similar to how the Lyft rides-sharing app offers its riders the ability to earn DeltaSkymiles or Hilton Rewards points with each trip.
“Despite the promise the technology holds, few NFT projects today have real-world utility,” shares Ryde Founder and CEO, Terence Zou. “We want to deploy NFTs in a way that generates more real-world value, especially for the rapidly growing market segment of Singaporeans who hold crypto.”
For more on Ryde and RydePals visit RydeSharing.com.
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