Quick take:
- Yotpo has launched an NFT collection for its employees.
- The e-commerce marketing platform is rewarding workers that have been with the organization for at least a year.
- The first NFT drop in the collection christened “Fabulous Flamingo Club” has 40 items.
Ecommerce marketing company Yotpo has become the latest online platform to launch an NFT collection. In an announcement on Wednesday, Yotpo said it is launching an NFT drop of 40 items dubbed the Fabulous Flamingo Club collection to be issued to workers that have been with the organization for at least a year.
The initial drop has been created in-house by the company’s design team. Yotpo is oen of the largest eCommmerce marketing platforms with an employee count of 251-500. The company has raised nearly $470 million in 11 funding rounds to date from a combined total of 22 investors.
Fabulous Flamingo Club (FFC) describes the collection as a representation of a community of fabulous people who are eCommerce, brands, and shrimps. Holders of the FFC token will use it as digital identity, putting them in a position to receive fabulous gifts and perks in the future.
The Fabulous Flamingo Club NFTs are crafted using 80 different traits including hats, bling, clothes, wings, thereby helping to create a unique piece of art, each with its own intriguing personality.
Currently, the NFTs are only available to Yotpo employees. However, they will soon be able to trade them on various NFT marketplaces, including OpenSea.
Yotpo employees will use the NFTs to gain entry into exclusive spaces, as well as gain access to limited-edition products.
Speaking following the NFT collection launch, Yotpo co-founder and CEO Tomer Tagrin said “We believe we can develop this initiative into a new equity model, but what is important to us first and foremost is the feeling of ‘togetherness’ – to connect in other channels, to do joint activities, and even to contribute together. This is where the future is going and it is an essential part of our culture.”
Yotpo thinks NFTs are a perfect opportunity for people not equipped with advanced knowledge of cryptocurrencies to gain access to the rapidly expanding industry. The company believes the intersection of eCommerce and crypto is a huge opportunity for brands.
Yotpo joins several other online marketplaces that have launched their own collections, including Nike, Adidas, JD.com and Alibaba. Others like Shopify have focused on creating an NFT marketplace for their merchants.
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