New Staking Program Utilizes Blockchain Technology to Rid the Market of Price Gougers and Deliver Authentic, Sought-After Goods to Consumers
Splyt Core and The Magnolia Park are teaming up to introduce the first-ever token staking program for purchasing authentic hypewear. Token stakers are being given the unheard-of opportunity to earn loyalty benefits with third-party retailers while earning 100% APY. The partnership creates a bridge between crypto natives and the hypewear fashion industry, supporting a new generation of young entrepreneurs driven by the loyal audience of our generation.
The Splyt-Mag Park partnership is the first VIP crypto-based loyalty program in the world. It’s also the first VIP program that gives people an ownership stake in the program. According to Cyrus Taghehchian, the founder and CEO of Splyt Core Foundation, the collaboration is a way to engage with customers that’s never been done before.
Splyt Reserve is the first loyalty program where brands are loyal to the consumer, said Taghehchian. As the membership program grows, so do consumer rewards and wallets. It’s a true win-win for the retail economy.
Buying multiples of low-supply, high-demand clothing and flipping them for profit has become commonplace. As a result, Taghehchian noted, honest consumers often can’t get their hands on merchandise they want.
Splyt solves this, Taghehchian remarked. By staking SHOPX tokens, people looking for highly sought-after Mag Park merchandise can do so from the comfort of their own home. There’s no more waiting in crazy long lines or having to pay double or triple the price on eBay. Ultimately, by using the blockchain — which is transparent — we’re creating equity for consumers and leveling the playing field for brands.
Hypewear — one-of-a-kind wearable art — has quickly become the most desirable style trend amongst millennials, boasting handcrafted “street” designs made by artists and performers, both known and up-and-coming. However, it is notorious for leaving consumers vulnerable to counterfeiters and fraud. Until now.
Splyt is an emerging token with revolutionary utility, minting e-NFTs against physical products and verified transactions. Hosted on the Ethereum DeFi platform (with plans to bring it to the Polkadot system when it launches its network), Splyt is DeFi-ing logic and reaching new heights in uncharted territory. Boosting consumer confidence, Splyt is creating an equitable marketplace for creators and stakers alike. Splyt works on multiple functioning levels, creating a new decentralized loan program for creators backed by stakers. Stakers are then rewarded for backing new creators, earning loyalty benefits — even from third-party retailers via blockchain-based e-NFT tracking data — while delivering completely verifiable authenticity to consumers.
We hope to really evolve the retail experience as the consumer knows it and create this bit of FOMO (fear of missing out), said Mag Park owner and CEO Miki Guerra. At the real core of this partnership is being able to continue to evolve what people know as the standard shopping experience. It’s an interesting time, and cryptocurrency is the future in many ways. So we’re just trying to be a part of it.
The promotion kicks off Tuesday, August 10, at 12 noon PST and runs through Thursday, August 12. To participate, individuals must stake at least 100 SHOPX on splytcore.org. Twenty-five stakers will be randomly selected to become Mag Park VIP members.
Founded in 2015 in the heart of Burbank, California, The Magnolia Park is a retail experience that combines the passion for sneakers and the most sought-out apparel goods. Affectionately known as Mag Park, the retailer — named after the neighborhood in which it’s located — has become a staple name with some of the biggest influencers in the world. In addition to a world-class sneaker collection that has been featured on ESPN, Buzzfeed, Tidal, and others, Mag Park is home to a pro-grade basketball half-court, a professional DJ booth and sound system, and one of the largest art collections living on its original walls.
Launched in February 2017, Splyt is an e-commerce NFT infrastructure that connects e-commerce stores, brands, and affiliates. It assigns a unique e-NFT to each item, providing users with a real-time globally updating inventory. The e-NFT certificate of authenticity prevents counterfeits, has a built-in smart contract that holds money in escrow to avoid scams, and has a commission to incentivize affiliates and stores. The protocol, which is equipped with automated dispute and arbitration mechanisms, is governed by consensus to maintain decentralization, flexibility, and user engagement.