Focusing on Utility, GetKupon Envisions NFTs as Redeemable Coupons

Through GetKupon, customers can buy NFT coupons that can be traded in the marketplace, or redeemed into real objects

At this point, most people understand the concept of NFTs as investment assets. What often get overlooked is the utility aspect of NFTs, especially in a country like Indonesia, where the NFT craze is mostly fueled by accidental success stories of NFT creators such as Ghozali Ghozalu.

A new NFT platform called GetKupon is trying help fix this. Rather than offering NFTs as mere digital assets, GetKupon envisions NFTs as coupons that we can trade in the marketplace, or redeem into real objects through various real-world merchants.

As of this writing, there are three merchants already offering NFT coupons in GetKupon: Kopi Oey, Gemolz, and Damantraz Tattoos. Customers who buy the NFT coupons can redeem them by scanning the QR code when they visit each of the merchants' physical outlet. Because each coupon is an NFT, every transaction is validated by smart contract in the blockchain, minimizing any sort of fraud or scams. The process is fast and simple, and only takes around 15 seconds according to the company.

As with any coupons, these NFT coupons also have an expiration date, but unlike conventional coupons, GetKupon allows customers to exchange the expired NFT coupons for cashback rewards into their wallet. Speaking of crypto wallet, GetKupon doesn't limit the choice of wallet that can be integrated into its platform.

After connecting their wallets, customers can directly buy NFT coupons in GetKupon. However, GetKupon only accepts Tether (USDT) as the currency, at least for now. It plans to add support for Rupiahs (IDR) as another payment option soon.

Speaking to our sister site, GetKupon's co-founder Reza Primasatya said that GetKupon will certainly add more merchants from different categories in the future, while also conforming to the company's vision to bring mainstream products and services. In terms of monetization strategy, GetKupon relies on revenue sharing with merchants from every NFT coupons redeemed, as well as cashback rewards from coupons that are already expired.

In order to expand its platform, GetKupon plans to raise pre-seed funding in Q2 this year. The funds will be used for user and merchant acquisition, as well as developing relevant products for them. According to a report from CryptoNews.co.id, GetKupon already has plans to develop new products such as membership, DAO, collaboration projects, and meta-commerce.