Beyond Digital: Backstage’s Journey with Real-World Asset Integration
In the sphere of digital innovations, the convergence of real-world assets with blockchain technology has become an important step toward reshaping wider engagement and user experiences. RWAs are the bridge between the digital and physical worlds, and they play a fundamental role in accelerating blockchain adoption.
Backstage shines as a pioneer in connecting real-world elements with blockchain. It’s a platform where users can enjoy various digital items, ranging from smart tickets for events to loyalty programs tied to globally recognized brands from different sectors. What distinguishes these products is their capacity for seamless user engagement driven by smart contracts.
Let’s explore further how RWAs function within Backstage’s ecosystem and how the Backstage platform adeptly integrates them.
What Are RWAs and How Do They Work?
RWA stands for Real-World Asset. It refers to tangible assets such as property, real estate, artworks, commodities, intellectual properties, and various other products from the real world. These assets, from the physical world, are converted into digital tokens and securely stored on a blockchain. This process essentially makes real assets into digital forms that are managed and safeguarded by blockchain technology, allowing for new ways of ownership and trade.
RWA: Spearheading Blockchain Adoption & Backstage’s Proven Vision
Real-world assets serve as catalysts for accelerating blockchain adoption. We’ve all witnessed that during the previous bull run, NFTs were sold at extremely high prices. However, shortly after, their value dropped significantly. This decline highlighted an important need: the integration of real-world value into digital items, granting authentic utility to these digital assets.
Here at Backstage, right from the outset, we’ve held a clear vision that it’s not sufficient for NFTs to just be some bizarre digital image. Instead, our approach has always been rooted in the belief that these digital assets should have a connection to real-world value and real utility. As a rare gem in the blockchain sphere, Backstage excelled by harmonizing real-world business practices with the revolutionary framework of Web 3 technology.
We’ve already provided our tech for renowned brands (fashion, sport, hospitality) and major music tours like the Ha*ash USA Tour, Ricky Martin, Enrique Iglesias, and many more. Although this principle is now becoming a trend, Backstage has been working on developing deep technological products from the start.
Backstage’s Utilization of RWA Principles
Backstage is unique in the blockchain world because it prioritizes using blockchain for practical purposes instead of following only trends and speculators. Rather than tokenizing for speculation, it focuses on revenue generation through collaborations with real-world businesses.
The Backstage platform has established a robust network of partners in diverse sectors including hospitality (hotels, clubs, bars), adventure experiences, music tours, conferences, various events, fashion brands, and more. Leveraging blockchain technology, Backstage enhances user engagement by seamlessly activating users through smart contracts.
How Does it Work?
For instance, imagine a concert by ‘Artist X.’ Backstage sells smart tickets (tokenized tickets) for the event on the marketplace. These smart tickets not only grant venue access but also include added benefits.
How Does Backstage Secure Benefits?
Backstage identifies partners aligned with the event’s audience. Let’s say Backstage partners with a hotel near the concert venue offering special discounts for people who will attend X’s concert. Similar collaborations could extend to airlines, nearby clubs, bars, or similar.
Why Backstage’s Principle Creates a Win-Win for Everyone Involved?
The fusion of Backstage’s partners into the same smart ticket enables cross-marketing that benefits all parties involved while ensuring user data remains secure. As a result, users can access a multitude of benefits, including discounts on accommodation, flights, restaurants, and various hospitality offerings, while Backstage empowers brands to effectively promote their offerings.
Post-concert Benefits
After the concert, there’s more to enjoy!
‘X’ smart ticket holders can receive special benefits tailored to their interests in the future, as well. Let’s imagine, three months after the concert X, our fashion partner opens a new store that is located near ‘X’ ticket holders. Backstage notifies ‘X’ holders and offers exclusive rewards like early access to products or discounts at the partner’s new fashion store.
Does Backstage Offer Only Smart Tickets for Events?
Beyond group packages, Backstage extends its capabilities to loyalty programs and other digital items for individual brands and a range of other combinations, offering a versatile and engaging user experience.
Backstage’s Commitment to Ethical and Responsible Engagement Practices
When it comes to user data, Backstage operates on a fundamental principle that prioritizes user engagement without compromising privacy by selling their data. In contrast to common marketing practices that involve the selling of user data to third parties for targeted advertising or other purposes, Backstage ensures a secure and confidential environment for its users. The platform firmly believes in safeguarding user information and refraining from sharing or selling any personal or sensitive data to external entities. To conclude, Backstage could serve as a great platform for efficient marketing without the need to buy or sell users’ data.
Backstage showcases the future of blockchain integration, smoothly blending digital assets with real-world advantages. Its innovative approach not only boosts user engagement but also sets the stage for broader adoption of blockchain in everyday experiences.
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Copyright: Angie Eishan
