Tag: blockchain rewards

Chinese Province Eyes Blockchain-Powered Points Reward System to Boost Tourism

Hainan, a southern island province of China, is keeping a watchful eye on a blockchain-enabled points reward program aimed at promoting tourism in the region. The system is to be devised to allow consumption points founded on blockchain technology to be exchanged between different businesses in the cultural and entertainment fields.

Realization of the “One-chain Tour Hainan”

The blockchain-based consumption points are expected to assist enterprises in all tourism sectors to attain service interaction, marketing co-promotion, user sharing, and integrate the “Credit Tour Hainan” brand. This approach is touted to be a stepping stone towards achieving the “One-chain Tour Hainan.”

Song Yijian, the head of chain ++ blockchain digital platform, noted:

“With the support of the blockchain policy, we will give full play to the advantages of blockchain financial innovation to empower Hainan to eat, live, travel, travel, entertain, and purchase, and lead the general public to experience the achievements of the Hainan Free Trade Port.”

Previously, the Hainan Free Trade Zone was constructed to propel the development of the province’s blockchain technology and industrial innovation.

Hainan Getting back on its Feet

Hainan intends to utilize the blockchain-based system to get back on track in the tourism sector following disrupted travel triggered by the coronavirus (COVID-19) pandemic.

As per the announcement:

“Hainan Province’s Several Policies and Measures on Accelerating the Development of the Blockchain Industry  will steadily promote the construction of Hainan tourism consumption points based on blockchain technology, and realize public transportation, hotel accommodation, catering and shopping, tourist attractions.”

China is continuously making headways in the blockchain and digital asset arena. For instance, as a way to enhance the adoption and continue to test its digital currency dubbed the Digital Currency Electronic Payment (DCEP), China’s central bank, the People’s Bank of China (PBOC), recently teamed up with Shenzhen city to distribute coins worth 10 million yuan, approximately $1.5 million to residents. 

Magic Eden (MAGIC) Launches Retroactive NFT Rewards for Ethereum Users

Magic Eden, a prominent player in the NFT marketplace, has unveiled a significant cross-chain rewards program. This initiative targets ‘Ethereum OGs’, enabling them to claim rewards for their NFT-related activities dating back to 2017. The program allocates ‘Diamonds’, a form of reward points, to users based on several criteria, including transaction volume, the timing of transactions, and the platforms where these transactions occurred. Additional weight is given for royalties.

The announcement came via a series of tweets from Magic Eden’s official Twitter account. In the final tweet of the thread, Magic Eden cautioned users against potential impersonators and emphasized that no links had been shared within the thread, ensuring users only follow official sources for participation in the rewards program.

Engagement with the Ethereum Community

Magic Eden’s campaign to reward past activities signals a strategic outreach to one of the most robust communities in the crypto space. By recognizing the contributions and engagement of Ethereum users within the NFT ecosystem, Magic Eden aims to foster stronger ties and encourage the transition of these users to its platform.

Beware of Impersonators

In the nascent world of cryptocurrencies and NFTs, the threat from impersonators and scammers is ever-present. Magic Eden’s explicit warning highlights the importance of vigilance within the community. Users are advised to only interact with verified channels and official websites when participating in such programs.

Connecting Wallets and Claiming Rewards

To partake in the rewards program, users are instructed to connect their Ethereum wallets to the Magic Eden platform. The process for claiming ‘Diamonds’ is streamlined to encourage participation, though the exact mechanics and the value of these rewards in terms of real-world utility or monetary equivalence have not been disclosed.

Community Reactions

The response from the community has been mixed. Some users have expressed dissatisfaction with the perceived value of the rewards in relation to their past contributions. Others have queried about technical aspects of the program, such as connecting wallets from different chains.

Magic Eden’s introduction of a retroactive rewards program underscores the evolving landscape of user incentives in the blockchain space. As NFT platforms continue to innovate in their pursuit of user acquisition and retention, the impact of such programs on user loyalty and platform growth remains to be seen.

Conclusion

Magic Eden’s initiative demonstrates an effort to bridge communities and reward user loyalty. However, the success of this program will depend on the perceived value of ‘Diamonds’ and the platform’s ability to engage the Ethereum community effectively. As the NFT marketplace evolves, such innovative approaches to community engagement may set new precedents for the industry.

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