Venkman’s going to change the world, but this isn’t Ghostbusters… it’s actually a startup co-founded by executives of theCHIVE. Project Venkman, as it’s known, is an e-commerce engagement solutions platform created to help brands rethink how they can evolve their existing loyalty points models and drive increased customer retention.
The founding team include experts from theCHIVE, an online community known for irreverent content (and merchandise partnerships with celebrities such as Bill Murray and John Daly). So there’s the link, presumably.
The company feels that rewards programs have historically been (perhaps deliberately in some cases) essentially opaque, often deterring meaningful redemptions and undermining consumer engagement. However, using emerging blockchain and NFT (‘non-fungible tokens’ which certify ownership of digital assets) technologies, Project Venkman will provide businesses with branded community crypto tokens and treasury management tools to design incentive programs that are transparent and deliver users tangible rewards for their purchases, driving brand engagement. Project Venkman will also offer clients the ability to create digital collectables and NFTs to integrate with community awards.
“America has over 4 billion loyalty program memberships, accounting for over $170 billion in existing rewards points,” said Project Venkman co-founder and CEO Gavin Gillas. “Of those points, over $50 billion are unredeemed. The opportunity to drive customer acquisition and retention with finite branded community tokens is massive.”
Among Project Venkman’s first clients will be theCHIVE, which boasts over 10 million active members, 99% organic traffic and a robust e-commerce business that has generated over $400 million in revenue to date.
“TheCHIVE will be an ideal proof-of-concept customer for Project Venkman,” said John Resig, who co-founded Project Venkman alongside Gillas, as well as Leo Resig, Mike Grisko, and Alen Durbuzovic, who are also Chive executives.
“Project Venkman will provide the tools to create a trustworthy loyalty ecosystem that gives tenable value back to the users that drive value for the network,” John Resig added. “It’s the perfect solution for any brand looking to drive engagement, traffic, transactions, and brand affinity.”
In coming months, theCHIVE members will receive new digital wallets to earn community tokens and participate in its NFT offerings. Chive users will be able to accrue tokens for purchases, content uploads, comments or time on site, among other actions. Tokens can be redeemed for merchandise discounts, access to exclusive sales or events, or digital rewards.
