With the increasing adoption of cryptocurrencies and non-fungible tokens (NFTs) in Singapore, more companies are coming up with their own iterations of the technology. One such company is ride-hailing company Ryde, which is pioneering the “ride to earn” model leveraging the NFT technology.
Ryde founder and CEO Terence Zou tells The Edge Singapore that the company introduced the pay-to-earn model to stand out among its competitors, as competition for ride-hailing services has stiffened in the city state. “This is one of the ways we create value for our members and it makes us more sticky,” he says.
The company is currently in the first phase of its NFT project — whitelisting and air-dropping its “RydePals” NFT collection to members who are subscribed to its Ryde+ plan. This will be the phase of introduction and education, up until the third quarter of the year, Zou explains.