What is the difference between a Public and Private NFT?

What we call a Private NFT is an NFT on the qiibee blockchain. You can create them via the qiibee Loyalty Admin Dashboard (LAD) and can transfer them via the qiibee Loyalty API or show them in the qiibee Loyalty Whitelabel App (LWA). However, you cannot list or sell them on public marketplaces like OpenSea.

Use cases could be:

• Digital twin

  • Digital counterpart to a physical product.

  • Can be used to personalize the product (engraving) or even as standalone product.

  • Brand can transfer the Digital Twin NFT (only via API, not in the LWA) but it can’t be re-sold on public marketplaces.

• Warranty

  • Digital warranty of the product (proof of purchase, warranty, extend warranty).

  • Brand can transfer the Warranty NFT (only via API, not in the LWA) but it can’t be re-sold on public marketplaces.

• Collectibles

  • Digital collectibles.

  • Brand can transfer the Collectibles NFT (only via API, not in the LWA) but it can’t be re-sold on public marketplaces.

• VIP perks

  • Owner of this NFT gets VIP perks.

  • Can be redeemable once or owner gets the perks frequently, e.g. every year (example: holder of the VIP NFT gets a free watch every year).

  • Brand can transfer the VIP NFT (only via API, not in the LWA) but it can’t be re-sold on public marketplaces.

→ Private NFTs are ONLY included in the Plus & Premium subscription package!

A Public NFT is an NFT minted on public blockchains like Ethereum or Polygon. You can create them directly on public marketplaces like openoea.io. Once created, you can add the Public NFT to your loyalty program. One option is to add it to the redemption shop. Users that collected enough loyalty points can redeem them for a public NFT. However, your users will need a crypto wallet in order to store the Public NFT and the creation and transfer cannot be done via the qiibee API or LWA but happens directly via the public blockchains. A certain expertise of the crypto & NFT space is therefore beneficial for all brands that want to add public NFTs to their loyalty program.

Use cases could be:

• Digital twin

  • Digital counterpart to a physical product.

  • Can be used to personalize the product (engraving) or even as standalone product.

  • Brand can sell the Digital Twin NFT directly on public marketplaces like OpenSea. Users can transfer, buy & sell the Digital Twin NFT by themselves.

• Warranty

  • Digital warranty of the product (proof of purchase, warranty, extend warranty).

  • Brand can sell the Warranty NFT directly on public marketplaces like OpenSea. Users can transfer, buy & sell the Warranty NFT by themselves.

• Collectibles

  • Digital collectibles.

  • Brand can sell the Collectibles NFT directly on public marketplaces like OpenSea. Users can transfer, buy & sell the Collectibles NFT by themselves.

• VIP perks

  • Owner of this NFT gets VIP perks.

  • Can be redeemable once or owner gets the perks frequently, e.g. every year (example: holder of the VIP NFT gets a free watch every year).

  • Brand can sell the VIP NFT directly on public marketplaces like OpenSea. Users can transfer, buy & sell the VIP NFT by themselves.

→ Public NFTs can be created and added to your loyalty program for all subscription packages!