Unlocking BCG’s metaverse and diverse NFT use cases.
How BCG used Non-Fungible-Tokens for ticketing (access management), vouchers but also awards (collectable trophies) and badges.
About BCG
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation— inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact.
The Challenge.
During the BCG Technology, Media & Telco (TMT) 2022, an event that is organized once a year to share and learn about the latest trends in the industry, the use of NFTs had the goal to familiarize the participants of the event with Web3 technologies and to test real-world applications of NFTs.
NFTs can be used to manage ownership and the exchange of value on the blockchain in a trustless way. However, minting and distributing NFTs to participants from scratch being a time consuming task that requires a high level of knowledge, BCG decided to partner with walt.id to create a solution that would fit the event.
Moreover, existing wallets and NFT infrastructure are not yet mature enough to support all use cases and functionalities that have been required. For example, MetaMask wallet does not offer a native viewing of Polygon-based NFTs.
The Solution.
The solution was a web wallet that supported the full end-to-end NFT life cycle (minting, distribution, management, presentation, and verification). End users could even view the NFTs smart contracts and metadata on PolygonScan/OpenSea through the app.
During the event, a total of over 1,000 NFTs were to be distributed to participants across different use cases. For this purpose, very high transaction costs (gas fees) would have been incurred on a layer 1 chain such as Ethereum. For this reason, the NFTs were minted and distributed on Polygon. Since MetaMask does not offer a native viewing of Polygon-based NFTs, we had to create our web wallet which allowed users to view and manage their NFTs directly from the wallet. In addition, the web wallet has been developed to be fully responsive, so that it is easily accessible across platforms and devices and does not require a separate application.
NFT wallet app (co developed by BCG and walt.id)
The Results.
The use of NFTs in the context of the event spanned various use cases.
A) NFT event ticket
After successful onboarding and registration in the wallet app, the participants were sent the NFT event ticket and the “secure wallet setup” NFT badge. The NFT event ticket is intended as a souvenir for the participants and offers the possibility of providing more utility for participants in the future.
B) NFT activity badges and raffle
The goal was to achieve the highest possible participation rate for the activities, so a raffle was announced for those who managed to collect all NFT activity badges. The blockchain enables the highest level of transparency for the raffle, so that all participants could check at any time who had collected the NFTs the fastest and was thus entitled to participate in the raffle.
C) NFT purpose awards
Every year, BCG employees receive various awards in different categories at the industry practice area meeting. This year, in addition to the physical gratification, NFTs were also sent to the award winners. The NFTs are a great way for employees to capture this beautiful moment and success in their career for themselves on the blockchain.
Purpose awards image distributed as NFTs
D) NFT Food & Beverage and verifier app
In this use case, vouchers for drinks and snacks were distributed to attendees at the event. Those vouchers could be redeemed at the restaurant by scanning a QR code. Once the vouchers were used, they were automatically invalidated and the metadata was changed via the underlying smart contract. As a result, also the picture on the voucher changed to indicate that it has already been redeemed.
“The walt.id team was really reactive and collaborative with the BCG team and met all the criteria we had to create NFT use cases for this event with an easy to use web wallet.”
Filip Sokolowski
Senior Knowledge Analyst - Sales
BCG
Ready to get started?
Interested to chat with BCG?
get in touch with BCG experts.
About the organizations.
-
Walt.id develops Self-Sovereign Identity (SSI) solutions for businesses and governments across industries.
Developers and organisations rely on our open source products as an easy and fast way to use Self-Sovereign Identity - including Europe’s new digital identity ecosystem based on the EU Blockchain and the EU SSI Framework (ESSIF).
To ensure client’s success, our industry-leading experts provide holistic services including from conception over the implementation of pilots and production system to enterprise support and managed cloud services.
-
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation— inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact.
To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading edge management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.
