Everybody’s doing it: how to tokenize coupons for your business
This is a quick guide on how to tokenize your business’s coupons or discounts. Less than 10 minutes of work and you’ll be on the blockchain.
If you have a business that provides coupons — or discounts — have you thought about selling those on the blockchain?
Now you can create digital coupons or discounts as tokens (called NFTs) or non-fungible tokens on the blockchain — see more about these digital items here
These tokens are all special — each one is different — one token could be for a free bike when you purchase a frame, or one could be 10% off your purchase if you buy over $100. Here is how you tokenize your business’s coupons or discounts. And it takes less than 10 minutes.
This is an example of the discount we will make for a Bike store that wants to sell their newly made tokens for ETH.
First off: “Why would we do this?”
- This costs next to nothing and you can post these tokens (which are discounts for your business) for sale on exchanges. Meaning: You can directly earn ETH from selling these coupons or discounts — which could also boost the number of customers coming to your store. Win win.
- You can advertise and expose new customer segments to your business by having a cryptocurrency token that is a coupon— and if you set it up properly — you can increase the number of visitors to your business via advertising these tokens.
- You can make ETH. (the token for Ethereum, a cryptocurrency valued at: $170/eth at the time of writing).
Creating Your Coupon Step by Step
Before you Start
If you are new to blockchain you will need to do a couple of things. If you already have this nailed you can jump to the next step:
- Install Metamask — Link or use a mobile wallet like Trust Wallet or Coinbase Wallet
- Set up your wallet and load it with ETH — You can buy ETH directly via metamask via https://coinbase.com — guide to set up your wallet
Step 1: Create a Smart Contract on Ethereum (time: ~1 min)
Using the UI on Mintable you can create your contract without needing to know how to code. Here is how I would set up my Smart Contract if I was running Bob’s Bike shop and wanted to tokenize coupons.
Go through and add any information you think is related or relevant for your project or customers to know. You have 20 fields of data that could include:
- contract information
- instructions on redeeming
- terms and services
- Time limit
- Cost of purchase, etc etc.
After you’ve confirmed its looking good — submit your transaction via metamask an Ethereum wallet in your browser.
If you don’t have Metamask or If your on mobile — use Coinbase Wallet or Trust wallet on iOS/Android
You just made a smart contract in this step — that contract has a unique address that no other contract will ever have — this is called the contract address — you can manage your token at anytime by going to: https://mintable.app/manager/-YourContractAddressHere-
Step 2: Mint your tokens (time: ~2mins)
After you have confirmed your ethereum transaction you will have an email copy — and also a screen that presents a receipt page. There is a “manage now” button you can click to directly manage your contract.
Load your token in the manager by either:
- going directly to it via the url style above (mintable.app/manager/address)
- going to your profile and seeing your history then pressing manage
- Finding it via the contract address on the search page
- Searching for it via browse with the name of the contract
Once loaded you’ll be able to do this…
Here is where you make your special tokens for each coupon or discount. If you want 25 coupons to sell for $5 dollars — you would make that token look something like this
After you submit the transaction and it has been confirmed on the blockchain you will have 25 new tokens in your wallet.
These are also automatically added on OpenSea.io — the leading exchange to buy and sell NFTs (digital items)
Step 3: Go to Opensea and sell away! (time: ~5mins)
Now that you are done minting tokens — you can go to opensea.io and search for your contract’s name — or go directly to your contract using a link like this: https://opensea.io/assets/-contractAddressHere-/0
Here you can set the price for the sale — and then share the link to buy it. Thats it. Your done.
Its that simple within 8 minutes you’ve created a smart contract and tokens a digital items on the blockchain. How cool!
How do I accept these coupons now??
There are a few ways you can accept these coupons — first your customers need to get/buy these so you need to sell them on OpenSea.io or transfer them to customers ethereum wallets manually. (Its easier to sell them)
Then once a customer has your coupon token you can either:
- Have them transfer the token BACK to you — therefore ‘redeeming’ the coupon and you apply the discount in the token
- Prove they own the token and let them keep it — whilst still applying their discount or coupon.
- Have another unique way — that you list inside the token so buyers can see it.
What Else Can You Create Using Mintable?
Mintable lets you create a digital item that you can sell for cryptocurrencies on NFT (digital items like ERC-721s) marketplaces. So you can take a picture, some characteristics, give it a name, make it rare, and sell away for a profit. With each smart contract you can create multiple tokens and these tokens can be used to represent your digital items.
Here is an example: You are a graphic designer and you can make really cute or scary monsters. You make 50 of these unique cute things, and create a smart contract using Mintable called “My Scary Monsters — Limited Edition 2019”.
Then each token, is actually a picture of each one of your monsters. You can sell each token for whatever price you’d like, and if someone wants it — they can buy it!
See our full listicle of 20 top items you can tokenize right now and sell for ETH here:
The top items to mint as NFTs to sell for Ether | Mintable
What are the best items to tokenize and sell for crypto? Check out how you can tokenize parts of your business or…
👏🎉Use the Beta!!!🎉👏
Website — https://mintable.app
What to make as an NFT?: https://blog.mintable.app
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Email — email@example.com
Events — We will be at many events in the next coming weeks in Asia. If you are going to any of the asian blockchain conferences, please reach out to us and lets meet up!