For now it is only an indiscretion coming from South Korea but, according to some screenshots published by a very popular site (links in the sources), BMW would be ready to put on the market a new app with which to accumulate loyalty points convertible into cryptocurrencies.
It is therefore not a cryptocurrency created or issued by BMW, but only the possibility of obtaining tokens in exchange for the loyalty points that can be accumulated.
The app is called "BMW Vantage", it already exists, and already allows you to accumulate loyalty points.
As you can see on the relevant tab on the Google Play Store, this is an app from BMW ASIA PTE LTD, probably launched in April 2020 as an experiment, and so far it has been downloaded only a thousand times.
In fact it has not yet been advertised, so much so that it is not yet downloadable by anyone. For now, as far as is known, it is being tested by mainly company employees.
South Korea is one of the countries with the greatest diffusion of cryptocurrencies, especially among millennials who use them primarily as a speculative asset. However, the crypto community in the Asian country is among the largest and most active in the world.
From the screenshots published on the naver.com website it would appear that the loyalty points that can be collected through this app can also be converted into the Enjin Coin (ENJ) cryptocurrency.
In reality it is not a real cryptocurrency, for now, but an ERC-20 token that runs on the Ethereum blockchain. It is the token of the Enjin project, already known for other important collaborations.
The most important of these, still ongoing, is with Microsoft, and consists of using Enjin to reward digital collectibles who have made a significant impact within the Azure technical community.
Thanks to Enjin's technology, in fact, non-fungible tokens (NFT) have been issued, ie not usable as currency, called "Azure Heroes", which are distributed as a prize. These NFTs are unique, they exist only on the blockchain, and their ownership is certain, public and verifiable.
Previously the company had also announced a partnership with the Korean Samsung, and is very active in particular in the gaming sector.
It is possible that it was this latest partnership that convinced BMW Asia to allow users of the BMW Vantage app to convert loyalty points into ENJ tokens, so that they can exchange them freely, or sell on the market for traditional fiat currency.
As far as we know, the BMW Vantage app in the future should be made available all over the world, and can also be used by those who do not own a BMW, and at this point it is reasonable to imagine that, if this initiative were to be successful, even other competing automakers could engage in similar initiatives.
Although many traditional companies are still skeptical about cryptocurrencies, there are some at the forefront that have decided to break the delay and throw themselves headlong into this new sector, such as the American MicroStrategy which now holds half of its reserves in bitcoin.
What do you think about it? Will BMW really give the possibility to convert loyalty points into tokens or not? Let me know yours in the comments.
As always, thank you if you made it this far, and see you next time!
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