Apr 25, 2022

5 min read

Empowering businesses via NFTs, a $300B market, and the Relite pivot

The new vision for Relite and NFTs

We are opening the funnel for NFT mainstream adoption!

Relite is all set to light up the NFT scene by letting businesses to participate in NFT minting, management and distribution using RELI token and the infrastructure it powers.

We always recognized the transformative potential of non-fungible tokens and what they mean for the future of asset creation, distribution and ownership. However, for all their popularity, NFTs remain largely inaccessible for mainstream businesses without the support of dedicated and highly specialized resources. Relite changes that.

The lending case

At Relite, our initial goal was to build an intuitive lending protocol utilizing key DeFi technologies. However, our tests with Polkadot’s infrastructure did not produce expected results, and that setback, coupled with market moves in the last six months changed the landscape dramatically. The current lending space is associated with many regulatory uncertainties, and after much deliberation, we decided to take what we built and pivot to fulfill another growing gap in the market.

What’s coming up for you and Relite?

To fill that market gap, and to empower businesses with NFTs, Relite’s latest iteration focuses on a platform that allows the frictionless creation and distribution of branded NFTs. Using our platform’s simple yet intuitive interface, businesses will be able to launch exclusive NFT collections with a variety of internal integrations as well as benefits for holders, ranging from proof of ownership to means of exchange, discounts, bonuses and even future airdrops.

We work directly with artists, digital-first brands and traditional SMEs for seamless onboarding and execution, alongside pursuing key strategic partnerships to give consumers additional flexibility, such as the ability to buy NFTs with on/off ramp fiat payment channels.

The opportunity is massive

The global NFT market is worth $23 billion according to DappRadar, and it is expected to reach $80 billion by 2025. Furthermore, according to Morgan Stanley’s research, the NFT market can reach $300 billion by 2030.

Many big businesses, including Adidas and Nike, have already launched their NFT-based experiences to great success. Their attempts have proven that this is an incredible opportunity for creative businesses that aim to boost their E-commerce initiatives to not only make more sales but create highly engaged and loyal communities of customers.

However, these businesses have massive resources at their disposal, allowing them to execute their vision. Unfortunately, the same cannot be said of small businesses and enterprises:

“…minting NFTs for my community is beyond what I can put myself and the team through,” said one larger Etsy seller.

Some of the obvious hurdles these businesses face include the following:

Lack of know-how about crypto markets, blockchain tech and NFTs
No experience in terms of blockchain development, smart contracts and NFT minting
Lack of resources to hire experts to manage and maintain their NFT collections
Lack of technology and connections to set up and manage payment channels to directly distribute NFTs

Faced with these barriers to entry, not only are businesses missing out on this massive opportunity, but they are also falling behind when it comes to their competitive advantage in the market.

The RELI solution

OpenSea is the biggest NFT marketplace today, but it only acts as the middleman for secondary market participants. Relite is building a dedicated platform that allows businesses to handle NFT minting, management and distribution at scale to grow sales and increase their revenue.

Our platform’s key benefits are as follows:

Mint and manage NFT collections without development experience or resources
Seamlessly onboard customers and give them access to various payment channels
Distribute NFTs directly to customers at scale without going through expensive smart contract coding

Some of the use cases for businesses include:

Create modern and attractive gamified experiences to acquire new customers
Raise funds for new initiatives and create loyal communities in the process
Delegate membership and governance rights to community members
Reward customers with exclusive digital + physical items, discounts and other incentives

In summary, the Relite platform allows e-commerce to drive marketing and business results with NFTs in an easy and affordable manager with zero coding and development input.

Moreover, our strategic partnerships will enable fiat payment channels, including the ability to use debit cards for NFT purchases, and our app (Android and iOS) will create seamless user experiences.

We envision a future where Relite’s infrastructure bridges the gap between NFTs and digital businesses (via APIs, WordPress plugins, Shopify and Etsy integrations, etc.), allowing creative brands to quickly adapt and execute innovative campaigns meeting consumer demands and expectations.

The RELI token and infrastructure

The RELI token is designed to play a critical role in our infrastructure, ranging from being used to pay fees, to being staked for additional functionality and “Pro” features, and even used as a medium of exchange for trading NFTs and moving value across the various crypto and fiat payment channels native to our platform.

To make this possible, 90% of the smart contracts we built during the initial phase will be transitioned over to this new model.

RELI token model showing use cases within the Relite ecosystem

While earlier $RELI distribution schedules for investors will finish in June, we’ve also set up new lock-up periods for the team and treasury.

You can learn more about the $RELI token here.

Roadmap

Q2–2022:

Launch

Concept Creation
Business Model Development
Sys Architecture
Prototype and Product Design (MVP UX/UI)
Technical Roadmap
RELI CEX Listing

Q3–2022:

MVP

MVP: NFT collection creation/minting tool
Seamless Wallet Creation
Payment Gateway: FIAT On/off-Ramp
Staking RELI (Additional Token Utility)
Ecommerce Module + Plugins
100 Business Customers on the platform

Q4–2022:

Platform v1

Expanding Admin Module
RELI On-Ramp
Relite Consumer App
Tax Report Statements

Q1, Q2–2023

Distribution Modules

New Distribution Module
Community Management System
Intranet Integrations
NFT Collection Marketplace for Consumers

Q3, Q4-2023

Platform v2

Advanced minting / Additional Utilities
500 Business Customers on the platform
50K Relite APP users
1M NFTs minted

Thank you for the support

We truly value the support of our early investors and backers in this journey and channel it toward innovation in order to adapt to this rapidly-changing space.

Your belief in our ability to execute and your contributions in the form of knowledge-sharing, networking and insights are what help us move ahead with passion.

No one promised it will be easy, but we believe persistence and focus on our broader vision of making crypto-based solutions and products more accessible for mass adoption will result in a bright future for Relite, our backers and our community.