The ‘appreciate app’ is transforming the relationship between people and their items by crafting a new data structure that enhances the post-purchase experience and enables Web3 interoperability.
Through its re-imaginative, blockchain-leveraging concept, appreciate’s Co-Founder and Chief Growth Officer Allys Ton hopes to shift the narrative around luxury purchases to more mindful ownership that reduces waste by encouraging use.
In an exclusive interview with Blockster, Allys reveals how her company is aiming to improve the luxury ownership experience while reducing the problem of mindless consumerism. Allys explains how the appreciate concept was born, the platform’s web3-centric ‘verifiable credentials,’ how appreciate is onboarding users into web3, and more.
Allys’ inspiration behind appreciate stems from her own personal love and appreciation for her designer bags that represent much more than accessories. To Allys, they are pieces of art that symbolize pivotal moments in her life and long term investments that she values consistently over time rather than constantly looking for her next big purchase.
“When we appreciate our stuff, owning can feel the same as buying,” the CEO shared with Blockster.
Allys Ton, Co-Founder & CEO of appreciate
Such philosophy was also born from research Allys conducted alongside her fellow Co-Founder Justin Connor, wherein they found that by building a relationship with items we own, it can offset the brain’s dopamine response and replace it with sustainable serotonin. Counteracting the urge buyers feel to constantly purchase a new luxury good is what Allys believes will lead to consumers buying fewer items and reducing global waste.
With plans to implement web3 technology onto the platform, appreciate is in the process of getting users accustomed to the idea that physical items can be augmented with digital attributes. Its fashion-centric premise, paired with its user-friendly interface also serves as a natural solution for onboarding users into web3, with Allys explaining, “the familiar and accessible web2 UI is what’s going to draw people into our application, but we build it on the rails of web3”.
Traditional paper or electronic receipts are static and are used to exhibit proof of purchase, whereas appreciate’s ‘Verifiable Credentials’ are something that can capture what happens after the point of sale, which Allys claims is “really interesting for everyone in the ecosystem. For a consumer it shows me who has had their hands on this item — what has been the paper trail of this item — and for brands it’s really interesting because what it can do is actually show [them] who are their most loyal customers.”
Through the platform’s curated ‘explore function,’ appreciate allows for the origin and purpose of items to be viewed in-full, meaning transactions can be made with complete transparency. For example, if a user were to discover that their pre-existing item had a hidden utility or story behind it (like a celebrity owner), this function reveals more value to the luxury items listed on the platform. To adhere to appreciate’s sustainable mission, Allys tells Blockster that a feature that will inform users of eco-friendly brands will be added in the near future.