Crédit Agricole Creates Private & Elite Web3 Club

Credit: Le Figaro

Indosuez, the wealth management arm of leading French bank Crédit Agricole, has created a private club for its members driven by non-fungible tokens.

Indosuez teamed up with SiaXperience, the digital design agency of Sia Partners, and Web3 platform METAV.RS to create ‘Le Clu3’ — a Web3 loyalty program for its high-end clients.

According to co-founder and CEO of METAV.RS, Simon Foucher, the goal of the project is to “create a strong community of next-generation clients” for wealth management by providing them with rewards and experiences that “money can’t buy.”

The project comes with the launch of genesis “soulbound” NFTs that grant members “token-gated access to secret sections” of the company’s website. Soulbound tokens cannot be sold or traded once they are minted, so they are bound to their owners for life. This aspect of the tokens guarantees the owners are clients of the bank.

According to the creators of Le Clu3, they are in negotiating with “some luxury partner brands” — though no names have been released. However, Foucher said some of the benefits for NFT holders will be similar to the VIP treatment luxury brands reserve for their top clients.

The Le Clu3 tokens are minted on Polygon, and can be stored in regular or cloud-based wallets. To ensure seamless onboarding, wallets can be set up automatically for users.

Last month, Lydie Percier, Chief Innovation Officer at Indosuez, spoke at an event hosted by Sia Partners at its Paris headquarters, explaining that its target audience consists of crypto entrepreneurs, investors, and the tech-savvy offspring of the super-rich. Indosouz said the Web3 loyalty project is part of a long-term vision, and more soulbound tokens will be created for attendees of future events.

METAV.RS is a platform that helps brands manage their Web3 strategy through NFT loyalty programs, immersive experiences, and tokenization. Its clients include LVMH — Louis Vuitton’s parent company, Stellantis, Renault, Michelin, Outker group, and more.

Soulbound Tokens Are Rising in Popularity

News of Indosuez’s NFT loyalty program is exciting for the bank’s high-end clients. But it isn’t the first entity we’ve seen use soulbound tokens to create tight-knit communities. At Rarity Sniper, we’ve covered several articles about soulbound NFT projects this year. Here are two of the top stories.

First, about a month ago, the French luxury fashion house Louis Vuitton (LV) announced the launch of the ‘VIA Treasure Trunk,’ a phygital NFT collection costing $42,000 a piece. Only a few hundred exclusive NFTs are available to customers. The NFTs are soulbound — so they cannot be traded or sold. They will also give holders access to future products, experiences, and LV’s Web3 community.

Next, seven months ago, the Japanese bank Sumitomo Mitsui Financial Group (SMBG) partnered with Hashport to create soulbound tokens for customers in the future. The bank launched the project by researching soulbound tokens’ affect on community building, job creation, DAOs, and knowledge-sharing services.

Soulbound tokens are proving they have a number of use cases, whether for banks, fans of fashion, or in education. The latest launch of a Web3 loyalty program from Indosuez is more evidence that despite the bear market, the growing utility of NFTs continues to attract investors. At Rarity Sniper, we’ll be on the lookout for any developments in the story.

In case you missed it: