Snapup aims to disrupt the way people buy premium products. Find out how it works today in our Snapup review.
What Is Snapup?
Snapup, found online at Snapup.biz, is a shopping platform based on the power of cryptocurrencies. The overall goal of the platform is to use blockchain technology to help users save up to 80 to 90% off the retail price of premium products.
Snapup probably doesn’t work the way you think it works. Snapup doesn’t just reduce overhead costs through blockchain technology, then resell premium products to you.
Instead, Snapup uses an auction-type system. You pay to join each “event” during which a premium product is being sold. When a certain number of people – say, around 300 people – join an event, the event begins. Users make their bids ranging from 10 to 20% of a particular product. An “Assignee” – the winner of the event – is chosen. The entry fees everybody paid to join the event are used to pay the full retail price of the item. Then, the assignee gets the item shipped to their address.
Overall, Snapup promises to disrupt the way people buy premium products.
How Does Snapup Work?
The ecosystem revolves around the use of a digital currency called Snapcoins.
During a promotional event, each user joins that event by paying a fee in Snapcoin. Users then place a bid between 10 and 20% of the retail price of the product. Typically, the number of participants involved in any event is not expected to go beyond 300 people.
By the time the event closes, the product is purchased directly from retailers at its full market price. The corresponding amount in fiat currency is the sum of the Snapcoins paid by users. The item gets dropshipped from the retailer directly to the winning bidder’s address. That winner pays the money he or she was willing to spend on their bid – so they ultimately pay no more than 10 to 20% of the retail price for that item.
It’s not a conventional auction, however, where the highest bid wins. Winners aren’t chosen based strictly on the highest bid. Instead, Snapup use a meritocracy system – a merit-based system – to choose the winner of each event. That winner is called the Assignee.
How does Snapup determine “merit”? Well, the more you are an active user on the platform, and the closer to 20% of the retail price you’re willing to pay, the higher your chances are to be an Assignee for that Snap.
If you want a firsthand look at how Snapup works, you can visit the website online today at Snapup.biz, where you’ll find a working demo version of the software.
What kind of products can you buy with Snapup? The company plans to offer a range of products as large as the internet has to offer. Since the products are all dropshipped and purchased at their normal retail price, there’s no limit to the number of products that can be available through the Snapup catalog.
The SNP Token Sale
Snapup’s token sale is taking place throughout August and September. During the token sale, you can buy SNP for various bonus amounts. The first stage of the token sale, the pre-sale, took place at the end of August, during which you can purchase SNP for a bonus of 20%.
There will be a total supply of 200 million SNP tokens. 100 million of those tokens will be distributed during the crowdsale. 4 million tokens are reserved for bounties; 76 million will be placed in a coin reservice; and 20 million will be kept as a team incentive.
No other tokens will be issued after the initial mining. The crowdsale will value 1 SNP at 0.33 EUR, or about 0.38 USD. Snapup has a hard cap of $33 million USD and a soft cap of $5 million.
Who’s Behind Snapup?
Snapup is led by co-founder and CEO Alessio Cozzolino, chief infrastructure architect and lead developer. He has 5+ years of experience as a software engineer and cluster administrator.
Other key members of the team include Carmine Cozzolino, Co-Founder and COO, who has 20+ years of experience as a consultant in the banking, insurance, and financial worlds. He’s serving as Senior Vice President and Board Director for the company.
Snapup was launched in December 2016. The first marketing campaign for the project began in February 2017, and the company was officially incorporated (in Tallinn, Estonia) in May 2017. The Snapup demo and ICO were launched in August. The beta of Snapup is expected to launch in Q1 2018, with the full public release for European markets scheduled for Q2 2018.
Snapup is an online shopping platform that plans to change the way we shop for luxury items online. The company has created a unique bidding-like system. You pay to join a specific “event”. During that event, a luxury item or consumer product will be given away to the event assignee. The platform collects everybody’s entry fees to pay for that item. Then, users place their bids ranging from 10% to 20% of the retail price of the item. Snapup chooses the “Assignee” or winner of the event based on their bid (how close their bid is to 20%) and their reputation on the platform.
It’s a unique system that takes blockchain technology to a place we haven’t seen it go before. You can learn more about Snapup by visiting the company today at Snapup.biz. The ICO is taking place throughout September.