Case Study

PYNRS uses revenue sharing to help drive foot traffic for Boston Marathon pop-up store

Participants received over $1,500 in shared revenue

22 May 2024 - 3 Min Read

Overview

Formless collaborated with PYNRS, a performance apparel company that champions community, culture, and diversity in the sport of running through technical apparel, to promote in-store purchases at a pop-up store during Boston Marathon weekend.

The goal was to increase foot traffic at the PYNRS pop-up store.
An Instagram post generated awareness about the store and informed the community that to qualify for revenue sharing, they should take a photo or video from the store and post it on Instagram stories.
As an incentive, PYNRS offered to share 5% of in-store sales revenues from April 12 - 15 to a community of up to 200 participants.
Formless provided smart contract technology to efficiently establish revenue ownership rights and payout participants in real time as apparel sales grew.
The community equally shared the total store revenue generated from physical apparel sales.

“Our in-store revenue sharing experience was a huge success and super on brand for us. The idea of community ownership is powerful, and it was cool to make it a reality with Formless.”

- Sidney Baptista, Founder of PYNRS

What We Did

Strategy

Drive awareness of the PYNRS pop-up store by rewarding physical (visiting the store) and digital (posting a photo or video from the store to social media) behaviors with a monetary incentive for increasing awareness.
Use Formless’s smart contracts to simplify and streamline allocating revenue-share ownership rights and distribute reward payouts across a large group of up to 200 participants.
Leverage fast, real-time payouts with in-store social media posts to draw attention and further boost store awareness.

Technology

The post used a SHARE protocol smart contract to manage the ownership rights of the revenue stream generated by in-store sales and route payments to co-owners. As in-store purchases generated revenues, co-owners viewed their payout balance on the Formless dashboard application interface.

Splits Allocation

Revenue-sharing rights were offered to the first 200 people to tag their photos or video posts from the PYNRS store on Instagram stories. Formless verified posts and directed participants to claim their revenue-share split on the Formless application interface. Each participant would automatically receive at least .025% of the total revenue store revenue generated over four days.

Building Community

Each split included a token for co-owners to unlock future experiences from PYNRS.

Results

The Instagram post generated over 23,500 views and over 1,000 engagements.
The pop-up store received the highest foot traffic of any pop-up PYNRS has ever done.
The pop-up store generated $30,000 in-store product sales.
The collective received $1500 in shared revenue.

Outcomes

Incentivized participants generated awareness by visiting the PYNRS store and posting their experiences on social media.
The SHARE protocol efficiently distributed payments to all co-owners in real-time.
The results show promise for future projects using Formless technology to share revenue from physical merchandise sales.