Harmony x AAG Ventures x VinFast/Vingroup

Funding Proposals Grants
1

Name of Project

Harmony x AAG Ventures x VinFast/Vingroup

Proposal overview

We are using Harmony as the backbone of the initiative to bring VinFast (part of Vingroup, one of the largest conglomerates in the world) into blockchain space starting with a set of utility NFTs that’s used as the gateway into Vingroup’s metaverse. This is one of the rare use cases where NFTs are used outside of the collectible and GameFi space. We will continue to explore how blockchain and NFTs will be used in a more practical way in large corporate initiatives. The plan was revealed right before CES 2022 when we went live with the first dApp as part of the EV reservation process. This is the first time NFTs have been utilized in this way for the automotive industry.

By owning a VinFirst NFT, you are not just an early adopter of the new VinFast EV, you also become a citizen of the Vingroup Metaverse where you can enjoy the future benefits that the company will provide. This is an example of where the blockchain and NFT technology will become real — and transformative — to most people.

This initiative has an extensive focus on privacy, as NFTs allow personally identifiable information to be kept private while enabling customers to enjoy a tailored experience.

Established in 1993, Vingroup is one of the leading private conglomerates in the Asia-Pacific region, with a combined market capitalization of $35 billion. Vingroup currently focuses on three main areas: technology, industry, and services.

As a group, Vingroup spans over multiple industries with its 16 businesses including electric vehicles, real estate, hospitality, school, retail, biotech, healthcare, software, frontier tech, and much more. Vingroup recognizes the benefit of blockchain technology and is continuing to explore opportunities to transform existing businesses and explore new ones.

To summarize how big this opportunity is for Harmony, one can look at these numbers from the 2020 annual report:

11m VinID members
55k VinShop
54.1k properties
80 retail malls nationwide
2.2m guest nights sold at VinPearl
638k patients served at VinMec hospitals and clinics
31.6k VinSchool students
44.1k employees
2m smartphone sold
31.5k cars sold (Non-EV)
45.4k e-scooters sold

With Harmony 2s finality and minimal gas fees, the possibility of using blockchain to increase transparency and streamline operations across Vingroup seems possible and Vingroup is actively expanding exploratory effort to identify what could be next after the VinFirst program.

The proposed $100k will be used primarily for operations to cover gas fees for customers. We also intend to use it for R&D for the areas mentioned above.

Proposal ask

$100k

Metrics for success

Live at CES 2022 with already 30k+ registrations, which will translate to 30k+ wallets once all customers have claimed their NFTs.

External links

1 Like
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Thanks, @jackaag , I’ve reviewed the proposal and it’s going to be very hard to justify the asking amount as it seems somewhat arbitrary since there’s no breakdown of how the funds will be spent. The 2020 numbers you have provided are compelling, for sure, but it’s unclear how that actually translates to the Harmony ecosystem as a whole. For such an investment, we would need to see actual success metrics. These must translate to actual ROI. e.g. how many new Harmony users/new accounts etc.

We suggest this proposal is instead changed to a $50k Launch grant with specific milestones for multiple payouts. You can look at the Launch Grant guidelines and suggest meaningful milestones in the context of this proposal. Thank you.

3

Any update since then?