MarTech Series – Marketing Technology Insights
NFT Technologies Inc., a leading technology company partnering with top-tier brands to accelerate their entry into the world of web3 through innovative technologies and unparalleled creativity, announced its entry into the loyalty and reward market.
“We’re excited to bring web2 brands into the blockchain space and explore the use of NFTs alongside their existing loyalty programs”
The global loyalty market is valued at USD 7.8 billion, and NFT Tech is poised to use NFTs to fuel the future of loyalty programs. Loyalty programs come in many forms, and as brands look for ways to further engage with customers and fans, loyalty programs are set to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030.
“Loyalty programs are gaining importance in every business and are becoming increasingly important to a business’s success. The market is huge, and loyalty programs are a part of everyone’s life in one way or another. Starbucks is often seen as the leader of the loyalty space, with over 24 million customers actively using their program – representing over 50% of their customers,” said Adam De Cata, CEO of NFT Tech.
Despite their popularity, the loyalty programs of today have many challenges and problems. Customers are sick of carrying multiple reward cards in their wallets, and are questioning the use of their personal data and the real benefits of these programs. In fact, KPMG has found that 38% of people reported a problem with a loyalty program in the past six months.
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To address these issues, NFTs can fuel the future of loyalty programs. NFT use cases in the loyalty and reward industry include:
NFTs as loyalty membership passes – NFTs can serve as an access point to a brand’s loyalty program and specific tiered or individualized perks or benefits, as in the case of, for example, a gym membership. Along with the gym membership, perks could be added according to how often the user accesses the gym, rewarding a healthy lifestyle similarly to Fitbit’s step rewards.
Gated access – NFTs can act as a checkpoint for exclusive services, product releases and content based on NFT ownership. Tokengated commerce can also be used to access future NFT releases and airdrops, as well as exclusive access to community channels, in-person events and retail store activations. For example, an online store may only allow users to add an item to their cart if they already own a loyalty NFT.
Use of Blockchain – NFTs can be used to authenticate product ownership, reward transactions, gate membership access, gamify engagement or even represent a customer’s unique profile within a brand (loyalty) community.
Personalized Rewards – Every NFT is authenticated as unique. This creates an enhanced sense of exclusivity and, consequently, value. Brands can therefore use NFTs to recognise their customers in a more fine-grained, ultra-personalised way. An NFT can unlock specific personalized privileges, such as unique benefits within a programme that might otherwise only have one or two tiers of differentiation.
“We’re excited to bring web2 brands into the blockchain space and explore the use of NFTs alongside their existing loyalty programs,” continued Adam. “With conversations in brick and mortar retail, to large sports organizations, I’m excited to start announcing new partnerships and brands. NFTs have significant utility in this space and the ability to reduce the amount of loyalty programs a customer deals with by tying in reward functions directly with customer activity.”
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