According to current trends, NFT is a technology that can offer many new opportunities not only within artists or collectors but in various B2B and B2C industries. Among its strategic uses, NFTs are changing the meaning of brand loyalty. In fact brands are launching loyalty programs and using NFTs to create and distribute digital loyalty points, coupons, vouchers, and other promotional content.
These NFTs can be used as rewards for customers who make purchases, participate in promotions or complete other actions that the brand wants to incentivize. Once customers receive these NFTs, they can hold onto them as a form of digital currency or collectible, and potentially trade or resell them on digital marketplaces. This gives these tokens a significant value and helps create a strong acquisition and build brand loyalty. In this way, businesses can increase customer engagement, develop a strong loyalty community and offer a unique and innovative experience.
Here are some examples of brands offering loyalty programs based on blockchain and NFT technology.
Bennet’s purpose is to guarantee its customers new services and exclusive benefits through the use of the metaverse and by a different interaction between the physical and virtual worlds, which will bring added value to users and the whole community. As the company confirms, the initiative has become immediately successful: “We are very proud of our loyalty project based on a community token created thanks to blockchain and NFT technology, which is already enjoying considerable success. The Bennet NFT Club was announced in December 2022… and in just a few weeks, the number of registrants exceeds the NFTs available for this first launch phase (2,700 in total).”
Moreover, it offers many benefits: opportunities to learn together (such as AMA and expert masterclasses), to play together (through game passes and exclusive game resources), to build together (accelerator program), and to do good together (by organizing and contributing to social causes). Yat Siu, co-founder and executive chairman of Animoca Brands, commented, “The Animoca Brands community extends around the world and throughout the open metaverse… Mocaverse is an opportunity to create a closer and more synergistic community as we strengthen connections between our teams and our portfolio and create new ways to build the next big projects and platforms.”
Owners will be able to use their rewards to purchase goods and services from BMW and a connected ecosystem in the future. Coinweb CEO Toby Gilbert, talked about the upcoming loyalty program: “Customers will be rewarded with loyalty points and will be able to spend within the ecosystem. Our hope is that there will be a future global rollout, but right now, our partnership is about Thailand.”
There are five loyalty bands and a ranking system that rewards users with various benefits based on points earned. In addition, Magic Eden offers buyers dynamic rates to its tiered structure. The goal of these initiatives is to incentivize engagement and encourage NFT merchants to use the innovative cross-chain marketplace.
Magic Eden CEO Jack Lu and head of marketing Tiffany Huang stated: “We want Magic Eden to be a place where collectors and creators connect beyond the transactional level and, instead, a hub where users can more deeply engage with the community.”
FInally NFTs are proving to be a valuable asset for businesses and brands looking to innovate their loyalty programs and create unique experiences for their customers. In fact the examples in this article demonstrate the wide range of ways NFTs can be used to drive customer engagement, increase brand loyalty, and create a sense of exclusivity. From gaming and retail to education or automotive, we have seen how NFTs can be used to reward customers, incentivize purchases and create a sense of community.
It’s clear that NFTs have the potential to change the way businesses and brands think about loyalty programs. Therefore as the market for NFTs continues to evolve, it will be interesting to see how businesses and brands will continue to use this technology to create new and exciting opportunities for their customers.