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NFTs may play a significant role in the future for organizations trying to spice up their rewards programs, according to Adam Brotman, co-CEO and co-founder of Forum3. As the world becomes increasingly digital, customer demands and requirements are shifting.
As the former chief digital officer of Starbucks and other large brands, Brotman said, “We’re hearing from a lot of different organizations, whether they have a loyalty program or not, that what all big brands are fighting with right now is that the consumer is changing.” The consumer has become more hyperdigitalized and receptive of digital goods in general, not simply Gen Z or millennials.
Starbucks Odyssey, a blockchain-based loyalty program and NFT community, was introduced at the beginning of this month. According to Brotman, the effort was started thanks to a collaboration with Forum3, which supported the development of the coffee company’s NFT project.
Starbucks stated in September that it envisioned the program as a way for its most devoted patrons to earn a wider, more varied set of prizes in addition to the benefits they may currently receive, like free drinks. Instead, Odyssey presents a new platform where users can participate with interactive “Journeys” that, when finished, enable members to earn collectible Journey Stamps – Starbucks’ less formal designation for NFTs.
The web3 customer loyalty-focused Forum3 has been collaborating mostly with direct-to-consumer subscription businesses, sports leagues, restaurants, consumer brands, and retailers (outside of Starbucks), according to Brotman.
Odyssey is a development of the Starbucks rewards program, according to Brotman. It’s a chance to innovate and increase loyalty.
Separately, Nike introduced an NFT and metaverse platform earlier this year.
Swoosh, which will let sneakerheads trade and make virtual “wearables and sneakers” online.
According to a blog article by Brotman, a loyalty program is frequently focused on providing customers with something in exchange for their devotion to a brand. “What offers the brand in exchange? discounts and technological conveniences like storing your preferred products, addresses, and payment methods, recommending products, and letting you order ahead
But what if customers could truly possess these virtual currency points or royalty rewards? NFTs, or real digital ownership, enter the picture in this situation and offer a “far more immersive loyalty layer,” according to Brotman. Customers can obtain points and digital items that they already own and could utilize in ways that are not now possible with standard rewards programs.
