Over the last few months, we’ve seen an increase in the number of brands utilizing NFTs as a gateway for loyalty and rewards programs; will this stand the test of time?
NFTs: Improving Value Delivery
In this day and age, companies are interested in giving customers the best value for their money and time. A growing number of companies are choosing NFTs to help champion their loyalty and rewards initiatives.
We’ve seen how successful NFT rewards programs have been in the last few weeks. Therefore, due to the novelty of NFTs, many consumers may be tempted to use a service or product because of its NFT perks.
In a strange development, NFT perks have become so widespread that in many industries and sectors, participants expect NFT rewards. Therefore, even if a brand doesn’t plan on an NFT collection to reward fans, it will be doing itself a disservice if it fails to deliver.
In recent times, staunch NFT stakeholders have pointed out how a large chunk of brand NFTs has very little value, and they may be more like souvenirs. That’s a reasonable claim, but other NFTs from seasoned companies with premium brands like Lamborghini tend to hold their value.
After all, is said and done, the number of businesses entering the NFT space to support their loyalty programs will only increase, bringing a new set of questions that will need to be answered. Until then, it’ll be amazing to witness the growth.
It’s the season for NFT rewards
According to a report from checkout.com, the percentage of merchants willing to support crypto-related payments is higher than ever, and this figure is only growing. Additionally, 62% of merchants that took part in this study by checkout.com plan to incorporate NFTs or digital tokens into their loyalty programs.
Continues on NFT News Today.