NFT Tech Enters the $7.8B Loyalty and Reward Market, Pioneering New Technology
NFT Technologies Inc. (NEO: NFT | OTC Pink: NFTFF) has announced its entry into the loyalty and reward market, leveraging NFTs to innovate loyalty programs.
The global loyalty market is valued at USD 7.8 billion and is expected to grow at a 10.5% CAGR from 2022 to 2030. CEO Adam De Cata highlighted challenges in existing loyalty programs, such as customer dissatisfaction and data privacy concerns. By employing NFTs, the company aims to enhance customer experiences and engagement, offering personalized rewards and exclusive access through blockchain technology.
- Entering the lucrative USD 7.8 billion loyalty market.
- NFT applications can address challenges in current loyalty programs, enhancing customer engagement.
- Potential for partnerships with major brands to innovate loyalty frameworks.
- None.
(Graphic: Business Wire)
The global loyalty market is valued at
“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
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,
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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Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements in this press release include statements relating to multi-year deals, partnerships and contract goals; revenue and pipeline projections; recurring revenue models; benefits realized from said partnerships and agreements; expansion of the Company's NFT developments and product offerings; potential benefits and demands for direct-to-consumer NFT projects; potential benefits, development and acceptance of web3 and related applications; plans for accelerating growth; and the continued public acceptance of NFTs. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release including, without limitation, the risk factors described in the Prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220909005531/en/
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