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.
Looking at things on a broader scale, we see that almost a quarter of all online businesses plan to offer crypto payment support by 2024. Kudos to checkout.com for carrying out this eye-opening survey, and about 3,000 companies participated in this survey showing a healthy sample size.
Most of the entities participating in this survey are Fintech, e-commerce, and platform-based online B2C marketplaces across almost a dozen countries. The majority of responses came from businesses in the United States, United Kingdom, Australia, Germany, and France.
Loyalty is the key
Businesses invest a considerable amount of their resources into keeping customers happy because it’s easier to retain customers than acquire new ones. NFTs will prove valuable as brands get ready to outmuscle each other to provide the best customer experience.
Naturally, businesses owned and operated by younger people are more likely to adopt NFTs and crypto technology, which may be one reason why checkout.com chose respondents between the ages of 25 and 45 for its survey. After all, is said and done, NFTs have given businesses a fresh way to make members feel valued, which is a win-win for both parties.
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