1. Offering NFT-Based Loyalty Program

The introduction and implementation of NFT token rewards in customer loyalty are advancing to a world where customers receive experiences digitally. The challenge faced by traditional loyalty programs is that it is restricted to brand-specific redeeming points in exchange for rewards. It offers very little flexibility and also comes attached with expiration dates.

Integration of NFTs doesn’t restrict brands and helps to create unique experiences for its users. A brand can convert anything to a digital token and link it with any experience or reward. One such brand is Starbucks. The brand states that it will offer its members the opportunity to buy and earn NFTs, allowing its consumers to access new, engaging and immersive coffee experiences. This enables the creation of an NFT owner’s exclusive community.

2. Providing Personalization

By owning something representing a user’s experience with the brand, NFTs can become a storytelling aspect of the brand. It will allow brands to provide their customers with personalized and unique experiences by offering them a digitalized asset that can be traded, collected or sold. Leveraging unique experiences will lead to the creation of a collectors community of a brand’s products and services.

3. Donating Proceeds to Charity

Various brands donate the proceeds received from NFTs to charities. This not only helps in creating a brand image that instills itself into being a valuable asset to society but also helps in attracting today’s customers. These customers are more likely to buy products or services from a brand that is purpose-driven, meaning that it has a mission to give back to society and support its needs. Gen Z and tech-savvy consumers can also be targeted using NFTs proceeds for donations.

Even though NFTs have generated hype around them, many still don’t understand what they are and how they work. By leveraging NFT in marketing, brands can benefit from efficiency, traceability, and transparency. Not just brands but the entire business community stands to benefit from using NFTs as it creates a more significant and virtuous social impact. One important way for NFTs to be massively adopted is through creating awareness about their benefits. NFTs have immense potential as a technology to help improve the quality of life.