NFT-based commerce has world-changing potential
The new “Game Changers 2022” report by CBInsights highlights 9 emerging technologies that could change the world over the next few years, NFT-based decentralized commerce is among them. Let’s look at how NFTs will change the way people shop and why decentralized commerce is beneficial for both retailers and consumers.
“Game Changers 2022”, CBInsights.
Merchants can tokenize physical products and services as non-fungible tokens — allowing buyers to receive a digital representation that they can then resell or redeem for the physical asset. According to the report, “By transacting on the blockchain, the two parties bypass centralized e-commerce platforms that traditionally take a cut, while preserving transparency and authenticity.”
Using NFTs to represent physical items means sellers can open up new sales channels by plugging into virtual environments like metaverses. Many brands have already launched successful projects where NFTs served as a key to a physical item or an exclusive experience. For example, all 30,000 of Adidas’ Into the Metaverse NFTs were minted within a matter of hours. Buying an NFT gave owners access to special physical goods, like a hoodie and the tracksuit worn by the Bored Ape that Adidas owns, as well as upcoming digital experiences.
CBInsights’ experts also explained in the report why NFT-based decentralized commerce is highly beneficial for brands, “A decentralized commerce model allows consumers to transact directly with sellers in a transparent, trustworthy environment at a lower cost structure. It balances authentication, visibility, and community to enable reliable and consistent commerce experiences.”
In addition to the above, NFTs are indispensable when it comes to community building and creating a direct customer communication channel. This is where Cappasity comes into play.
Soon, Cappasity users will get the opportunity to create NFTs for physical products on the Cappasity platform and use them as a new tool to engage with their brand’s fans. A Cappasity NFT differs from other digital assets because it can contain not only photos and videos, but also text (e.g. a brand’s history); immersive content (3D/3D View visualization, AR holograms, virtual try-on); and VIP perks and benefits, like personalized discounts, invitations to events, priority access to new product launches, and more. Brands can add new content to NFTs even after their customer gets the token, which allows them to use Cappasity NFTs as a new customer communication channel.
To provide a customer with a Cappasity NFT, a brand creates an NFT on the Cappasity platform and generates a QR code, a redeem code, or an invitation link providing access to the NFT. The brand then prints the QR code on their product’s tag or sends the redeem code or link to a customer by email. The buyer only needs to scan the QR code or follow the link and they will get access to the NFT. This video demonstrates how a brand can share a Cappasity NFT using a QR code printed on their item’s tag:
To create an NFT-based customer loyalty program, contact our team at firstname.lastname@example.org.