What are NFT Loyalty Program Rewards? Why Should You Create an NFT Loyalty Platform as a Brand?
Non-Fungible Tokens and their blockchains are not a new frame to the tech maniacs. They inhabit the crypto universe. It is still to prove its worth in the physical world, for its great applicable domains for the users. To make you more familiar with these technical terms, understanding the potential of these virtual assets is necessary. The irreplaceable asset in the web3 ecosystem offers many benefits for its platforms. Adding to this, the one trending right now, as we talk, is the NFT loyalty program and its extraordinary reach.
NFTs and the Brands
The world we know loves brands! NFTs, on the other hand, are that gracious temptation people have had since their mainstream entry hit the jackpot. The premium intangible tokens are unique and rare, making their availability less to the users and creating demand.
Now, the quality of being rare and unique is the same as the NFTs to the brands. A brand’s reputation is in its unique selling quality. The amalgamation of these two exclusive industries and the users’ advantages and perks are unbelievable. This brings us to today’s topic of the artice, NFT loyalty platforms.
What are NFT rewards?
The trending commodity of the latest meme, the pop-tart cat, has sold for about $590,000 to $3 million since the very first tweet in 2006. The exorbitant price quoted on these creative pieces doesn’t just give ownership to the buyer but a number of privileges that come with it. The vital part of using the platform these days is the hype of loyalty programs. Instead of giving a long lecture on what it is, let us look into some of the brands that are already into brand loyalty programs.
It is best for the top brands to get into web3 loyalty programs with the help of the best NFT marketing agencies in the town.
Sneak peak of brands using the loyalty rewards platforms
The first one is the Clinique. We must all know what NFT art is. With such a striking incentive, incorporating the NFTs into the loyalty program sure took time, and should I say, it was a success! Clinique is one of Estée Lauder’s brands to grab the hot seat of loyalty programs for rewards.
Clinique smart rewards are structured to behave in a set pattern, in tiers to unlock various rewards. The shocker is that the company had decided to take the already generous platform to another level with an NFT raffle. Using the NFT raffle card to win the trust of winners that pertains to high values in the crypto art swept the majority of the audience for the rewards’ excellent benefits.
The second one is the most popular one on the internet right now, Starbucks, Odyssey. Odyssey is built on the polygon blockchain, thus being eco-friendly and delivering a highly efficient performance in the web3 space. The odyssey performs by finishing the ‘journey of the stamps,’ called the Starbucks rewards, to increase their availability of them among the community members of the popular beverage brand across the world.
Coming to the hype of this Brand loyalty program, the users here are given a rare opportunity to visit Costa Rica’s Hacienda Alsacia Coffee estate. This same loyalty program with generous bonuses waiting for opportunities has single handily bought up the plummeted stock value of Starbucks, which went down by as high as 20%. Some of the other brands flourishing with the effects of brand loyalty had to create web3 rewards loyalty platforms: Nike, fashionable footwear, and Time magazine.
That is enough about the product, but what about the takeaways from these brands?
- These smart rewards initially opened to be a limited-time event. The hurry with the restriction is to build up the hype about the product and have the users on their feet.
- One of the major ‘hit’ elements is that they had the event go global and have all the tiers in the reward system full while maintaining any breaches happening, even with the huge traffic.
- Usually, the NFT brand loyalty platform development had the users enjoy the perks of their reward package by giving away their favorite products close to the fans, thereby having them get more than what they had expected. This also works to cover a larger part of the audience than just the target audience.
Checklists for the successful NFT Loyalty platform development
NFTs are an exciting concept in web3, specifically driven by technological advancements. NFTs integrated with loyalty platforms could be the immediate future across the digital space. NFT Token rewards and the user experience in the forum not only grow the brand equity, but also gain access to vast opportunities creating memorable experiences. When you are going with the NFT loyalty rewards platform development, you must take these given lists in your checklist.
Exclusive NFT every time there is an event or a campaign
That is, the charm of these impenetrable assets is their uniqueness. Locking away the charm to appreciate its value in the market, whenever you need to put out the sale for the NFTs in the marketplace, the developers have to be on the lookout for creating innovative designs with every campaign that gets out for the product. This strategy is used so the users are always curious to unveil the mystique nature of the product.
Limiter-edition rewards for the users at regular intervals
As a crypto enthusiast, no one is interested in the same old display of art. The users yearn for custom-made, unique, and one-of-a-kind artwork as NFTs. The marketplace will take care of such NFTs, but what about the users on their heels for something new? Conduct events or campaigns occasionally with limited-edition concepts to the rewards. It can be anything from giving the consumer a discount for their brands or giving an exclusive merch NFT to the winner of the NFT Loyalty platform.
Blockchain NFT applications in the loyalty rewards program
Since several companies worldwide take advantage of this loyalty rewards program, having a management system to regulate all of them is essential. Due to the hue rotation of currencies across the countries, the loyalty program is set in a way that it proffers different tokens with distinct reward points to the users.
Safe Transactions and data visibility
The transactions in the loyalty platform maintain a pace to attract consumers into the platform, thereby appraising the value of their brands. At the same time, data visibility is concerned with attaining reward points that are unique to the brand and serve utility purposes. The loyalty points, however, are where the users can obtain information based on the tokens in their hands to track their reward points.
Having the blog briefed about the do’s and dont’s about the NFT loyalty platform development, it is time to enter the whereabouts of its benefits and integrated features.
Benefits of the NFT Brand loyalty rewards platform
- Secured and impenetrable blockchain technology to track and verify. They also have integrated the best storage platforms, such as IPFS, Filecoin, and Pinata.
- A unique set of metadata is given to the NFTs, giving the tokens the advantage of the brand to stand out in the market.
- Cost-effective nature that supports many brands to come in and take up the NFT loyalty software that would increase their value.
- Linking the software to digital services will help the brand hype up the NFT engagement, thereby increasing the availability of products and services to the users. This linkage will curb the fraudulent behaviors of any sort.
- Fundraising for businesses with NFTs aids the brands in a much faster and more decentralized trade and transactions. This, in return, helps them collect some exciting shares from the investors.
- A community-based platform that works as a base camp for all the loyal consumers of the particular brand, closing the gaps for rewards’ easy reach.
- Portability is inevitable as the NFT has to be stored and traded, and this transfer can be made with various decentralized applications.
- Instant trades of the NFTs are thanks to the liquidity in the marketplaces.
Features of the NFT Brand loyalty rewards platform
- Storefront to find all the necessary information about the NFTs in the loyalty programs.
- Product Listing benefits the users by listing a number of details like creator, description, price tags, etc.
- Advanced Token search to build up the reach of NFT brand loyalty to the customer
- Payment Gateways necessitates all the different payment options in the crypto wallet with a fixed price for the assets.
- The auction feature aids in creating more traffic on the NFT loyalty platform development for brands and small businesses.
- Third-party API integrations appropriately for the platform will open a wide range of opportunities.
Some of the integrations might be Ethereum, CoinMarketCap for tracking the prices, and a blockchain development platform with advanced tools.
Closing thoughts
The long read of the blog details every possible information for the user to create web3 loyalty rewards platform, in addition to the NFTs. The customer-biased platform appeals to many consumers and displays a paradigm shift in the attitude of brands. Though it might be an arduous process to develop the platform, they also cost a dime more than what is planned for it to build a reliable solution. They may vary from the factors like User Interface designs, development, testing, and services after launching the application as well. The total cost might be around $42,080 approximately for the entire development.
The NFT market is seeing tremendous growth in its trading volume of $4.47 billion each day, and developing an NFT loyalty platform looks to become a success in the crypto world. Pondering to have brand loyalty regards the platform? Collaborate with White-label loyalty program development solutions today.
