As the world continues to become more digital, the demands and needs of consumers are changing, and NFTs might be a big part of the future for brands.
The consumer is changing and a lot of other brands, whether they have a loyalty program or not, are facing that challenge. The consumer in general has become more appreciative of digital goods and has become more hyper digitalized.
Starbucks launched a loyalty program called Starbucks Odyssey at the beginning of the month. The coffee giant collaborated with Forum3 to build out their NFT project.
Starbucks said in September that it wanted its most loyal customers to be able to earn a broader, more diverse set of rewards. Instead, Odyssey introduces a new platform where customers can engage with interactive activities called "Journeys" that will allow them to earn Journey Stamps, which is Starbucks' less technical terminology for NFTs.
Forum3 has mostly worked with consumer brands, retailers, sports leagues and direct-to-consumer subscription companies.
Odyssey is part of the Starbucks loyalty program. It is an opportunity for innovation and extension of loyalty.
Earlier this year, Nike launched an NFT and metaverse platform, which will allow shoe lovers to trade and create virtual sneakers.
The focus of a loyalty program is often giving something to customers in return for their loyalty to a brand, according to a post by the author of the book. The brand gives in return. Digital convenience, such as remembering your favorite items, address, and payment methods, suggests items, and lets you order ahead.
Digital points could be owned by customers. True digital ownership, or NFTs, provides a much moreImmersive loyalty layer. It allows customers to receive points and collectibles that are beyond what a typical rewards program allows.
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