The NFT market was worth $41 billion at the end of last year, and is expected to double in size by the end of 2022, according to a report. Individual NFT projects must find ways to stand out in order to succeed.
Incentivizing repeat purchases from customers is a key driver of success in the community.
There are too many NFT projects and not enough utility for NFT holders, according to Brandon Bryant, a partner at Harlem Capital.
Bryant led Harlem Capital's investment into Glow Labs, a white-label software that allows companies and creators to build their own loyalty rewards programs.
Two engineers in their twenties who first met at JPMorgan, where they worked together on the developer team for the Chase site and mobile app, founded Glow Labs, which launched in November 2021. They are now co-CEOs of Glow Labs.
She started her own NFT project in 2020 while she was still working at JP Morgan. She wanted to reward her customers with a free NFT that they would receive for their loyalty that she hoped would encourage them to engage with her project.
She said that it took her and her team nearly four weeks to build and deploy the airdrop, which cost $10,000. She realized that it was difficult to build community through loyalty programs in web3 and that she had to work with Reardon to build an easy-to-use solution for project creators.
The Glow Labs product allows creators to create loyalty offerings without the need for coding in a matter of seconds. The company has 888-405-7720 888-405-7720
One reward is gas back. Projects can offer to cover the gas fee required to mint an NFT on behalf of their customers for future purchases with the goal of encouraging repeat transactions.
The platform supports rewarding both early and loyal holders.
It allows creators to reward their communities for engagement with the project on social media, drumming up hype around spreading the word on social media. On the back end, Glow Labs shows its customers a detailed dashboard of the data it collects on social media engagement. The company says it can distribute rewards to users in real-time with its analytics tool.
While the startup is mainly targeting web3 native companies and projects today, it eventually hopes to attract traditional businesses as well that want to attract customers through blockchain-based rewards.
The company wants to rinse, repeat and get as much data as possible.
75% of our conversations today are with NFT projects, and 10% to 15% of our conversations are with brands that have already done an airdrop.
Atlas Lyons Club and Digital Twin are its current customers, according to the company.
There are other startup trying to build a product that uses the power of web3 to build community and brand engagement. Ty Haney, founder of athleticwear company Outdoor Voices, made waves last month when she announced her latest venture, Try Your Best, which aims to help brands reward their customers withBlockchain-based assets.
The B2B focus of Glow Labs makes it different from other platforms.
Users can create their own token, have their own branding, and have their own rewards program, whereas other competitors use their own branding or token.
The company has received a lot of inbound interest, but right now it is choosing which customers it brings on board. The brands that have already done two to three airdrops are the focus of Glow Labs.
I think that has been a challenge. We need those companies to find their way, and then we can circle back and do the rewards.
Harlem Capital led the seed funding of $4.15 million for Glow Labs.
The long-term goal of the company is to work with a broader group of companies. A lot of the inbound interest Glow Labs has seen has come from companies in the fashion space.
The bridge from web2 to web3 can be provided by Glow Labs. There will be a loyalty rewards software for web3 as well as the Squarespace of web three.
The article has been changed to say that Harlem Capital led the round.
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