VANCOUVER, British Columbia–(BUSINESS WIRE)–NFT Technologies Inc. (NEO: NFT | OTC Pink: NFTFF | FRA: 8LO) (the “Company” or “NFT Tech”), a leading technology company that partners with top-tier brands to accelerate their entry into the web3 world through innovative technologies and unparalleled creativity, today announced its entry into the loyalty and rewards market.
The global loyalty market is valued at USD 7.8 billion and NFT Tech is poised to use NFTs to drive the future of loyalty programs. Loyalty programs come in many forms, and as brands look for ways to further engage with customers and fans, loyalty programs will expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030.
“Loyalty programs are gaining more and more importance in every business and are increasingly important to a company’s success. The market is big, and loyalty programs are part of everyone’s life in one way or another. Starbucks is often seen as the leader in the loyalty space, with over 24 million customers actively using their program – representing over 50% of their customers, said Adam De Cata, CEO of NFT Tech.
Despite their popularity, loyalty programs today have many challenges and problems. Customers are tired of carrying multiple rewards cards in their wallets, questioning the use of their personal data and the real benefits of these programs. In fact, KPMG found that 38% of people reported a problem with a loyalty program in the past six months.
To address these issues, NFTs can fuel the future of loyalty programs. NFT use cases in the loyalty and rewards industry include:
NFTs as Loyalty Memberships pass – NFTs can serve as an access point to a brand’s loyalty program and specific tiered or individualized benefits or perks, such as in a gym membership. Along with the gym membership, benefits can be added based on how often the user hits the gym, rewarding a healthy lifestyle similar to Fitbit’s step rewards.
Gated access – NFTs can act as a checkpoint for exclusive services, product releases and content based on NFT ownership. Tokenized trading can also be used to gain access to future NFT releases and airdrops, as well as exclusive access to community channels, personal events, and store activations. For example, an online store may only allow users to add an item to their cart if they already own a loyalty NFT.
Use of Blockchain – NFTs can be used to authenticate product ownership, reward transactions, gate membership access, gamify engagement, or even represent a customer’s unique profile within a brand community (loyalty community).
Personal rewards – Each NFT is authenticated as unique. This creates an increased sense of exclusivity and, consequently, value. Brands can therefore use NFTs to recognize their customers in a more granular, ultra-personal way. An NFT can unlock specific personal privileges, such as unique benefits in a program that might otherwise only have one or two levels of differentiation.
“We are excited to bring web2 brands into the blockchain space and explore the use of NFTs alongside their existing loyalty programs,” continued Adam. “With calls in brick-and-mortar retail, to major sports organizations, I’m excited to start announcing new partnerships and brands. NFTs have significant utility in this area and the ability to reduce the amount of loyalty programs a customer handles by tying rewards features directly to customer activity.”
About NFT Tech
Publicly listed on NEO as $NFT, NFT Technologies (NFT Tech) is a company that partners with top-tier brands to accelerate their entry into the web3 world through innovative technologies and unparalleled creativity. By working with established brands and intellectual property, NFT Tech leverages loyal customer and fan bases to achieve future-proof credibility in the metaverse and web3 spheres.
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Warning regarding forward-looking information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements are generally identified by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”. ,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements in this press release include statements relating to multi-year agreements, partnerships and contract targets; revenue and pipeline forecasts; recurring revenue models; benefits realized from said partnerships and agreements; expansion of the company’s NFT development and product offering; potential benefits and requirements of direct-to-consumer NFT projects; potential benefits, development and acceptance of web3 and related applications; plans to accelerate growth; and continued public acceptance of NFTs. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. and information deals with future events and circumstances, they inherently involve risk risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, without limitation, the risk factors described in the prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this press release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required to do so of applicable laws.
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