Hi, thank you for the interesting read. What do you think about the use cases of NFTs by brands maybe to drive engagement and create communities with exclusive memberships, any take on that? Thank you
It's a fine use case. My mind immediately asks the question "Why do I need an NFT for this?".
If the answer to that question is "I want my memberships to be limited, saleable, and/or tradeable", then NFTs are something that can facilitate memberships and give you those capabilities/properties.
If you don't want your membership to have those properties, then it's just easier and more pragmatic to use a database.
Hi, thank you for your reply! Absolutely makes sense.
One other interesting use case I stumbled upon was - Similar to play-to-earn, there could be engage-to-earn loyalty points but instead of points brands offer NFTs (having some kind of value for the consumers) that are unlocked after a certain number of purchases. Here I believe the feature of being able to trade and/ or sell your points, would be a plus for consumers but not sure how sustainable would it be for the brand. Even Gartner's cycle indicated NFTs being in the 'peak of inflated expectations' area.
It honestly reminds me of Brave and BAT. Attention and engagement is the lifeblood of social media. I don't see why we couldn't have an ad/engagement network built on bitcoin. Instead of rewards, give people bitcoin. Then like you said, give them a means to redeem/spend them on whatever they want.
Thank you for your reply. True, Brave and BAT are indeed very impressive use cases. And yes, an ad/engagement network on a blockchain would be so much better in so many ways but I feel rather than Bitcoin as rewards, NFTs could be a better alternative and a sustainable one (for rewarding people in bitcoin, companies would have to invest a lot to stock a huge amount and the customer journey might end after they receive bitcoin, whereas with NFTs there could be ways to keep the customer engaged with the brand). Sorry just learning about the space and trying to find out use cases around NFTs 😁
Hi, thank you for the interesting read. What do you think about the use cases of NFTs by brands maybe to drive engagement and create communities with exclusive memberships, any take on that? Thank you
It's a fine use case. My mind immediately asks the question "Why do I need an NFT for this?".
If the answer to that question is "I want my memberships to be limited, saleable, and/or tradeable", then NFTs are something that can facilitate memberships and give you those capabilities/properties.
If you don't want your membership to have those properties, then it's just easier and more pragmatic to use a database.
Hi, thank you for your reply! Absolutely makes sense.
One other interesting use case I stumbled upon was - Similar to play-to-earn, there could be engage-to-earn loyalty points but instead of points brands offer NFTs (having some kind of value for the consumers) that are unlocked after a certain number of purchases. Here I believe the feature of being able to trade and/ or sell your points, would be a plus for consumers but not sure how sustainable would it be for the brand. Even Gartner's cycle indicated NFTs being in the 'peak of inflated expectations' area.
It honestly reminds me of Brave and BAT. Attention and engagement is the lifeblood of social media. I don't see why we couldn't have an ad/engagement network built on bitcoin. Instead of rewards, give people bitcoin. Then like you said, give them a means to redeem/spend them on whatever they want.
Thank you for your reply. True, Brave and BAT are indeed very impressive use cases. And yes, an ad/engagement network on a blockchain would be so much better in so many ways but I feel rather than Bitcoin as rewards, NFTs could be a better alternative and a sustainable one (for rewarding people in bitcoin, companies would have to invest a lot to stock a huge amount and the customer journey might end after they receive bitcoin, whereas with NFTs there could be ways to keep the customer engaged with the brand). Sorry just learning about the space and trying to find out use cases around NFTs 😁
Loved the read Keegan!