NFTs are one of the foundations of web3. This series will introduce NFT through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFT from scratch.
Previously, we learned about the basic types of NFTs, most of which occur in the crypto world. In this article, we will explore the application cases of integrating NFTs with real-world businesses.
Nick#
In the previous articles about NFT types, we mentioned the scenario of using NFTs as membership cards. In this article, we will focus on this type and learn about examples of companies that have integrated NFTs into existing businesses.
The first example is Nick's acquisition of RTFKT, a web3 metaverse fashion startup. As a leading sports brand, Nick's uncommon acquisition business has attracted a lot of attention, and this action marks the beginning of Nick's long-term exploration in the digital field. In the subsequent business development, they integrated NFTs into some physical products and also merged the digital world with existing brands. It has to be said that in such attempts, Nick expanded his business domain and took the lead in occupying a new territory. It is hard to say how many new opportunities Nick will bring with the development of the digital economy.
Starbucks#
The second well-known example is Starbucks, which has introduced NFTs into its customer loyalty reward program. This project, called "Odyssey," attracts the participation of 30 million members worldwide by allowing users to earn and purchase "digital collectible stamps" (a more easily understandable term they use for NFTs) to unlock new immersive coffee experiences.
The Odyssey project encourages users to unlock various NFT functionalities through their actions and rewards: from simple "redeemable coffee" and "redeemable souvenirs" to more complex "coffee farm tours." With the collected NFTs, users can do many things.
We all know that Starbucks already has a mature membership system, but why do an NFT project? In simple terms, the advantages are:
- Member data is stored on the blockchain, transparent and reliable.
- Create more possibilities for user engagement with products and enhance user loyalty to the brand.
Reddit#
The last example is Reddit, whose NFT avatar project has more holders than the number of trading users on OpenSea. The reason for their success lies in reducing the understanding cost for users. In previous web3 products, newcomers needed to have a certain level of crypto knowledge, which was a high threshold for most ordinary people. Reddit's brilliance lies in using easily understandable names to replace more technical terms, such as renaming wallets as "vaults" and pfp NFTs as "collectible avatars." At the same time, they optimized complex operations such as creating wallets, including mnemonic phrases and paying gas fees, making it easy for users to perform operations.
We see more and more companies and organizations integrating web3 into their own businesses. At the same time, in terms of user experience, they serve users with designs that are easier to understand and more convenient to operate. This is something that more crypto products need to learn from.
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