NFTs are one of the foundations of web3. This series will introduce NFTs through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFTs 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 using NFTs as membership cards. In this article, we will focus on this type and learn about 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. This action marks the beginning of Nick's long-term exploration into 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 through such attempts, Nick has expanded his business domain and taken the lead in occupying a new territory. It is difficult 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 incorporated 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 user-friendly term they use for NFTs) to unlock new immersive coffee experiences.
The Odyssey project encourages users to unlock various functions of NFTs through their actions and rewards, ranging from simple "redeemable coffee" and "redeemable memorabilia" 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? Simply put, the advantages are:
- Member data is stored on the blockchain, transparent and reliable.
- Create more possibilities for user participation in 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. 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 requirement for most ordinary people. Reddit's brilliance lies in using easily understandable names to replace more technical terms. For example, wallets are renamed as "vaults" and pfp NFTs are named "collectible avatars." At the same time, complex operations such as creating wallets, including mnemonic phrases and paying gas fees, have been optimized by Reddit, making it easy for users to perform operations.
We see more and more companies and organizations integrating web3 into their businesses. At the same time, in terms of user experience, they use designs that are easier to understand and more convenient to operate, which is something that more crypto products can learn from.
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