The use of NFTs as access tokens — in essence, tickets that entitle the holder to some sort of benefit — is already widespread among the brands that are penetrating the crypto-savvy community. Anywhere proof of ownership is required in the real world, NFTs are a natural choice because they make it easy to secure, store, use, and transfer that proof whenever necessary.
Everything from a coffee shop loyalty program to rewards from your favorite FMCG brand. The flexible nature of NFTs and their multi-faceted nature make them exceptionally useful to use as membership tokens for a loyalty program or even an NFT medal for your most loyal users. Also, consider what traditional loyalty systems already exist and what type of products can create loyalty, then digitize it through NFTs and enhance it through the multiple options that NFT tech provides. Brands can now think in this way “What would the world look like if we were rewarded for being good customers beyond coupons and discounts?”.
Why not existing loyalty programs? Well, traditional loyalty programs have lost their appeal, with 38% of consumers surveyed saying they aren't interested in joining loyalty programs, according to a study by CFI Group and Radial. According to the report, consumers are reluctant to join loyalty programs because they feel the value they offer is not worth the time, money, or effort of signing up. NFTs can clearly fix this issue, as they offer customers more options than simply using points, they reduce system-management costs, and the system is more secure and trustworthy due to blockchain technology. But perhaps more importantly, if the brand so wishes, there could be a market for exchanging these NFTs, giving holders more opportunities to benefit.