According to Steve Kaczynski, co-author of “The Everything Token” and community lead for Starbucks Odyssey, the NFT space may be experiencing a significant decrease from its all-time highs. However, there is still value for brands and loyalty programs seeking to engage fans in new and innovative ways.
Discussing the future of brand building and loyalty programs, Kaczynski predicts that companies will expand upon “brand anchors” to gated areas like reward programs in 2024. He emphasized that 2022 will see a lot of community-based brand building, in an interview on TechCrunch’s Chain Reaction podcast.
In 2022, Starbucks launched Starbucks Odyssey, marking its initial entry into the web3 world. This experience combined the Starbucks Rewards loyalty program with NFTs to enhance customer experiences.
Kaczynski referenced the success of Starbucks Odyssey in helping people connect with their “tribe,” noting real-life friendships born from the online community. He highlighted the impressive participation in the loyalty program, with over 58,000 active participants reaching at least level one. Kaczyinski added that this participation extends beyond the web3 native community.
He also mentioned the emergence of “third-party utilities” to be established through NFTs, not just by big companies but also by local businesses. Kaczynski provided the example of a promotion by the brand Hot Pockets, illustrating the potential for NFTs to be utilized effectively by various businesses.
Expanding on the value of NFT ownership, Kaczynski compared it to owning a valuable painting in a museum, drawing a parallel to digital ownership made possible by NFTs. He emphasized that NFT ownership allows companies to truly own their loyalty, creating a less one-way relationship with consumers.
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