A lot of companies have loyalty programs. These generally work by giving customers who sign up for them perks and advantages, in exchange for things like some personal information and the tracking of spending habits. Now that digital currencies are becoming more popular, a few loyalty programs are looking at adding these as options for their customers.
If merchants use blockchain technology in their loyalty programs, customers can redeem points and other loyalty rewards securely. That can give customers protected access to custom-made products, discounts, and early access to new products before they become available to the public.
One company, Try Your Best (TYB) is doing this by helping brands build loyalty in their customers through the use of blockchain technology. Built on the Avalanche blockchain, TYB offers the option for companies to reward customers through virtual loyalty coins. Then those coins are redeemed by the customer later, for things like event access or products.
The debut of all this started last summer with TYB and Joggy, which is a wellness company. Coins were sold to founding Joggy members, and then those customers gained access to a revenue-based rewards program. Additionally, they received a family and friends discount, and options for earning free products.
While there aren’t too many companies using NFTs and digital currency just yet, 62% of the companies surveyed about it say they plan to do this in the future. How long it will be likely depends on the company and the strength of their loyalty program, along with what they want to offer to customers.
Blockchain is still misunderstood by plenty of customers and companies, so it may take time before digital currency is a common theme in rewards programs. Joggy has had success with their “Joggy Doggy” NFT, though, and seeing that success can encourage other companies to get started on adding digital currency options to their own loyalty programs in the future.
From an estate planning standpoint, digital assets are another area to consider when creating and implementing Wills, Trusts, and other estate planning tools. It is important to make sure your documents address the management and disposition of any digital assets you own, as well as authorizing your named personal representative or trustee to handle those assets as part of your overall estate or trust. To learn more, contact The Estate Planning & Legacy Law Center today!