SBC SUMMIT BARCELONA Fira Barcelona Montjuïc - Thursday 21st September, 2023 Owning part of the game - unlocking the potential of NFT-driven loyalty Conference Stage 7, 15:00 – 15:40
Unlocking potential: NFT-driven loyalty
Anton Lerner
Founder, Web 3.0 Blockchain Stealth
Ahead of moderating a panel discussion on unlocking the potential of NFT-driven loyalty, Anton Lerner shares his thoughts on how NFTs can be used to improve transparency and fairness in iGaming and gambling, and what impact this might have on customer trust and loyalty. What implications might 'owning part of the game' have for the traditional business models of these industries?
Te genesis of NFTs was inherently tied to their uniqueness and indivisibility, distinguishing them from other cryptocurrencies like Bitcoin or Ethereum. Tese traits made NFTs ideal for representing ownership of unique digital items, turning them into investment assets. Early examples include CryptoKitties, where each digital cat was tokenised as an NFT.
However, the utility of NFTs quickly expanded beyond being mere digital collectibles. Entrepreneurs, artists, and innovators found value in these tokens for granting holders unique access to content and experiences. Te digital art market exploded with NFTs, and creators found a new way to monetise their work and engage with fans.
High-profile examples include Gary Vaynerchuk (Gary Vee), who launched his VeeFriends NFT collection, with each token offering varying levels of access to online content and real-life experiences such as conferences, mentorships, and social events. Similarly, the Board Ape Yacht Club, an NFT collection of unique digital apes, provided holders membership to a virtual club and exclusive perks, creating a sense of community.
Traditional loyalty programmes in gaming, while effective, have limitations. Tey tend to focus on rewarding the amount of time or money a player spends in a game, often overlooking the players' sense of belonging and influence within the game's community.
NFTs introduce a paradigm shift in this area. By tokenising in-game assets as NFTs, developers can offer players genuine ownership over these assets, establishing a stronger connection
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Beyond individual rewards, NFTs can build a sense of
community, greatly enhancing player loyalty. By holding specific NFTs, players can gain membership to exclusive clubs within the game, similar to the Board Ape Yacht Club. This
fosters a shared identity and camaraderie among players, promoting engagement and attachment to the game.
between the player and the game. Players can buy, sell, or trade these NFTs, turning their in- game achievements into potential real-world profits.
Moreover, special NFTs can grant players access to unique content, just like Gary Vee's and Board Ape Yacht Club's approach. Tese could include special missions, areas, characters, or abilities, further incentivising players to remain engaged and invested in the game.
Beyond individual rewards, NFTs can build a sense of community, greatly enhancing player loyalty. By holding specific NFTs, players can gain membership to exclusive clubs within the game, similar to the Board Ape Yacht Club. Tis fosters a shared identity and camaraderie among players, promoting engagement and attachment to the game.
Furthermore, NFTs can serve as tokens of governance, allowing players to influence game rules, updates, or future developments. Tis democratic approach can empower players, make them feel valued, and nurture a deeper sense of loyalty. It shifts the dynamics from being mere participants to active stakeholders, vested in the game's success.
As we look towards the future, two significant developments promise to dramatically reshape the landscape of NFT-driven loyalty: Soul- Bound Tokens (SBTs) and account abstraction technology.
SBTs introduce the concept of non-transferable on-chain IDs. Tese unique identifiers bound to a particular wallet address or user, will revolutionise how brands identify and interact with their users. While NFTs can be freely transferred, SBTs remain permanently linked to a user, ensuring that any interactions or rewards associated with the token are genuinely personal.
NFTs could act as complementary assets to these SBTs. Tey can provide additional layers of functionality or value to these unique on- chain identities. Imagine a scenario where owning a specific NFT grants your SBT - your digital identity - access to exclusive online content or real-world experiences. Tis enhanced interoperability between NFTs and SBTs could enable a more personalised and engaging loyalty experience, which transcends the digital and physical realms.
Te second critical development lies in the realm of account abstraction technology. Tis tech allows wallets to behave in a similar
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