Very insightful point how there is still a whitespace to build the PIGAF layer for brands to leverage their fan economy more than they do right now. Would be great however if you can also share why brands need web3 to achieve this.
E.g. Starbucks could just launch odyssey as a simple mobile app, why include NFTs and points on-chain if they don't solve a problem?
My 2 cents since this is a guest post, not written by me (but I agree with Tareq's POV)
Brands don't need web3 to achieve this, but the right brands that leverage blockchain can enable this more effectively. This is particularly easier to do with web3 native brands and companies due to organizational and alignment reasons.
Starbucks has sunset Odyssey as they are coming to that realization: https://tpan.substack.com/p/280-starbucks-sunsets-odyssey . They will either launch a revamped version, integrate blockchain into their existing Rewards ecosystem, or take the learnings and apply them offchain.
One of the key pieces around blockchain is with ownership. Brands naturally struggle with this concept at its core because of the risks involved with your customers 'owning' a part of the brand. However, we're seeing lighter versions of that pop up, a good example of that is with .SWOOSH by Nike: https://tpan.substack.com/p/303-what-are-nike-and-rtfkt-up-to
Very insightful point how there is still a whitespace to build the PIGAF layer for brands to leverage their fan economy more than they do right now. Would be great however if you can also share why brands need web3 to achieve this.
E.g. Starbucks could just launch odyssey as a simple mobile app, why include NFTs and points on-chain if they don't solve a problem?
My 2 cents since this is a guest post, not written by me (but I agree with Tareq's POV)
Brands don't need web3 to achieve this, but the right brands that leverage blockchain can enable this more effectively. This is particularly easier to do with web3 native brands and companies due to organizational and alignment reasons.
Starbucks has sunset Odyssey as they are coming to that realization: https://tpan.substack.com/p/280-starbucks-sunsets-odyssey . They will either launch a revamped version, integrate blockchain into their existing Rewards ecosystem, or take the learnings and apply them offchain.
One of the key pieces around blockchain is with ownership. Brands naturally struggle with this concept at its core because of the risks involved with your customers 'owning' a part of the brand. However, we're seeing lighter versions of that pop up, a good example of that is with .SWOOSH by Nike: https://tpan.substack.com/p/303-what-are-nike-and-rtfkt-up-to
Great content! Thanks for sharing.
Of course!