NFT Tech Enters the $7.8B Loyalty and Reward Market, Pioneering New Technology
The global loyalty market is valued at USD 7.8 billion, and NFT Tech is poised to use NFTs to fuel the future of loyalty programs. Loyalty programs come in many forms, and as brands look for ways to further engage with customers and fans, loyalty programs are set to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030.
Despite their popularity, the loyalty programs of today have many challenges and problems. Customers are sick of carrying multiple reward cards in their wallets, and are questioning the use of their personal data and the real benefits of these programs. In fact, KPMG has found that 38% of people reported a problem with a loyalty program in the past six months. To address these issues, NFTs can fuel the future of loyalty programs. NFT use cases in the loyalty and reward industry include:
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