- Loyal explains that it prefers to focus less on the speculative aspect but more on community and value.
- As part of their plan, community members could earn, purchase or add loyalty assets while they also have the option to redeem them in-shop.
Loyal is set to become the first customer loyalty project to be launched on the Touchpoint Open Builders Program on Shimmer Mainnet. According to the official release, they will provide a new code tool for gastronomy, hospitality, service providers, and retailers to introduce their loyalty assets as Non-Fungible Tokens (NFT).
The loyalty asset is said to be anything like vouchers, cross-brand membership levels, utility, and access to unique products. Their presence on the Shimmer Mainnet can assist non-tech native businesses to create their loyalty assets easily.
:loyal will be the first customer loyalty project released on Shimmer mainnet! loyal starts by delivering utility NFT coupons for major German coffee brands from 1 February 2023 onwards – so feel free to download us in the App Store or Play Store.\” 👀 https://t.co/2a5d5S9WDp
— IOTA Vrom.iota 🦋✨️💪➡️🐙☠️🤖soon (@Vrom14286662) January 26, 2023
Loyal strives to make decentralized tech available to gastronomy, hospitality, service providers, and retailers to help them win and retain customer loyalty. Most businesses lack the resources to develop their own loyalty assets and get them in front of their customer base or community.
Members could earn and redeem in-shop
Another benefit to businesses is that their marketplace can be used to launch campaigns for their audiences. Loyal explains that it prefers to focus less on the speculative aspect but more on community and value. As part of their plan, community members could earn, purchase or add loyalty assets while they also have the option to redeem them in-shop. This is much different from their competitors as many of them choose a multi-chain approach. This ends up motivating speculators to add or purchase loyalty assets in their wallets. Eventually, they sell them for a profit at common marketplaces.
Users can show what they earned in the future by connecting to social media. On top of that, they could battle against each other. As loyalty assets become more valuable, EVM compatibility may be added.
From the customer perspective: Imagine loyal as OpenSea but for all the loyalty assets you can think of. Which brands do you often visit or shop at? By offering their NFTs via our app’s marketplace, these brands will incentivize you to check out the loyal app almost as often as Instagram.
Loyal has a broad target
Loyal further hints that its target is very broad and includes coffee drinkers, unlike other teams from the Web3 ecosystem. They also observe that their audiences may not necessarily be familiar with Web3 but are focused on the real-life NFT use case on Shimmer right after adding its first loyalty asset into a loyal wallet. Very soon, their initiative could assist coffee drinkers to use Web3. Also, online shop owners could have their share as it plans to support non-physical stores and apps. From the beginning of February, Loyal will start with brand-centered coupons.
According to Loyal, they would start NFTs as coupons, and unlock utilities such as 2-for-1 offers on products and discounts off total bills.
In the long run, we’ll be disruptive to the extent that businesses will for the first time be able to offer inter-brand loyalty assets: frequent spending at brand X (for example your favorite coffee chain) will unlock utility, higher level, and/or collectibles at brand Y (for example, your go-to airline).
Shimmer’s Tangle would be largely relied on to ensure transparency across purchases as well as redemption transactions of NFT.