Coca-Cola delves into web3 through a new blockchain loyalty program, fostering engagement with digital initiatives and gamification.
‘Loyalty+’ is a new brand loyalty programme being introduced by Insomnia Labs, a blockchain technology firm based in New York, that will enable linked businesses like Coca-Cola to more fully explore the potential of web3.
Through digital loyalty initiatives that include gamification aspects and enable consumers to claim their rewards anywhere, the effort could optimise brand community engagement.
With the recent release of NFT’s “The Masterpiece Collection” on the Base network, Coca-Cola has already demonstrated interest in the blockchain sector. As part of this new endeavour in the web3 domain, the company may create new virtual channels for client contact.
Insomnia Labs and the introduction of the “Loyalty+” programme to entice companies to learn more about blockchain
Coca-Cola welcomes innovation and tests web3 blockchain applications such as NFT collections and loyalty programmes.
Insomnia Labs and the introduction of the “Loyalty+” programme to entice companies to learn more about blockchain
Two days ago, Insomnia Labs, a blockchain technology firm based in New York, announced the introduction of a new loyalty programme dubbed “Loyalty+.” The program’s goal is to assist brands in bringing their communities into the web3 era.
After partnering with Coca-Cola, NYX Professional Makeup by L’Oréal, Web3 Ventures, Berlin Cameron, OpenSea, Polygon, Coinbase, The Sandbox, and Animoca Brands, the firm intends to revolutionise loyalty programmes.
Loyalty+ uses blockchain, NFT, and AI to connect communities with target enterprises, achieve goals, and receive rewards.
The unified online gateway guarantees unique user interactions with customised, gamified experiences.
In its Loyalty+ launch strategy, Insomnia partnered with other web3 companies on October 18 to fundamentally redefine “brand loyalty.”
These consist of Cookie3, Crossmint, Smart Token Labs, and Co:Create.
In particular, the aforementioned partnerships will facilitate Insomnia’s shift from conventional web platforms to blockchain-based ones, guarantee compatibility inside the DeFi domain, and promote interactive gaming environments.
Billy Huang, CEO of Insomnia Labs, highlighted the initiative’s goal while revealing what may end up being the dominating architecture of the future for tying communities and brands together:
“Loyalty+ is a paradigm shift in how loyalty is perceived and applied in the contemporary digital age—it’s more than just a product.”
Big businesses like Coca-Cola, Under Armour, and L’Oréal will now be able to leverage the effects of their customer loyalty programmes, expanding their reach and opening up a whole new world where blockchain technology shines.
Coca-Cola welcomes innovation and tests web3 blockchain applications such as NFT collections and loyalty programmes
Moreover Coca-Cola and Insomnia Labs teamed in 2021 to investigate the potential of web3’s relationship practises and the capabilities of blockchain technology.
Joining the Loyalty+ initiative would give the worldwide soft drink company a seamless platform for its community to play games, earn points, and redeem incentives in real time.
These actions are recorded in scattered digital logs, which enable user-business communication, progress tracking, and virtual linkages.
Many analysts believe these agreements indicate an increasing tendency towards mixing Web3 and traditional features to enrich client experiences.
Most customers worldwide like big businesses’ rewards programmes and games, yet only 64% can claim their promised prizes since these processes are not recorded or automated, according to loyalty programme statistics.
Given that Coca-Cola will sell over 13.7 billion litres of its beverage worldwide in 2021, joining this project would transform the brand-customer loyalty relationship.
Coca-Cola entered the web3 sphere back in August when it introduced its own NFT collection on Coinbase’s Layer-2 Base cryptocurrency network.
As a component of Coinbase’s “On Chain Summer” campaign, the “Masterpiece Collection” gave interested parties the opportunity to buy collectible tokens that featured historical artworks as well as pieces by up-and-coming artists from throughout the globe.
Among the most well-known pieces were Edvard Munch’s “The Scream,” Johannes Vermeer’s “The Girl with a Pearl Earring,” and Van Gogh’s “The Bedroom.”
We were able to view modern pieces by Vikram Kushwah and Aket.
There were eight distinct kinds of NFTs available in total. A unique piece of art was displayed alongside the iconic Coca-Cola bottle in each kind of NFT.
Finally within two months of the project’s inception, over 80,000 NFTs were minted at a mintage price of around 0.014 ETH each, yielding a total volume of approximately half a million dollars.
