A Shopify application developed by Web3 infrastructure company Co:Create will enable millions of businesses to use the platform to establish blockchain-based loyalty and rewards programs.The Web3 Rewards Tools program, which is powered by Ethereum sidechain Polygon, seeks to assist brands in forging closer ties with their customers by utilizing non-fungible tokens (NFT) and gamified experiences.Brands can offer token-gated products with their own NFT collections and running projects like the Bored Ape Yacht Club or CryptoPunks, as well as give token-based prizes.
In an interview, Tara Fung, CEO and co-founder of Co:Create, stated that Web3’s technology enables retailers to give their devoted customers digital ownership as a way to engage the community that supports a brand.
“We are building an intergrated system that helps the most innovative community centric brands grow, reward and engage their community,” said Fung. “And that is where the Shopify app lives.”
In contrast to larger businesses implementing Web3 activations, she also pointed out that commerce aids startups and newer brands in developing their consumers and interacting with their communities.
“The future of brand engagement and the most exciting brands that people are actually ecstatic about and want to give their advocacy to are often smaller brands that feel very authentic,” said Fung. “Those are the types of brands that are going to want to engage a community more deeply as opposed to utilizing Web3 as just a marketing play.”
Though not the first to do so, Co:Create’s application aims to integrate more brands into Web3 rewards ecosystems. Try Your Best (TYB), an Avalanche-based platform for community participation, launched its app on the Shopify app store in March, enabling businesses to integrate NFT-based loyalty programs into their storefronts.
Beyond just making money, Co:Create is focused on providing fans in-person interactions with the people and businesses they love.Co:Create and ticketing service EVNTZ partnered last month to provide attendees of pop artist Harry Styles’ concert at Slade Castle in Ireland with blockchain-based rewards.