“Mined” NFTs (which register your NFT on the blockchain) that act as a sesame to access exclusive experiences, special offers, digital vouchers… It is a complete reinvention of the loyalty programs that Gardenlab offers. Explanations with Maxime Barthélémy, co-founder of the start-up.
How does Gardenlab enable brands to modernize their loyalty programs with NFTs?
We position ourselves as a technology intermediary for brands looking to generate their own NFTs with associated properties. Our technology is very easy to use. Any brand can create its own Web3 loyalty program, without needing to know how to code, on our Saas Gardenlab platform (also available in white label on brand sites). Also, it is not mandatory to have a wallet or cryptocurrency. In Gardenlab, users can simply log in using their usual authentication method (email, phone number, …). The generation of NFTs is also fully automated and takes thirty seconds once authenticated [de l’utilisateur] done.
Let’s take the example of a site that sells cosmetics. The client authenticates with his email. A “claim NFT” button appears. She clicks on it. A code is generated, which all he has to do is enter it into the site to create his NFT. Almost instantly the digital certificate appears with associated benefits depending on its fidelity. To benefit “in real life” (e.g. from a promotion, in-store) you only need to present on your smartphone the QR codes associated with your NFT, which has been automatically generated for you. Some brands have already undertaken loyalty through NFT, such as Starbucks, Nike, Monoprix, Decathlon… They understood that they could thus show a more “modern” image of themselves and reach new goals.
What are the benefits of NFT in loyalty?
Rewarding customers with limited edition NFTs can boost engagement by making them feel special. Also, too, the strength of NFT is its rapid implementation and its interoperability, which favors cross-promotional operations between brands or between brands and retailers. For example, a soda brand may decide to award 10% to all NFT holders of that candy brand. Finally, the flexibility provided by NFT is also an important asset: brands no longer have limits. The possibilities of animations with the community become endless. Last but not least: they it is possible to resell NFTs. Consider the case of a major insurance brand that offers NFTs as a loyalty benefit. Each year, the subscriber receives an NFT with exclusive benefits. But one year he decides to leave this insurance company. He will then have the opportunity to resell his NFT collection with all the associated benefits to another customer of the brand. For the customer who is leaving it is economically advantageous. For the brand, it is the certainty of seeing an “upgrade” of one of its customers destined to become ambassadors given that they collect the NFTs of their own brand. This is a new operation: until now, loyalty programs were not resold.
What is the role of the blockchain?
As far as we are concerned, the blockchain we have chosen for the mint and the NFT exchange is Polygon. Concretely, the blockchain guarantees the traceability of information by creating a decentralized chain of blocks for the entire life of the NFT. It also allows you to set up “smart contracts”, i.e. automate operations and rules, such as the rapid integration of new partners into the loyalty program. There is a lot of data behind the use of NFTs. Our goal is to “give” them to brands. There too, the blockchain has a facilitating role: it allows the collection of more useful and reliable marketing data on customer behavior. This is a new source of information that will prove very useful with the demise of third-party cookies.
What is the ROI of this innovation?
Before we talk about ROI, we need to understand our business model. We take a creation fee for the loyalty program and its implementation and there is also a cost per NFT created. Then, we offer a monthly subscription formula for usage features: creation of QR codes, scans to access benefits… In the end, we believe that the cost of acquiring a new customer, with the NFT loyalty programs we offer, is 10 times lower than with an advertising campaign.