Some may worry that tokenizing loyalty exposes a brand’s crown jewels to the world (and direct competitors): their customer data. Currently, the most commonly used blockchains are public blockchains that allow anyone to see transactions and account holdings. This is likely to change as the industry matures, data protection standards are developed, and zero-knowledge technology is advanced. Nonetheless, even now, in its current form, one could argue that the competitive risk presented by tokenizing loyalty is minimal for companies that serve their customers well. In the more well-known cases of vampire attacks, we see that these competitive strategies were often shortlived and minimally successful, with the majority of customers reverting back to the original platform.
Related posts
-
Tech Entrepreneur Suggests Mainstream Companies May Have Adopted NFT Loyalty Programs Prematurely
According to Juan Otero, CEO of the crypto-native travel... -
Cardano and MultiversX Join Web3 Innovation Initiative in Geneva with Launch of Lightningbox
Blockchain services provider STORM Partners made a major announcement during the Web3Fest, along with Cardano (ADA),... -
Pixelverse Raises $5.5 Million to Expand Web3 Gaming Ecosystem
Pixelverse, a developing entertainment studio and game ecosystem, has...