#454: Understanding Web 3.0, Crypto-currencies, Metaverse and NFT's (Short Summary Show)

Paula: Welcome to Let’s Talk Loyalty, an industry podcast for loyalty marketing professionals. I’m Paula Thomas, the founder of Let’s Talk Loyalty. Today’s episode is hosted by Tom Peace, Managing Director of the Loyalty People, a strategic consultancy with a laser focus on loyalty, CRM, and customer engagement.

The Loyalty People also runs a free global community for anyone working in the loyalty industry. If you’re working in loyalty marketing, make sure to join Let’s Talk Loyalty every Tuesday, Wednesday, and Thursday to hear the latest ideas from loyalty experts around the world.

Just before we share today’s episode, I want to ask you to sign up to the Let’s Talk Loyalty email newsletter. Our email newsletter is by far the best way for us to keep you up to date with all of the latest incredible loyalty stories we’re sharing each week. It’s also the easiest place for you to find our show notes with links to everything mentioned in all of the episodes.

You can sign up at letstalkloyalty. com

Tom: Hi, I’m Tom Peace, Managing Director of The Loyalty People and presenter of Let’s Talk A Little Loyalty. Welcome to this week’s short summary show. In this week’s episode of Let’s Talk A Little Loyalty, I’m reviewing the original podcast where Paula was joined by Stuart Evans, a Web3 strategy advisor with a passion for understanding new and emerging technologies. Much has been made of web3, crypto, NFTs, and the metaverse as innovations for the loyalty industry. And in this summary show, I review the key points that could potentially makes these solutions an innovation in the loyalty sector. Web3, blockchain, NFT, and the metaverse are the hottest topics in business right now, but most of us have yet to figure out what the potential could be for these newest technologies within our loyalty programs.

Thankfully, Stuart provides some excellent advice to help us figure out whether the opportunities they offer are purely for fun or for real commercial consideration. First of all, Stuart talks about how Web3 is about creating choice, freedom and control, really as a social movement. This way of thinking and behaving comes from gamers who have access to total freedom in today’s modern video games.

Web3 is meant to be decentralised, open to everyone and built on top of blockchain technologies where people are in control of their own data and transactions are transparently recorded on blockchains.

From a loyalty point of view, this is very interesting as it puts the ownership of the data absolutely with the customer, not the brand or loyalty program, although it is accessible, if the customer allows it. Stuart also talks about how this really is the way that blockchain will be used for loyalty in the future, not as a cryptocurrency, but as highly secure data storage and transfer. Crypto can be used in loyalty to support NFT solutions for brands, and this is already starting to happen with brands like Starbucks and their loyalty program.

In this case, NFTs are given to customers. And this non fungible token is held on one of the existing crypto platforms. NFTs are interesting for loyalty as they enable very secure method of distribution of valuable customer assets. For example, it’s a secure trusted solution for something like airline tickets.

And it’s interesting to see how Lufthansa have recently innovated their loyalty program with NFTs for tickets and other benefits, such as lounge access, which can then be shared or gifted. Finally, Stuart talks about how the metaverse can be used for loyalty, and this really relates to augmented realities and experiences that enrich the customer experience.

On a simple level, this can be through enhanced services. In a digital environment, such as a cosmetics brand showing different looks virtually more and more metaverse engagements are likely and will become increasingly advanced as the proliferation of immersive headsets continues. I must admit that this new technology is something new for me too.

And I did listen to this particular show twice over to make sure I understand all the jargon. It’s a great show and well worth a listen. You can find the main show at www. letstalkloyalty. com and first aired on the 4th of August, 2022, episode number 258. Thanks for listening. I hope you enjoyed my summary show.

All the best and speak to you soon, Tom.

Paula: This show is sponsored by The Wise Marketer. The world’s most popular source of loyalty marketing news, insights, and research. The Wise Marketer also offers loyalty marketing training through its Loyalty Academy, which is already certified over 500 executives in 38 countries as certified loyalty marketing professionals.

For more information, check out thewisemarketer.com and loyaltyacademy.org.

Thank you so much for listening to this episode of Let’s Talk Loyalty. If you’d like us to send you the latest shows each week, simply sign up for the Let’s Talk Loyalty newsletter on letstalkloyalty.com and we’ll send our best episodes straight to your inbox. And don’t forget that you can follow Let’s Talk Loyalty on any of your favorite podcast platforms. And of course, we’d love for you to share your feedback and reviews. Thanks again for supporting the show.