The future is already here
I'm not some doomsayer, screaming on the street corner about the end of reality as we know it. In fact, I'd say I'm more of a preacher, passionately discussing my faith in a better future, and the future is here...
I know what you're thinking, but no, it's not AI. Sorry, but there will be no new chatbot or image generator today. I'm talking about the future of loyalty programs. Starbucks pioneered this when they launched Odyssey, an extension of their loyalty program, powered by Web3 technology.
You may or may not be familiar with the program, but that doesn't matter, all you need to know is that it allows the customer to collect "Journey Stamps" (NFTs) that unlock access to additional benefits and experiences. The NFT Staircase Model categorizes this as "Ownership" and "Utility."
"So Curtis, why is this the future?"
I'm getting to the point with haste, just give me a second...
The symbiotic nature of ownership in customer acquisition
"A vampire attack takes place when a new project or protocol... provides improved incentives or rewards for users compared to the original."
It's very easy to assume that customer engagement is a zero sum game. That every customer acquired is a loss for someone else. In Web3, it's not that simple.
Let's look at Starbucks Odyssey as an example. Traditional loyalty program data is private, but Starbucks Odyssey is public on the blockchain. There are over 5,000 owners of the Starbucks Odyssey Avatar NFTs. This means I can find public information about all 5,000 of these customers (their wallet address) and send them incentives to switch from Starbucks to y00ts Coffee (sounds farfetched, but it's possible).
If we abide by the traditional definition of Vampire Attacks, this would be a negative for Starbucks. In The Everything Token, authors Scott and Steve argue otherwise.
By offering Utility to owners of the Starbucks Odyssey Avatar Collection, I'm actually increasing the value of their NFTs. If multiple coffee companies have this same idea, now it feels like owning a Starbucks NFT is extremely valuable and beneficial to the customer.
This position means that in use cases like Odyssey, Vampire Attacks are mutually beneficial: I get some new customers and the original NFTs increase in value.
Vampire Attacks in my strategy
I plan to use these mutually beneficial vampire attacked in the launch of the y00ts Coffee Bar. Not just with Starbucks NFTs but every Web3 Coffee Company I can find...this is going to be fun!
Win a FREE copy of The Everything Token
I believe this book is essential reading for anyone that is Web3 native or curious. It is the guide on how all brands will operate in the future. I have such strong feelings for this book that I'm giving away one copy for free.
Here are the 2 rules to enter the giveaway:
Collect this article
Share this article on X (Twitter) and tag me (@curtiscoffeew)
Good Luck!
