Wow Bao announced that it is releasing a series of tiered 'Wow Bao NFTs' tied to a membership program for the restaurant. These NFTs are not replacing the company's recently-released 'Bao Bucks' program, but are rather enhancing it with newer, more premium features.
The Wow Bao NFTs will offer community members who invest in them a range of different rewards. This includes immediate rewards such as loyalty points and currency to spend at Wow Bao restaurants, as well as recurring rewards that could include physical merchandise, digital experiences, discounts, exclusive promotions, raffles, giveaways, and more. The company stated that it has not yet finalized details surrounding the exact perks related to each NFT tier, but it did state that spending money at the restaurant would contribute to leveling up your current NFT tier to the next level.
NFT Restaurant Loyalty Programs
Wow Bao is Updating its 'Bao Bucks' Program with Collectible NFTs
Trend Themes
1. NFT Loyalty Programs - More companies can explore the potential of offering NFT-based loyalty programs to their customers.
2. Blockchain-based Rewards - Blockchain technology offers a secure and transparent way to issue and track rewards, which more industries could adopt.
3. Tiered Membership Programs - Offering customers access to higher-tier rewards based on their purchasing habits can increase engagement and spending.
Industry Implications
1. Restaurant Industry - The use of NFTs and blockchain-based rewards is a potential disruptor to the traditional loyalty programs offered within the restaurant industry.
2. Retail Industry - Similar NFT and blockchain-based loyalty programs could be implemented in the retail industry to enhance customer engagement and retention.
3. Hospitality Industry - Tiered membership programs and NFT-based rewards could appeal to customers in the hospitality industry, allowing businesses to offer personalized experiences to guests.