NFTY (ALXP:ALADM) announces the launch of Fidyz, initially developed under the code name “The Gate”, a turnkey solution allowing brands to enter the web3 era by offering new experiences to their customers.
The global loyalty market represents a €9.18 billion opportunity in 2022, with forecast growth of up to €20.47 billion by 2030, representing a compound annual growth rate (CAGR) of 10.5% over the period. NFTY, with Fidyz, is positioning itself to move this market towards web3 technologies and support brands in this change.
With Fidyz, brands engage their customers through a fun system of rewards which, when combined, unlock exclusive privileges. The more customers interact with the brand, the more prestigious the awards.
Customers can then obtain loyalty cards, discount coupons, vouchers, digital products (music, ebook, videos etc.), airdrops of NFTs to collect, tickets for events and many other applications are possible.
These concepts are already well understood by younger generations, particularly through the “battle pass” concept of certain video games, which reward progress while offering a new monetization channel to publishers.
NFTY has developed proprietary smart contracts that represent the backbone of the Fidyz platform. Thus, the privileges acquired by customers are registered, secured and searchable in the blockchain.
Fidyz allows brands to easily create and distribute their own NFT collections while making them useful. These NFTs can be purchased or obtained as rewards. Also, thanks to these technologies, new uses are made possible. If a customer does not wish to use one of his privileges, he can exchange it or resell it for another. Fidyz allows brands to create their own marketplace to facilitate trade. Thus, rather than customer benefits being forgotten at the bottom of a drawer, the ecosystem makes it possible to reactivate another customer. Fidyz thus creates a secondary market for loyalty programs.
At the choice of the brand, the NFTs produced by Fydiz may or may not be transferable (soulbound tokens, or SBT). For example, an NFT SBT represents the customer’s non-transferable loyalty card, but certain related privileges can be exchanged or resold.
However, in order to optimize the adoption of these new technologies, Fidyz makes it possible to support the transition by developing an abstraction layer, making it possible to hold and exchange NFTs without forcing the customer to create a digital token wallet. A wallet is created by Fidyz for the brand and users can log in with a simple secure link sent by email. Fidyz thus builds the bridge between web2 and web3. However, advanced users can use their usual digital wallet, such as Metamask.
Fidyz contracts are based on a proof-of-stake (POS) type blockchain, compatible with Ethereum but with much lower transaction costs.
After the bursting of the Crypto Art speculative bubble in 2022, the question arises of the real value of an NFT. The answer comes naturally by recalling that an NFT is programmable, thanks to a smart contract, and allows many applications. In a marketing context, an NFT has no more value than a blank magnetic card. It is the related accesses and advantages that will give it its usefulness, and therefore its value.
The NFT then becomes an access key to private communities; this is token gating. Allowing the brand to spread its message and reinforce its notoriety, all without the direct involvement of the brand itself.
Like Gary Vaynerchuk and his “VeeFriends” NFT collection, allowing NFT holders to be part of his community and have access to conferences. Or its future restaurant accessible only to owners of “Flyfish Club” NFTs, of which the more than 3,000 have all been sold, at a price of 2.5 ETH or 4.25 ETH, i.e. €7,500 or €12,750 when the Ether was worth €3,000 when the operation launched in January 2022, or almost €25 million. Enough to largely finance his new restaurant in New York. Of course, NFTs can be rented or resold and thus exclusive access will be circulating.
NFTs also represent a new form of online identification, and Fidyz is leaning on them to offer to open new channels of communication between the brand and customers and between customers, thanks to a new form of instant messaging that preserves personal data.
In order to respect the universe and the customer relationship of the brand, Fidyz is 100% white label, on all touchpoints. The visual appearance adapts to the brand universe and Fidyz solutions are totally transparent for users.
With Fidyz, NFTY offers a solution for brands to bypass a marketing ecosystem centered on web2 platforms, thus recovering ownership of their digital relationships with consumers.
NFTY is in discussions with several major brands. In luxury, in particular with phygital applications. And in retail, with digital loyalty passes compatible with the systems in place, thanks to digital twins. However, the Fidyz platform also adapts to small businesses to offer a new way to amortize their acquisition costs and increase the value of their customers.
Discover Fidyz now: fidyz.com