Transforming commerce: The role of NFTs in enhancing customer engagement and loyalty

Martin Louis *

Independent Researcher, USA.
 
Research Article
International Journal of Science and Research Archive, 2022, 06(02), 345-360.
Article DOI: 10.30574/ijsra.2022.6.2.0096
Publication history: 
Received on 25 June 2022; revised on 14 August 2022; accepted on 17 August 2022
 
Abstract: 
With non-fungible tokens (NFT) bringing fundamental change to digital business models, advanced opportunities for boosting customer engagement have opened. This paper discusses the functions of NFTs in offering brands ways to create more intimate relationships between consumers and brands and providing the consumers ownership of valuable, unique digital assets. Based on the case data and market information assessment up to August 2022, the current paper assesses how brands incorporate NFTs into loyalty programs and long-term customer engagement. A comparative analysis of models and a year-by-year trend shows that NFTs' impact continually overshadows the traditional approach. Based on the findings, technology adoption and market fluctuations remain issues. Still, NFTs offer a new outlook to businesses where a customer experience-oriented paradigm shift occurs, allowing brands to create deeper connections with consumers and increase customer lifetime value.
 
Keywords: 
NFTs (Non-Fungible Tokens); Customer Engagement; Brand Loyalty; Digital Commerce; Blockchain Technology
 
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