While many nonfungible token (NFT) projects continue to suffer losses due to the bear market, a number of organizations have begun using NFTs to solve real-world problems.
In particular, NFTs for subscription/membership-based models, or loyalty programs, are gaining traction. This point was highlighted in Forrester’s 2023 NFT and metaverse predications report, which notes: “Brands will pivot from ‘cool’ non-fungible tokens (NFTs) towards loyalty. In 2023, brands will shift their focus to NFTs linked to loyalty, brand experience, and deepening customer relationships.”
Indeed, NFT use cases such as these are being implemented today. For example, Starbucks recently announced an NFT-based loyalty program. Industry experts have also begun explaining why subscription-based services should implement NFTs to improve relationships between brands and consumers.
NFT memberships for wellness clubs
Although the concept of applying NFTs for loyalty programs or membership models is new, mainstream sectors are beginning to understand their potential. The billion-dollar fitness industry may be the next sector to implement NFT-based memberships, as a handful of innovative gym owners have already begun exploring this model.
Deni Zulic, CEO and founder of Global Fit Club — a blockchain-based fitness platform — told Cointelegraph that Global Fit Club will soon be offering NFT memberships to allow users access to a full suite of fitness services. Zulic explained that Global Fit Club is partnering with well-known fitness centers like Anytime Fitness and F45 Training, to ensure that members gain access to more benefits when they hold an NFT membership.