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Key Takeaways
- Brands should consider pursuing blockchain technology as a long-term cost-saving strategy and a way to build relationships with customers.
- NFTs are transitioning from a revenue-driven strategy to a relationship-building spend as the user-base grows on the infrastructure. Blockchain-based loyalty programs can help brands save advertising dollars through precise targeting.
- - Challenges include onboarding and ease of access for users, as well as the need for more applications and use cases on blockchain chains.
- There are more failed cases than success cases, however that’s not due to the technical application but rather these initiatives such as Starbucks Odyssey, which was favourably regarded by the community, were cut back as non-crucial spends during a market downturn.
- Effective communication of blockchain technologies and use cases is crucial for wider adoption.
- Despite challenges, panelists expressed optimism about blockchain technology, with fewer speculators and a focus on long-term growth and practical use cases.
