Insomnia Labs, operating within the blockchain industry, unveiled the ‘Loyalty+’ program two days ago. The initiative’s objective is to assist brands in embracing the digital landscape of web3, which is fast becoming the future of brand-consumer interaction. The company has already established noteworthy partnerships with influential entities, including Coca-Cola, NYX Professional Makeup by L’Oréal, Web3 Ventures, Berlin Cameron, OpenSea, Polygon, Coinbase, The Sandbox, and Animoca Brands, showcasing a diverse portfolio of collaborators.
A New Era in Brand Loyalty and Customer Engagement
‘Loyalty+’ harnesses an array of web3 technologies, such as blockchain, NFTs, and AI, to offer a comprehensive platform where various communities can converge with their target brands, accomplish designated tasks, and exchange rewards. This consolidated online portal ensures an exceptional user experience, incorporating personalized features and gamification.
On the 18th of October, as part of its ‘Loyalty+’ launch strategy, Insomnia forged strategic alliances with several web3 enterprises. These collaborations with Co:Create, Smart Token Labs, Cookie3, and Crossmint will support Insomnia’s transition from traditional web platforms to the blockchain arena, encourage interoperability within the DeFi sector, and promote interactive gaming experiences.
Major Brands like Coca-Cola Enter the Web3 Loyalty Arena
In describing the potential significance of this initiative, Billy Huang, CEO of Insomnia Labs, stated, “Loyalty+ is not just a product; it’s a paradigm shift in the way loyalty is perceived and implemented in the modern digital age.”
Blockchain is revolutionizing loyalty programs – get ready for Loyalty+! 🚀
🙌 We're thrilled to announce @insomnia_labs is leading Loyalty+ in partnership with @usecocreate, @crossmint, @cookie3_co & @SmartLayer.
📰READ MORE ➡️ https://t.co/eOMIylhc09#LoyaltyPlus pic.twitter.com/uWuiTmgYUm
— Insomnia Labs (@insomnia_labs) October 19, 2023
For renowned companies like Coca-Cola, Under Armour, and L’Oréal, participation in ‘Loyalty+’ opens doors to enhance their loyalty projects with customers, expanding their reach and exploring new avenues where blockchain technology plays a pivotal role.
Coca-Cola, a company that has been exploring blockchain technology and the web3 landscape since partnering with Insomnia Labs in 2021, will now have a seamless platform to engage its community through events, games, point accumulation, and real-time rewards redemption. These interactions will be securely recorded in distributed digital logs, ensuring transparency and facilitating the development of innovative virtual relationships.
This strategic move indicates a growing interest in amalgamating traditional and web3 elements to offer consumers a more immersive and rewarding experience. It also addresses an existing challenge in loyalty programs, where a significant number of consumers fail to redeem their promised rewards due to a lack of tracking and automation.
Considering Coca-Cola’s vast global reach, with over 13.7 billion liters of its beverage expected to be sold worldwide in 2021, joining this project stands to revolutionize the loyalty dynamics between the brand and its customers.
Furthermore, Coca-Cola had previously embraced the web3 environment by launching its NFT collection within Coinbase’s Layer-2 network called Base. Known as the ‘Masterpiece Collection,’ this initiative was part of Coinbase’s “On Chain Summer” campaign, enabling stakeholders to acquire collectible tokens featuring iconic artworks alongside contemporary creations. This NFT collection witnessed the issuance of over 80,000 tokens within two months of its launch, generating substantial revenue, and marked Coca-Cola’s foray into the burgeoning web3 space.