Flipkart has partnered with Hang to launch their FireDrops 2.0 NFT Loyalty program on the Polygon blockchain.
Flipkart, a prominent Indian e-commerce marketplace, has partnered with Hang, a comprehensive consumer relationship-building platform, to launch FireDrops 2.0 on the Polygon blockchain.
This revolutionary rewards and loyalty program intends to revolutionize how online shoppers interact with brands. FireDrops 2.0, powered by Hang, will provide Flipkart users with a perpetual cycle of motivation, engagement, and loyalty, thereby transforming the conventional consumer experience.
Flipkart Becomes a Part of Hang
FireDrops will redefine brand loyalty programs by incorporating the community and utilizing NFTs as rewards by leveraging blockchain technology and Web3.
This method facilitates the possession and redemption of rewards, thereby generating new revenue streams for brands. Additionally, the program envisions introducing a dynamic marketplace where users can buy and sell rewards, thereby enhancing the flexibility and value of loyalty programs.
FireDrops 2.0 capitalizes on the success of previous pilots in which users gained digital collectibles, and membership passes through active participation.
This iteration seeks to deliver an even more immersive brand-first rewards experience. Users can sign up for the waitlist to obtain early access to the program and be among the first to utilize it. Vice President and Head of Product Strategy and Deployment at Flipkart, Naren Ravula, commented on the significance of this partnership:
“By integrating web3 and NFTs into brand loyalty programs, we are revolutionising brand marketing, storytelling, and customer engagement.
Concerning NFT Loyalty Programs
Matt Smolin, the chief executive officer and founder of Hang, stated that innovative brands such as Flipkart have a tremendous opportunity to redefine customer relationships and create loyalty. Future applications will be gamified, personalized, and web3-enabled.
In September, Starbucks, the global coffee behemoth, also launched its Odyssey program. Here, members participate in engaging activities or interactive diversions. It assesses their knowledge of Starbucks and coffee in exchange for NFTs.
According to a report, almost 57% of Generation Z feel the need to communicate more freely in the metaverse than in real life. Consequently, this NFT Loyalty Program, with its utility value, is more significant. By providing discounts, exclusive events, limited-edition product releases, and incentives, NFT rewards can help businesses expand.
