Young consumers may be getting bored with blockchain loyalty reward programs
Mini-dApps, microgames, and the burgeoning prediction markets sector appear to be the most popular methods for retaining engagement.
The number of blockchain loyalty rewards programs has increased significantly in recent years as both the Web3 and decentralized application (DApp) sectors have begun maturing. But the most coveted consumer demographic, young adults, have shown a clear preference for participate-to-earn paradigms with focused ecosystems.Â
Statistics show that participation in the majority of Web3 and cryptocurrency products in the past decade has peaked during periods such as airdrops or other limited incentive windows. While there are numerous exceptions, the majority of projects that fail to gain traction with consumers in the first few months post-launch tend to trend poorly.Â
Self-contained economies meant to incentivize consumers have been around since the advent of currency and competition. From earning airline miles with credit card purchases to earning gift cards with Microsoft’s pay-to-browse incentivization program, there’s little that businesses haven’t tried when it comes to customer retention programs.Â
Mini-dApps, microgames, and the burgeoning prediction markets sector appear to be the most popular methods for retaining engagement.
The number of blockchain loyalty rewards programs has increased significantly in recent years as both the Web3 and decentralized application (DApp) sectors have begun maturing. But the most coveted consumer demographic, young adults, have shown a clear preference for participate-to-earn paradigms with focused ecosystems. Statistics show that participation in the majority of Web3 and cryptocurrency products in the past decade has peaked during periods such as airdrops or other limited incentive windows. While there are numerous exceptions, the majority of projects that fail to gain traction with consumers in the first few months post-launch tend to trend poorly. Self-contained economies meant to incentivize consumers have been around since the advent of currency and competition. From earning airline miles with credit card purchases to earning gift cards with Microsoft’s pay-to-browse incentivization program, there’s little that businesses haven’t tried when it comes to customer retention programs. Read more Â