Forum3 raises $10 million to bring NFTs to loyalty rewards programs
Forum3, a digital collectibles firm based in Seattle, has announced that it has raised $10 million in a seed funding round.
Forum3 was co-founded by former Starbucks loyalty lead Adam Brotman and Seattle-based venture capitalist and ex-Microsoft executive Andy Sack. The company specializes in helping brands integrate Web3 technology into their loyalty rewards programs.
This latest funding round involved several venture capital firms, including Decasonic, Bloccelerate, Arca, Valor Siren Ventures, Liberty City Ventures, and Polygon Ventures. These firms will provide the necessary support and expertise to help Forum3 achieve its goals.
The funding will be used to bring digital collections into brands’ loyalty rewards programs, allowing customers to easily access Web3 opportunities without needing a dedicated Web3 wallet, thus removing barriers to the widespread adoption of Non-Fungible Tokens (NFT) technology.
Starbucks partners with Forum3 to launch Odyssey NFT collectibles program
The funding round comes after a collaboration with Starbucks, which launched its beta test of the Odyssey program on Thursday. The program combines customer loyalty rewards with NFT collecting and other gamified elements. It was developed in collaboration with Forum3, Polygon, and Nifty Gateway.
The popular coffee chain web3 loyalty program allows users to engage in interactive “Journeys” that earn “Journey Stamps” in the form of NFTs. In addition, users also receive “Odyssey Points” that will unlock access to new benefits and experiences in the future.
The Starbucks partnership with Forum3 has opened up another avenue for customers to appreciate and access digital collectibles. This means that customers can access Web3 opportunities seamlessly without the need for an NFT wallet. The new project was launched on the Polygon network, which is known for its fast transaction speeds and low fees.
Big Brands embrace NFT-based loyalty programs
The integration of digital collectibles into loyalty rewards programs is expected to become more widespread as more big brands join the NFT bandwagon. This trend is being driven by the increasing popularity of NFTs.
It is expected that more big brands will create NFT-based loyalty programs as a way to offer unique and exclusive experiences to their customers. The integration of digital collectibles into loyalty rewards programs allows businesses to offer customers access to exclusive content, products, and experiences that are verifiably rare and limited in availability.
Another example of a big brand creating an NFT-based loyalty program is Nike. In 2022, the sports apparel company partnered with the blockchain platform Cent to launch the Nike Legends NFT series. This series is just one of Nike’s NFT initiatives and it includes limited edition NFTs that represent iconic sneakers from Nike’s history.
Customers who participate in the program can earn Nike Legends NFTs by participating in exclusive events, purchasing limited edition products, or completing other challenges. These NFTs can then be collected and traded on the open market or redeemed for exclusive Nike products and experiences.
Overall, the integration of NFTs into loyalty rewards programs is expected to become more widespread in 2023 as more big brands look to offer their customers unique and exclusive experiences through the use of digital collectibles. Forum3 is well positioned to capitalize on this trend, thanks to its expertise in helping brands integrate Web3 technology into their loyalty rewards programs.