Summary: token-rewarded retail experiences, with “reciprocal” NFT rewards will build packs of powerful like-minded brands and consumers, contributing to and enjoying the best products, content and experiences.
Golf is great. My in-laws play a lot down in Florida. During the off-season, their Club does something funny. On days that it's closed, they have what are called “reciprocals” with other clubs that are open. My mother-in-law can go to this new club and play a round, either for free or at a steep discount. She gets to play a new course. Plus, since it’s the off season, it helps aggregate business each day to the Clubs that are open, helping to keep as much staff employed at each course.
The clubs work together to survive the hot summers. Huh?
What if all commerce worked that way, all of the time?
What would that look like?
Take one of my favorite companies, Patagonia.
Patagonia is a company that recognizes their product harms the environment. All products do, really. Patagonia owns up to that, and says, we’re going to do everything we can think of to “minimize” our impact on the environment.
But they keep going.
They publish books, produce movies and eat, breathe and sleep environmental and social issues. They try to always mix good along with business. And it obviously resonates with consumers. People that love Patagonia, buy those products because they connect with that philosophy of commerce. That there should be a focus, a strong focus, on how the products we manufactured, and minimizing environmental impact.
People that buy stuff from Patagonia, would probably also love to buy food from food companies with the same ethos. And they probably already do. All-natural, vegan soaps, to organic mattresses. But which ones are the best? For example, there’s a DTC mattress company called Avocado that makes all natural, carbon neutral mattresses, free of all those pesky, harmful chemicals in practically all other mattresses.
If Patagonia made a mattress, it would be called Avocado.
What if more people knew and trusted this mattress company, say with a vote of confidence from Patagonia?
In web3 we could do that with Reciprocal NFT Rewards.
How would it work?
Broad strokes here…much more to flesh out:
You buy a jacket at Patagonia, and a Reciprocal NFT Reward is airdropped to your wallet after the purchase via a wallet integration with the POS terminal (“wallet aware” retail). This NFT could reveal itself as a discount to another “like-minded” merchant, say 10% off at Avocado Mattress. Or it could be dual use, either 5% off at Patagonia or 10% off at Avocado.
And you’ll have the same experience if you start the reciprocal cycle buying a mattress from Avocado. After the purchase, you’d get airdropped an NFT reward for another “like-minded” merchant, say a snowboard manufacturer that adheres to similar environmental values. Or an all natural, carbon neutral, small batch ice cream brand.
You get the idea.
All rewards lead to another merchant in the “collective” of like-minded brands, eventually leading back to the original brands you started the journey with.
Reciprocal rewards create a new type of commerce engine, one where like-minded consumers and brands connect in entirely unique ways. Almost forming buying groups and collectives of merchants (likely grouped by the same or similar “business ethos”, but different categories) that provide exclusive access, the finest rewards and unique experiences.
And all of it will be powered by tokens.
Side Note: Dynamics - making the NFT dynamic, as in they would update or change to “better” the longer you are continue to go around the circle, or interact with that “collective”; or by STREAKS of interactivity
Reciprocal NFT Rewards will create who send each other consumers in a circular patterns of shared interest, being served up by like-minded merchants.
Advantages for Larger, More-Established Brands - goodwill with their consumers by intro them to other products; way to dip their toes into Web3; they also get “reciprocal” benefit as the consumer flows through the circle of reciprocity.
Advantages for Associated Brands - legitimacy; publicity; notoriety; trust; more business
As always, thanks for reading these rough drafts. Apologies for typos and things that simply don’t make sense. I type them out with little editing as a way to get ideas out quickly.
Say hi - @philipsdecker
I like NFTs and nutella.
Summary: token-rewarded retail experiences, with “reciprocal” NFT rewards will build packs of powerful like-minded brands and consumers, contributing to and enjoying the best products, content and experiences.
Golf is great. My in-laws play a lot down in Florida. During the off-season, their Club does something funny. On days that it's closed, they have what are called “reciprocals” with other clubs that are open. My mother-in-law can go to this new club and play a round, either for free or at a steep discount. She gets to play a new course. Plus, since it’s the off season, it helps aggregate business each day to the Clubs that are open, helping to keep as much staff employed at each course.
The clubs work together to survive the hot summers. Huh?
What if all commerce worked that way, all of the time?
What would that look like?
Take one of my favorite companies, Patagonia.
Patagonia is a company that recognizes their product harms the environment. All products do, really. Patagonia owns up to that, and says, we’re going to do everything we can think of to “minimize” our impact on the environment.
But they keep going.
They publish books, produce movies and eat, breathe and sleep environmental and social issues. They try to always mix good along with business. And it obviously resonates with consumers. People that love Patagonia, buy those products because they connect with that philosophy of commerce. That there should be a focus, a strong focus, on how the products we manufactured, and minimizing environmental impact.
People that buy stuff from Patagonia, would probably also love to buy food from food companies with the same ethos. And they probably already do. All-natural, vegan soaps, to organic mattresses. But which ones are the best? For example, there’s a DTC mattress company called Avocado that makes all natural, carbon neutral mattresses, free of all those pesky, harmful chemicals in practically all other mattresses.
If Patagonia made a mattress, it would be called Avocado.
What if more people knew and trusted this mattress company, say with a vote of confidence from Patagonia?
In web3 we could do that with Reciprocal NFT Rewards.
How would it work?
Broad strokes here…much more to flesh out:
You buy a jacket at Patagonia, and a Reciprocal NFT Reward is airdropped to your wallet after the purchase via a wallet integration with the POS terminal (“wallet aware” retail). This NFT could reveal itself as a discount to another “like-minded” merchant, say 10% off at Avocado Mattress. Or it could be dual use, either 5% off at Patagonia or 10% off at Avocado.
And you’ll have the same experience if you start the reciprocal cycle buying a mattress from Avocado. After the purchase, you’d get airdropped an NFT reward for another “like-minded” merchant, say a snowboard manufacturer that adheres to similar environmental values. Or an all natural, carbon neutral, small batch ice cream brand.
You get the idea.
All rewards lead to another merchant in the “collective” of like-minded brands, eventually leading back to the original brands you started the journey with.
Reciprocal rewards create a new type of commerce engine, one where like-minded consumers and brands connect in entirely unique ways. Almost forming buying groups and collectives of merchants (likely grouped by the same or similar “business ethos”, but different categories) that provide exclusive access, the finest rewards and unique experiences.
And all of it will be powered by tokens.
Side Note: Dynamics - making the NFT dynamic, as in they would update or change to “better” the longer you are continue to go around the circle, or interact with that “collective”; or by STREAKS of interactivity
Reciprocal NFT Rewards will create who send each other consumers in a circular patterns of shared interest, being served up by like-minded merchants.
Advantages for Larger, More-Established Brands - goodwill with their consumers by intro them to other products; way to dip their toes into Web3; they also get “reciprocal” benefit as the consumer flows through the circle of reciprocity.
Advantages for Associated Brands - legitimacy; publicity; notoriety; trust; more business
As always, thanks for reading these rough drafts. Apologies for typos and things that simply don’t make sense. I type them out with little editing as a way to get ideas out quickly.
Say hi - @philipsdecker
I like NFTs and nutella.
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