Co:Create, API-first community activation platform, has introduced a Web3 Rewards Tools app for merchants on Shopify. The product aims at allowing companies to embed Web3 rewards into their products and events. The app launched by the Web3 infrastructure company will enable millions of businesses and merchants to roll out blockchain-based loyalty and rewards programs on the platform.
Co:Create took to Twitter to share the news of the app launch with its followers. We just launched the Co:Create Web3 rewards & token-gated access tool on the Shopify App Store. Read on to discover how this tool can supercharge your brand’s community engagement,” it wrote in a tweet.
Want to unlock Web3's potential without learning how to code?
— Co:Create (@usecocreate) July 14, 2023
Co:Create 🤝 @Shopify
We just launched the Co:Create Web3 rewards & token-gated access tool on the Shopify App Store. Read on to discover how this tool can supercharge your brand's community engagement ⬇ 🧵 pic.twitter.com/TKGMb8sJYb
In another tweet, the company wrote, “Shopify made e-commerce accessible. Now, with Co:Create in the Shopify App Store, brands can tap into dynamic Web3 rewards & loyalty features. Co:Create’s arrival on the Shopify App Store brings a range of dynamic features to your brand’s fingertips.”
“Unlock the power of community, embrace Web3 rewards, and take your brand’s engagement to new heights. Co:Create and Shopify have come together to make it easier for brands and creators to harness the potential of Web3,” it further wrote.
How it Helps
Powered by Ethereum sidechain Polygon, the app will also help brands establish a deeper connection with their customers via gamified experiences and non-fungible tokens (NFT). The app comprises a suite of blockchain-based rewards, loyalty-focused features and token-gated access rights. These reward experiences can be linked to the Shopify-listed products by creators and brands to engage the audience. Brands can also tap into existing NFT collections like CryptoPunks or Bored Ape Yacht Club to allow them to release token-gated products along with different incentives to customers.
Web3 represents a paradigm shift away from tired loyalty practices — as it enables brands to evolve from one-directional relationships with their users to exciting community-first experiences that reward participation and engagement through dynamic, gamified, and truly self-owned rewards.
Tara Fung, CEO and co-founder, Co:Create
Brands or creators can benefit from these dynamic features via Co:Create on Shopify:
- No code is needed to launch token-gated rewards. Store can be accessed in minutes
- Rewards criteria can be created based on special tokens such as ERC-721 and ERC-1155
- Advanced rewards rules can be created. This means brands can qualify their customers by combinations of different unique token ownership requirements.
- Direct wallet connection not required for easily deliver token-gated offers
- One app needed to check for multiple NFTs and token gate multiple products
These features will allow brands to enjoy complete control over the segmentation of their audiences with the help of a framework for creating powerful experiences and rewarding gamified communities. It is a less costly alternative as compared to acquiring a new customer.
Co:Create’s Web3 Rewards Tools help in developing unique rewards programmes. Even industry leaders like Starbucks and Nike have done successful Web3 activations. As per the press release of the company, Starbucks’ Odyssey is leading by example regarding Web3 loyalty programs, similar to Nike’s Swoosh, which has attracted around 300,000 members and generated USD 186 million in revenue. So far, brands familiar with Web3 could only enjoy the benefits of such loyalty programmes. However, with Co:Create’s Web3 Rewards Tools app, any brand can take advantage of this new way of customer engagement.
Web3: Shift From Tried Practices
Regarding the launch of the app on Shopify, Tara Fung, CEO and co-founder of Co:Create said, “Web3 represents a paradigm shift away from tired loyalty practices — as it enables brands to evolve from one-directional relationships with their users to exciting community-first experiences that reward participation and engagement through dynamic, gamified, and truly self-owned rewards.
“This launch with Shopify will allow brands to unlock the power of community and build engaging Web3 reward experiences into their products, events, and audiences, enabling them to combat the rising cost of customer acquisition,” she said as quoted by The Cryptonomist.
In a conversation with CoinDesk, Fung said that Web3 offers the technology to merchants through which they can provide digital ownership to their customers. “We are building an integrated system that helps the most innovative community centric brands grow, reward and engage their community. And that is where the Shopify app lives,” said Fung.
Future of Brand Engagement
She also pointed out that commerce assists new brands and startups to build their own audiences and engage with them as compared to larger brands introducing Web3 activations. “The future of brand engagement and the most exciting brands that people are actually ecstatic about and want to give their advocacy to are often smaller brands that feel very authentic. Those are the types of brands that are going to want to engage a community more deeply as opposed to utilizing Web3 as just a marketing play,” she added.
Besides Nike and Shopify, there are many giant companies that have ventured into the world of Web3. These include Dolce&Gabbana, Adidas, Tiffany, Time Magazine, Gucci among several others. They have earned profits of multimillion-dollar with the sale of NFT collections tailored according to the need of their target audience.
While Co:Create aims at including more brands and creators in Web3 rewards ecosystems, the company isn’t the first to do so. In March this year, Try Your Best (TYB), an Avalanche-based community engagement platform launched its app for Shopify merchants, enabling brands to implement NFT-based loyalty programs into their stores. In May last year, the Crypto.com exchange joined hands with Shopify to allow payments through 20 different cryptocurrencies, while also giving incentives like a cashback program and zero fees.
In July 2023, Shopify’s blockchain team released a guide to help developers build a token-gated storefront. Taking Twitter to announce, CEO Tobi Lutke wrote, “The blockchain team at Shopify did a fantastic job creating a new tutorial for how to build a token-gated Shopify storefront from scratch”.
The blockchain team at Shopify did a fantastic job creating a new tutorial for how to build a token-gated Shopify storefront from scratch.
— tobi lutke (@tobi) June 29, 2023
Using Shopify functions, Remix, Hydrogen, Wallet-connect. Great time to build for the next crypto rebound !
https://t.co/TlYWaLpGaD
“Using Shopify functions, Remix, Hydrogen, Wallet-connect. Great time to build for the next crypto rebound!” he tweeted.
Apart from commerce, Co:Create focuses on bringing customers closer to the creators and brands they admire through in-person experiences. Lately, Co:Create partnered with ticketing application EVNTZ to offer blockchain-based rewards to those who attended the concert of pop singer Harry Styles at Slade Castle in Ireland.
Brands can explore new possibilities for building customer loyalty and engagement by integrating blockchain technology into loyalty and rewards programs. NFTs and gamified experiences introduce excitement and exclusivity, boosting customer retention. The audience worldwide can expect a transformation in customer loyalty programs as more companies embrace web3 rewards ecosystems.
What is Token Gating?
Token gating is a method of digital ownership secured by blockchain to offer utility to the target community. It helps merchants offer the NFT holders exclusive access to gated products, content, discounts and experiences. NFT or non-fungible token is a type of digital asset that represents ownership of a unique item or object. Unlike other types of digital assets such as cryptocurrency, which are interchangeable and can be easily exchanged for other assets of the same type, NFTs are unique and cannot be exchanged for other assets in a one-to-one manner.
About Web3
Web3 is decentralized, a feature that makes it secure, transparent and efficient for transactions. Blockchain technology is a core component of Web3. It enables secure and immutable record-keeping, which can help prevent fraud and improve accountability. The technology also provides new opportunities for creators and entrepreneurs to monetize their digital content and services through the use of cryptocurrencies and decentralized marketplaces. It will not only empower individuals and small businesses but also compete on a more level playing field with large corporations.
