Co:Create, a company that develops alternative solutions for brands and communities in the Web3 field, is launching its own app within the Shopify e-commerce platform.
The app, called the “Web3 Rewards Tool,” will enable more than 4 million merchants and online stores to develop digital token rewards for their customers and experience new features related to the blockchain world.
Let’s take a look at all the details in the news together.
Summary
Shopify: the Co:Create platform launches its Web3 app
Shopify, an ecommerce giant with about 2.1 million daily customers, is integrating within its platform a Web3 application managed by blockchain infrastructure company Co:Create.
The latter, which provides flexible API-based community activation solutions, announced a few days ago the market launch of the “Web3 Rewards Tools” app, the purpose of which is to enable Shopify merchants to take advantage of the full potential of the blockchain world.
In detail, the more than 4 million brands and online stores will be able to use a dynamic suite of rewards based on cryptocurrencies, token access rights and customer loyalty features.
The Web3 application, integrated within Shopify, will help brands gain full control over the segmentation of their audiences through the use of a framework for creating dynamic experiences and rewarding gamified communities.
This will provide a less costly alternative in terms of new customer acquisition, as well as experience the new participatory possibilities that the blockchain world offers.
Large e-commerce merchants such as Allbirds, Asphalte, Taylor Stitch, Elder Statesman, Gymshark, and many others, are ready to get in touch with this new world and exploit the full potential of direct contact with their buyers through loyalty programs based on cryptocurrencies.
The flagship infrastructure for this project will be the Polygon chain, Ethereum’s layer 2 network, which will help Co:Create issue digital token rewards and release token-gated products with its own NFT collections and existing projects such as Bored Ape Yacht Club or CryptoPunks
On the heels of the successful blockchain efforts by Nike, Starbucks, Dolce&Gabbana and many others, Shopify now also aims to meet the high demand for loyalty programs through “Web3 Rewards Tools.”
This is not the first time Co:Create has worked on bringing fans closer together on behalf of companies through blockchain-based experiences: last month the company partnered with ticketing app EVNTZ to issue rewards, via the Polygon network, to attendees of the Harry Styles concert at Slade Castle in Ireland
Regarding the launch of the app on Shopify, Tara Fung, co-founder and CEO of Co:Create had the following to say:
“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.”
Big brands in the cryptocurrency and blockchain marketplace
The integration of Co:create’s app within the Shopify platform is not the first initiative to support new technologies and Web3 that the e-commerce giant has taken.
Starting in 2022, the SaaS company has shown high interest in blockchain infrastructure and cryptocurrencies.
In May last year, the Crypto.com exchange partnered with the online shopping platform to enable payments via 20 different cryptocurrencies, while also offering several incentives such as zero fees and a cashback program.
In March this year, another company focused on developing online communities, Try Your Best (TYB), launched a Web3 application on shopify similar to Co:Create to enable brands to implement NFT-based loyalty programs within their stores.
Beyond that, Shopify is not the only company that has experimented with several innovative solutions to create engagement among its audience, centered on the use of blockchain and the potential of Web3.
Starbucks and Nike have also recently launched crypto-fidelity programs: in this regard, “Swoosh,” an initiative launched by the clothing brand, has attracted more than 300,000 members in a short time and generated $186 million in revenue.
Big brands are realizing that cryptocurrencies, especially non-fungible cryptocurrencies, are a great flywheel for attracting a huge chunk of the public within these decentralized dynamics, which often translate into opportunities to do customer acquisition and earn extra income.
Indeed, NFTs function very well when integrated within games or initiatives of major brands, which can focus on the rarity and uniqueness of these digital collectibles to gain a new customer base or to increase the loyalty of existing ones.
In addition to Nike and Shopify, many other lustrous companies have jumped into the Web3 arena: Dolce&Gabbana, Tiffany, Gucci, Adidas, Time Magazine, and many others have made multimillion-dollar profits through the sale of NFT collections tailored to their target audience.
Moreover, the royalties factor allows it to go beyond mere sales, allowing extra revenue every time a non-fungible token is sold on a secondary market, effectively turning brands into “artists.”
Below is a table provided by “Dune Analytics” showing revenue from NFT sales on primary and secondary markets.
