Solana Labs debuts blockchain customer loyalty platform Bond

News Feed - 2024-06-14 08:06:56

Derek Andersen29 minutes agoSolana Labs debuts blockchain customer loyalty platform BondSolana Labs has launched Bond, a new platform that will let non-crypto brands leverage the power of blockchain tech to engage with customers.143 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSolana Labs, the company behind layer-1 blockchain Solana, could soon be bringing many more non-crypto native brands and their customers into Web3 without many of them even knowing.

As of June 12, the firm has officially launched Bond, its new blockchain-based customer engagement platform aimed at helping brands “drive long-term loyalty.”

Solana Labs says the new platform will address “critical limitations” in today’s loyalty programs, namely, losing connection with the end customer if a product is ever resold or gifted.

While Bond is blockchain-based, it’s unlike some of the firm’s other recent launches such as Solana Mobile — it doesn’t put crypto front and center. 

Solana Labs described it as  “a seamless user experience where customers won’t even realize it’s Web3.” Solana promises Brands won’t be required to have any blockchain experience either since the service will be accessible through a single application programming interface, it said.

The platform leverages the Solana (SOL) blockchain to provide collectible “digital twins” and limited-edition digital products that go along with their real-world products, which Solana said can “encourage repeat engagement and increase overall customer value.”Solana Labs portrays digital twins as an augmented reality experience. Source: Bond

Digital identity for products can also allow customers to verify a product’s authenticity, while brands can also track their products even if they’re eventually resold or given away.

Solana Labs says the platform adds another bonus: Attracting a “new generation of customers” — including the “vibrant community” of the Solana blockchain with all its "Millennial and Gen Z purchasing power."Solana has a growing number of use cases

The Solana network hosts such popular memecoins as Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT) and Myro (MYRO).

It has also seen a boost in institutional interest since PayPal launched its PayPal USD(PYUSD) stablecoin on the network, increasing the cost efficiency of small purchases with PYUSD.

It plans to introduce the full-scale version of its Firedancer upgrade in 2025 to take advantage of the growth of Decentralized Physical Infrastructure Networks (DePINs).

Related: CNBC Fast Money trader says Solana ETFs ’probably’ next, sparking debate

Blockchain-based customer loyalty programs are not a new idea. The Open Loyalty marketing software-as-a-service firm, for example, has a blockchain based on Hyperledger Fabric.

It appears that at least seven organizations use Open Loyalty wallets, though its GitHub page shows limited signs of activity.

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