More than two years have passed since the height of the non-fungible token (NFT) boom. However, Nissan has just announced plans for a new Japanese Web3 loyalty program that includes NFTs. Although NFTs have passed their peak in Europe and the US, they continue to prove popular in Japan.
I suspect there are cultural reasons for this. Japan is the home of graphic novels and anime manga. The visual nature of NFTs is well matched and there is a wealth of content that can be leveraged. Japan also has a compensation culture such as yuutai, a practice where shareholders receive compensation. For example, airlines offer discounted airline tickets to their shareholders. Therefore, the combination of the visual nature of NFTs and reward programs is suitable for Japan.
The Nissan Passport Beta begins with an NFT drawing that will run until January 14th, during which 5,523 membership NFTs will be given away. These are categorized into four types: futuristic cars, performance cars, classic cars, or 'smart living'. The latter is for people who choose their mode of transportation based on practical preferences such as comfort. However, members are randomly assigned through a lottery.
In addition to cool photos and a Discord community, users can earn badges based on a variety of activities, from posting photos of their cars on social media to providing feedback on scheduled rewards programs. But the final perk is an enticing potential perk, such as test-driving the car on a special track or taking an exclusive car for a spin.
While Nissan is considering a new program, Nike is discontinuing its program.
Nike and Adidas take different Web3 paths
Nike was one of the first brands to adopt web3 when it acquired RTFKT Studios in 2021, but this week announced plans to shut it down. “RTFKT is not finished. It is becoming what it was always intended to be: a product of a cultural revolution.” CloneX and MNLTH).
Data from 2022 shows it earned $185 million from its initial NFT drop and resale royalties. In late 2022, Nike also launched its Web3 platform .SWOOSH, which is still active.
Also this week, Adidas announced its latest collaboration with the STEPN web3 app, which lets you earn tokens by walking or jogging. The two brands have made two joint NFT drops to date. Now they are working on their third project, this time for 1,200 co-branded physical running shoes. Two-thirds will be drawn to Genesis NFT holders, and the rest will be drawn to other NFT holders or through a contest.
This is another great example of rewards that fans of your brand value.
