By George Ward
The digital collectibles firm Forum3, which specializes in brand onboarding for Web3, has raised $10 million in seed funding from several venture capital platforms. Forum3 aims to utilize the funding to bring digital collections into brands’ loyalty rewards programs.
The latest fundraising round involves several venture capitals like Decasonic with Bloccelerate, Arca, Valor Siren Ventures, Libert City Ventures, and Polygon Ventures as participating parties.
Furthermore, Forum3’s partnership with Starbucks did not come as a surprise, as the firm is co-headed by Adam Brotman, Starbucks’ former chief digital officer, and venture capitalist and entrepreneur Andy Sack.
The duo comes with a bag of experience and has shown their readiness to position Forum3 as the industry’s leading solutions provider for brand loyalty rewards.
It is worth noting that Forum3 was solely responsible for Starbucks’ recent loyalty reward program, which seeks to leverage the Web3 ecosystem to deliver immersive services to users.
Andy Sack, the CEO of Forum3, commented on the development, saying, “our combined experience will position the company to become the leading Web3 services provider in the world by helping brands with their loyalty reward programs.”
He further said, “as brands continue to demand the right strategy for their operations and customers’ quest for more digitally-inclined services, Forum3 will replicate what it has done with the Starbucks Odyssey to other platforms.”
The Starbucks partnership with Forum3 has opened another avenue for customers to appreciate and access digital collectibles. Hence, customers can access Web3 opportunities seamlessly without the need for Web3 wallets to receive branded digital collections.
As a result, users must have their identifications to redeem their rewards regardless of the medium. The new project was launched on the Polygon blockchain network.
Increasing Customer Engagement Through Digital Collectible
More than ever, large corporations are leveraging the popularity of digital collectibles, otherwise known as non-fungible tokens (NFTs), to drive customer engagement. With many companies joining the hype train, only a few have been able to harness its benefits.
However, it is worth noting that the success of a collectible is not determined by its floor price but by the community built as a result of quality engagement. It is with this notion that brands have perfected the art of making every decision with their consumers in mind, as the users hold the key to their continued progress.
Thus, several brands have successfully used NFT to connect with users, boost engagement, and command customer loyalty. In addition, the branding space has witnessed a revolution with the rising interest in digital collectibles as several companies scramble to align their physical products with virtual ones.
In addition, some firms have been riding the NFT bandwagon to diversify their portfolios and gain more users. The loyalty rewards are the latest action that brands have been building on to encourage massive engagement with their customers as the race for dominance continues to get tougher.
Overall, using digital collectibles is another way that brands are exploring to accelerate their loyalty drive from customers.