Are Brands Ready To Tokenize Loyalty? Rarible Co-Founder Offers Lessons From The NFT World
At the recent Benzinga Future of Digital Assets event, Alex Salnikov, co-founder and chief strategy officer of Rarible, joined a panel discussion led by Ian Horne, head of content for Money20/20 Amsterdam.
The conversation focused on the challenges and opportunities of integrating non-fungible tokens (NFTs) into brand loyalty strategies within the expanding Web3 ecosystem.
Learning from Past Challenges
Reflecting on the challenges of the NFT market, Salnikov addressed how speculative practices in 2021 created skepticism around the technology.
“The NFT is an obscene word in many communities these days,” he admitted. He explained that the market had been overrun by short-term profit schemes that fueled a bubble. Salnikov compared the situation to the recent craze around meme coins, predicting that similar patterns could lead to temporary interest but long-term challenges for the industry.
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