Quick take:
- BMW is taking the web3 race for car manufacturers to a new level after announcing a blockchain-based loyalty program.
- The German automaker will integrate web3 technology into its system.
- The company has teamed up with blockchain infrastructure startup Coinweb and BNB Chain.
BMW is at the forefront of the web3 race between car manufacturers after announcing plans for a full blockchain integration into its operations.
The German car maker has collaborated with BNB Chain, the blockchain arm of the world’s largest crypto exchange platform Binance and the blockchain infrastructure platform Coinweb.
According to the announcement, BMW is also looking to introduce a blockchain-based loyalty program for its Thailand-based customers after integrating web3 into its system.
Although several car makers have made their foray into web3 (a next-gen internet built on the blockchain to empower user ownership on the web, promote decentralisation and support trustless communication), most of them have only focused on offering sporadic non-fungible token drops.
An NFT is a blockchain-based file that represents proof of ownership of a digital file like a JPEG, artwork, or virtual avatar.
In June, Chevy’s first NFT auction ended with zero bids for its digital car collectibles. The company had promised to build a physical replica if the collection sold out.
Lamborghini’s approach was more interesting with its franchise GT Racing Team announcing in July that it had partnered with Go2NFT and blockchain platform Skey Network to build an NFT certification for race car parts.
BMW’s other notable web3 foray saw the company 2018 use blockchain technology to monitor its cobalt supply.
The automobile manufacturer won’t be the first mainstream brand to use blockchain technology to reward customer loyalty. Earlier this month, Starbucks Odyssey launched the beta version of its Polygon-based Loyalty program, while Lamborghini in August launched “The Epic Road Trip” program, which came with exclusive rewards for NFT buyers.
In BMW’s case, BNB Chain to handle transactions while Coinweb will provide the infrastructure required to integrate blockchain technology into the company’s operations. Coinweb will also develop an app that BMW customers will use for the loyalty program.
Commenting on the loyalty program, Coinweb CEO Toby Gilbert said: “Customers will be rewarded with loyalty points and they will be able to spend within the ecosystem. Our hope is that there will be a future global rollout but currently our partnership is for Thailand.”
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