BMW is going to use nonfungible tokens (NFTs) in its new loyalty program, as the German automaker continues to roll out implementations of blockchain technology.
It has been reported that the NFTs will be accessible via a Web3 Rewards App, built with the help of Coinweb and settled by the BNB Chain. BMW is angling to create an ecosystem where customers can spend with BMW through the loyalty points that they earn.
However, BMW is intent on integrating blockchain technology into its stack over the next few years. The Web3 Rewards App is a big step in the direction they want to go, as customers will be rewarded for behaviours that drive value for the brand.
The report said that customers will have the opportunity to utilize their rewards in the ecosystem and earn BMW products. This initial rollout will take place in Thailand, with the potential to go global in the future.
BMW has partnered with two Web3 companies to create the NFT Rewards App. BNB Chain and Coinweb will be supporting the endeavor with their tech. BNB Chain will be settling the transactions for the ecosystem.
Coinweb will be working behind the scenes to provide the infrastructure for BMW’s decentralized network. BNB and Coinweb are a strong partnership for BMW, where each entity is set up to deliver its best. The results should be astounding.
Thus, BMW continues to implement blockchain technology into its overall strategy. This is after utilizing the tech internally for operations since 2018. This could be the foundation for an entirely new BMW ecosystem.
Source: NFT Evening