Why Utility-Based Non-Fungible Tokens are the Future of Retail

Why Utility-Based Non-Fungible Tokens are the Future of Retail

How can non-fungible tokens be used to create a membership community?

Blockchain technology has already disrupted many industries, and this disruption is happening even faster in the world of retail. The retail industry is standing at a crossroads. It has to choose one of two paths: either embracing the changes that blockchain technology will bring or fighting to preserve the status quo. Cheegs has decided to take the first path.

What are utility-based non-fungible tokens (NFTs)?

Utility-based non-fungible tokens are digital assets that can be exchanged for goods and services. These tokens are similar to gift cards or loyalty points in that they can be redeemed for strong incentives. Think about it like a contract between the customer and the retailer, allowing for certain services or benefits to be given to those who own them. If it sounds super complicated, just imagine signing a paper contract and then uploading it digitally so it can never be changed or taken away from you.

NFTs can be utility based as well as more of art

How blockchain can help retailers:

The retail industry and those similar to Cheegs face challenges including but not limited to inventory management, pricing, advertising, and referral programs. Many, if not all of these problems can be solved through the use of utility-based non-fungible tokens (NFTs). Non-fungible tokens may be used as a discount, rewards points, or even exclusive access to certain products or services. Again, it is just a contract between the customer and the retailer that allows for certain benefits to be given to that customer.

How Cheegs sees NFTs as a part of our future:

Providing Cheegs customers a community, and benefits for being a part of this community, has always been a priority of ours. It is fitting then that we have decided to enter the space by offering NFTs to purchasers at different spending levels. These NFTs will give our customers certain membership benefits at different tiers that will last much longer than traditional benefits. These benefits include but are not limited to % discounts that are not offered to other customers, exclusive product launches, and free shipping. We see this as an amazing opportunity to show appreciation to those who have given us the most. Subscribers will get more details in the near future as we get closer to the NFT launch, so keep a lookout! We are excited to not only be a leader in performance fabrics and dress clothing but also in the way we create engagement with our customers and community.

Cheegs first NFT