Spielworks is adding non-fungible tokens (NFTs) to its gaming loyalty platform Womplay. Womplay users already earn regular crypto rewards, but the addition of NFT will ramp up the platform’s utility.
Notably, Spielworks is a blockchain startup that specializes in gaming and decentralized finance (DeFi) solutions. Also, apart from adding NFTs to Womplay, the blockchain is working on providing an integrable system that will enable companies to issue native NFTs as rewards.
Adrian Krion, Spielworks CEO, noted
“NFTs have opened an entirely new universe for gaming companies to incentivize players to play more, and have barely scratched the surface with it. Even beyond the gaming realm, there is enormous potential to use them as incentives for customer retention and other CRM applications.”
In fact, the NFT integration will allow Womplay users to earn NFT rewards in the form of collectible in-game articles or rare art pieces. In turn, users will be able to either trade or use the NFTs within the Womplay ecosystem. Plus, the NFT rewards will grant holders access to exclusive features or unlock even more rewards.
Of note, as of mid-May, the Womplay ecosystem included 21 top-tier gaming brands and over 800,000 users. With such high utility in the Womplay ecosystem, the platform hopes gamers will opt to hold or use the NFTs within the ecosystem instead of cashing out.
Once the new reward system goes live on Womplay, Spielworks intends to use this as a proof of concept. The next step will be taking the program to market. In this way, the blockchain will enable companies to leverage NFTs as loyalty rewards or bespoke customer gifts.
In addition, Spielworks is exploring NFT integration into DeFi through collateralized lending.
This article was first published on coinquora.com
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Source: Cryptocurrency - investing.com
