Many big companies including Budweiser, Pinkberry, and more, are recently reported as experimenting with non-fungible tokens (NFTs) to run their loyalty and reward programs.

As per the CNBC report, Hang which is a Web3 startup targeting to provide some of the world's popular brands like Budweiser, Pinkberry, and Bleacher Report, “the power of web3 through its NFT-based membership platform, using new reward mechanics and technology to increase customer loyalty and LTV.”

Hang launched its “no-code platform programs”

Hang launched its “no-code platform for seamlessly creating and managing Web3-powered membership programs” on July 14, and announced a $16M Series A round led by Paradigm. “program managers can easily set up membership rules and logic, add benefits and rewards, and connect to third-party services,” with Hang.

Hang's announcement continued:

"As part of the round, we are also proud to be partnering with Tiger Global, Kevin Durant's Thirty Five Ventures, Mr. Beast's Night Ventures, Tiffany & Co.'s Alexandre Arnault, Green Bay Ventures, Shrug Capital, Good Friends (Founders of Warby Parker, Allbirds, and Harry's), Alt & Lob's CEO Leore Avidar, Roger Ehrenberg/Eberg Capital, Bomba's CEO Dave Heath, Scott

According to Hang co-founder and CEO Matt Smolin, large-scale firms are increasingly embracing loyalty programs to engage and retain customers. He said that NFT loyalty programs were a great method for businesses to make use of the benefits of blockchain technology:

NFTs enable companies to motivate their consumers to not only rank up to a new level in their program but also to appreciate the value of the asset that they hold and may subsequently resell on [NFT] markets, thanks to blockchain technology.