BNB Chain Enhances Tokenization with NFT Loyalty Program Rollout

• BNB Chain launched a no-code NFT Loyalty Program Solution to help businesses create NFT-based loyalty systems easily.
• The platform enables companies to engage customers with tradable digital rewards.

BNB Chain, the blockchain ecosystem renowned for hosting the largest smart contract platform by daily transactions, has introduced the NFT Loyalty Program Solution. This no-code platform enables businesses to launch NFT-based loyalty programs and provides customers with the ability to trade and collect digital assets.

The solution follows the recent developments in BNB Chain tokenization, focusing on its mission of bringing the next billion Web3 users on board. It helps organizations and SMEs to easily implement blockchain technology within their business processes with no coding knowledge.

The platform provides seamless NFT creation, management, and distribution, which can help businesses change the way they approach customer loyalty. Such NFTs can be used as promotional items or collectibles, and can also serve as an additional form of currency for customers to engage with the brand in the long run.

No-Code Simplicity and Web3 Integration

The NFT Loyalty Program Solution leverages the BNB Chain network to deliver high performance and scalability. With the help of blockchain, firms can further develop their loyalty programs by offering digital assets as rewards. The platform also fits well with Web2 systems so that organizations migrating from Web2 to Web3 do not experience a disruption.

According to Jimmy Zhao, Senior Solution Architect at BNB Chain, the platform is easily accessible. He said that with the no-code approach to Web3 ownership, it becomes easier for businesses to engage their clients in revolutionary ways.

The solution allows companies to give their customers special, collectible NFTs to incentivize their activity and improve the brand’s image. Through exclusive rewards, companies can increase customer retention and enhance the bond between the company and the consumer. However, to ensure that the platform can easily be integrated into various business models, the design is quite simple. 

NFT Activity on BNB Chain Shows Mixed Trends

The NFT Loyalty Program Solution is another example of BNB Chain’s commitment to lead the way in Web3 technology. These new tokenization tools offered by BNB Chain will help enterprises in their digital transformation process.

A recent report from Messari shows that the trading volumes of NFTs on the BNB Chain increased dramatically in Q3, especially from whale investors. The trade volume of NFT was up by 283% quarterly at an average of $600,400 per day. However, the number of daily buyers dropped by 53%, which points to the fact that activity was limited to a select number of individuals trading at higher amounts.

BNB Chain’s NFT trading volume was $55.2 million in Q3 2022, ranking third behind Ethereum and Bitcoin. Other blockchains such as Solana, Polygon, and ImmutableX also had higher trading volumes than BNB Chain.

However, the BNB Chain had total value locked in increasing by 2.2% to $4.8 billion with Venus Finance being one of the highlights with a 13% rise. Furthermore, the deflation rate of 4.5% in Q3 helped BNB gain 2.5% even as the market retraced.

It is worth noting that Binance Labs recently announced its investment in Kernel, a restaking solution that focuses on enhancing the security and practicality of the BNB Chain. The kernel includes liquid staking tokens and restaked BNB on its platform, thus providing better economic stability for all dApps and protocols.