• by Joe Mandese , January 7, 2024

If you're anything like me, you probably struggle to understand exactly how Web3 applications relate to marketing and what the benefits are for both brands and consumers for using them, vs. doing it the old fashioned way.

Late last week, credit-card giant Visa launched a Web3 "engagement solution" and the simple video above succinctly explains both the frictionless nature -- as well as the open-ended possibilities -- of utilizing Web3 for loyalty marketing.

If you really want to understand the benefits of Web3, I promise the video will be the best two-and-a-half minutes you can spend.

The core of the program is a "digital wallet" utilizing the blockchain to seamlessly offer and clear rewards based on the relative loyalty of Visa customers.

The application makes sense for many brands, but especially for Visa, which has been rapidly evolving from its legacy plastic credit card roots to a digital payments service, anyway. In other words, when it comes to Visa's new Web3-engineered engagement solution, the medium literally is the message for the Visa brand.

“Consumers are looking to engage with brands in new ways, and traditional loyalty programs have not evolved over the past decade. Imagine earning a unique digital collectible, whether it's from purchasing tickets for a sports event or participating in an augmented reality treasure hunt," explains Visa Senior Vice President-Global Head of Issuing Solutions Kathleen Pierce-Gilmore, adding: “Our new innovative digital loyalty solution empowers brands to reward customers not only for their transactions but for their active engagement, paving the way for secure, seamless and immersive digital and real-world experiences at their fingertips.”

The backbone of the Web3 wallet was created by SmartMedia Technologies, an agency and Web3 developer helping brands build blockchain-enabled experiences leveraging the principles of Web3.

“This collaboration is not just about enhancing customer rewards; it's about redefining the value exchange between brands and consumers in a mobile payments-first world," explains SmartMedia CEO Tyler Moebius, adding: "We are committed to delivering experiences that are as rewarding as they are engaging and relevant for today's evolving consumers.”

Check the next edition of Media3.0 for an in depth interview with Moebius in which he helps break down some of the stifling Web3 jargon into simple, easy-to-grasp terms.