NFTs provide an effective channel for brands to improve customer engagement, expand their audience base, and create revenue streams. Despite the cold waves in 2022, these digital collectibles generated over $24.7 billion in sales.

Navigating the world of NFTs often means encountering a plethora of jargons and terminologies. Among these terms, businesses and customers are often presented with the concept of redeemable and claimable NFTs. 

In this interview, Dibbs speaks with Eric Witschen, the CEO of Neustreet, who is an early CryptoPunk holder and has a background in technology on Wall Street. Eric fell into the world of web3 from two angles: his interest in decentralized systems and cryptocurrency due to his background in technology and finance, and his passion for collecting various items in his personal life.

The integration of NFTs into businesses has sparked a revolution in customer engagement and loyalty. Big brands like Taco Bell, Nike, and Yves Saint Laurent (YSL) have already embraced them as a part of their marketing strategy.

Redeemable NFTs are digital collectibles that can be exchanged for real-world assets, experiences or benefits. They have garnered significant interest from customers as they provide tangible value and create a sense of exclusivity due to their uniqueness.

NFTs started out as mere digital collectibles with a certificate of authenticity and true ownership intact. But, today, these digital assets have expanded their horizons from digital art and profile pictures (PFPs) to assets with a mix of physical and digital value — "phygital" assets — as well as gaming-related NFTs

Ah, the thrilling world of web3! Just when you think you've got a grasp on it, along comes another tantalizing piece of the puzzle to ponder. Enter: Redeemable NFTs. But just like those assorted boxes of chocolates, not all of them are born equal. Before you dive headfirst into this, let's unravel the multiple flavors these digital assets have on offer.

Loyalty programs are the cornerstone of brand-consumer relationships. Evolving over the years from simple stamp cards to sophisticated digital rewards, they have been an integral part of customer retention and engagement.

Counterfeiting, often dubbed the "shadow economy," is a multi-billion-dollar industry that poses significant threats to genuine brands worldwide. As of 2020, fashion labels have faced a staggering loss of 26.3 billion euros in revenue due to this issue. But the financial hit is only the tip of the iceberg. The proliferation and distribution of counterfeit goods undermines the perceived quality and integrity of the original brands, causing them to lose customers. 

Digital collectibles were initially viewed as speculative bubbles or futuristic concepts that nobody outside the crypto space considered useful. The perception has drastically shifted as digital collectibles, due to their unique utilities, have carved their way into the mainstream.