In Web3, businesses will transition into communities where customers and clients interact and support the company's overall mission. Instead of simply buying a product or service, as a client or customer, you will experience ownership in the business, encouraging you to stay, spend more, and bring in others.

NFT gym membership

Let's start with an NFT (non-fungible token) and how a local gym can use them in its business model.

This gym offers membership to its customers and has different levels depending on the types of services that they want to use. You can create a limited number of NFTs for each of these other memberships. For example:

• Gold member: Access to all areas of the gym and classes

• Silver member: Access to in-person classes only

• Bronze member: Access only to the cardio equipment and weights

When a member purchases this NFT, a digital wallet will store it. The value of the NFT may increase (or decrease) depending on the demand for that gold membership. The better the gym's service, the higher the desirability for membership and the higher the price.

If a gold member wants to sell their NFT to someone else, they will receive the income from that sale. The gym may also add an expiration on the NFT so that it would need to be renewed by the new owner.

Social tokens encourage feedback

With social tokens, the gym can use tokens to be issued to give members a voice in the decisions made on what services to provide.

With tokens, the gym could have members vote on the next piece of purchased equipment or what exercise class to offer next. The more tokens a member holds, the more votes they can cast.

Additional perks

The gym could also give out (airdrop) tokens to members as rewards, such as attending classes, visiting during non-peak hours, hitting their fitness goals, etc.

These perks incentivize members to continue to hold onto their NFT memberships and to use the facility.

Since it is on the blockchain, it is easy to access information to determine the details of any token. This way, members can access entry in any facility, from Bob's Boxing Club to 24-Hour Fitness, with their digital wallets.

Provide Value and Attract More Business

In each of these examples, there is no limit to the creativity set up for your business offerings. It is up to the business to determine the best incentives to attract new customers and provide value for existing customers to stay and refer others.