Fast-casual Asian concept and virtual restaurant company Wow Bao announced its first foray into the metaverse with a new tiered NFT membership program as an extension of the current Bao Bucks rewards program, as well as the launch of vending machines in the metaverse.
Wow Bao joins a rapidly growing group of restaurant technology leaders experimenting with Web3, which allows for expanded digital engagement with customers and has been called the next generation of the rewards program.
“Our purpose is to enhance the community aspect of the rewards program,” Wow Bao CEO Geoff Alexander told Nation’s Restaurant News. “[…] For example, when we launch new bao flavors, we can let this community have access first, or if we’re choosing between three flavors, we can give them a vote when they decide which one to put on the menu next. We’ve come a long way from “here’s your punch card and I don’t know your name”.
Recently, companies that have dipped their toes into the metaverse have lost the need for virtual reality headsets and crypto wallets to expand their potential customer base. Wow Bao’s NFT-based access pass, developed in conjunction with Brightloom, is considered a pass and not an NFT because it allows customers to purchase them with traditional means of payment instead of bitcoin or other cryptocurrency, which is still only used (and understood) by a smaller percentage by bao bun enthusiasts.
“We did it more to make the NFT program accessible to as many people as possible,” Alexander said. “My understanding of metaverse is that it’s very community-based, so we wanted to make it accessible and easy to understand for all users.”
This is the same logic behind making the NFT program affordable, with memberships in the high single digits to low double digits per month. This is in stark contrast to other NFT membership programs in the hospitality industry which have so far targeted a very exclusive audience with luxurious six-figure price tags.
Members will be able to buy into three levels of the club, each of which will unlock different digital and physical rewards, such as monthly giveaways and discounts. While details for each level have yet to be finalized, Alexander imagines that the entry level of the program will come with a purchase of NFT and some points and money that can be spent on a Wow Bao. The next level up will give you double point rewards, and the top level will give you triple point rewards. The top two tiers will also receive automatic entries to win a Wow Bao-branded car in Riot Racers, a virtual racing game.
“If you’re a fan of Wow Bao and NFTs, you can join our community,” Alexander said. “Our goal is not to alienate people […] We want to reach people and don’t want to be this exclusive club that nobody can be a part of.”
In addition, Wow Bao announced that they will be bringing their bao bowl machines currently in Georgia, Florida and Las Vegas to the metaverse in 2023, which will allow users to order food directly from Wow Bao in the metaverse without leaving the app: a feature that has become one of the popular integrations between digital life and real life in the metaverse.
Wow Bao fans will be able to waitlist for the NFT program starting Wednesday, although the program itself won’t launch until January 2023.
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