Location-based NFTs create “work” in the process of minting and collecting, where users are bound to travel and explore, in addition to earning rewards along the way. Location-based incentives can evolve as a new way to engage and access relevant online and offline communities at the same time,” says Quaison Carter, CEO and Co-Founder of Lost Worlds. Through the fusion of location-based NFT technologies, anyone can collect rewards, merchandise, or vouchers as NFTs to elevate the experience of commerce, and travel. “Enabling geolocation as a medium for merging the real world and Metaverse allows users to explore buildings, outdoor areas, or even business premises more dynamically. This also puts new users in a better position to interact with NFTs more directly, narrowing the gap in Web3 adoption. This works to add a new layer of scarcity and utility for digital contents that create value within the real world. Users can extend the Metaverse experience to the real world, by minting and collecting NFTs from chosen locations. NFTs, which can be just about any digital content or asset secured by blockchain networks, are now more than this.

One of the most popular Metaverse trends includes the notion of NFTs representing virtual land, which occurs entirely in the digital realm. NFTs are converging with real-world experiences Emerging trends that encompass NFT technology have a huge potential in helping businesses create novel experiences in customer engagement. Another 49 percent wants to interact with businesses in ways that bring people together for a common goal. That said, businesses need to explore innovative and creative ways of engaging their customers, because as it stands, 64 percent of consumers want to connect with brands directly.

However, achieving this is an arduous challenge, due to the effects of the pandemic on consumer behavior.

The success of these businesses largely hinges on direct engagement with consumers to streamline purchase cycles, build customer loyalty, and uncover upsell opportunities. Although the COVID-19 pandemic is subsiding in most parts of the world, its long-term effects are still taking a toll on various merchant businesses, such as restaurants and entertainment joints.

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