Virtually every blockchain-based startup has plans to offer reward tokens to customers in exchange for their loyalty.
To date, those plans are largely in the white paper or beta phase. On the other hand, a Morristown, New Jersey-based startup named Sweet has been deploying this vision since January. The company says it is the “first tokenized loyalty platform to actually hit the market” in support of brands.
Sweet allows brands to promote their wares by granting reward tokens — appropriately called Sugar — to fans, in exchange for liking, sharing, watching a video, posting a comment or otherwise engaging with the brand. The brand sets the value in dollars for each action, but the fans see that value as Sugar tokens.
Currently, founder and CEO Tom Mizzone told me, Sweet has about 50,000 fans enrolled on the platform and expects about 150,000 by year’s end. A couple of dozen brands are on the platform, including the band Black Eyed Peas and performer Jorge Blanco. Sweet says another 30 brands are currently onboarding, and over 80 are in the pipeline.
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