You Can Now Earn Loyalty Points for Buying Secondhand Luxury Items

TL;DR

• Solana Labs just introduced their ‘web3 gateway’ for luxury brands, which lets buyers log their purchases (both first and secondhand), and reap loyalty benefits in return.

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We wear the same cheap, brand-less black t-shirts every day…

But even basic schlubs like us can recognize this is a smart idea.

Solana Labs just introduced their ‘web3 gateway’ for luxury brands.

Basically, it allows buyers to log their purchases of luxury goods — both first and secondhand — and reap loyalty benefits in either situation. While the luxury brands can get a better understand of their customers buying habits.

Which is cool.

But it’s not why we think this is a smart idea.

No. It’s a smart idea because the crypto space is full of wealthy users looking for a place to spend their new found wealth, who are also obsessed with status symbols (hi NFTs 👋).

The easier a luxury brand (or any business) makes it for cashed-up folks to spend their money → the more money they’re likely to make as a result.

(The real opportunity here lies in the fact that so few businesses accept crypto).

Bravo Solana.

Bravo.