Yesterday web3 loyalty platform Superlogic revealed it raised a $7.6 million in strategic funding round. Backers included Amex Ventures, Sangha Capital, 10SQ Capital, Nima Capital, Actai Unicorn Fund, Chainlink Capital and others. Amex participated in an earlier investment round. While one outlet claimed this brings the funding to $15 million, we believe it’s closer to $80 million. Superlogic represents a classic pivot from buzzy NFTs to a value added service for loyalty programs.
Superlogic is a new brand, but the company started as OneOf, an NFT platform that partnered with numerous big brands such as the Grammy’s, Warner Music, Sports Illustrated, Gatorade and eBay.
“At Sangha Capital, we believe the way Superlogic’s next-gen loyalty solution will reduce friction for the user, enhance engagement for brands, and unlock liquidity in the $700 billion global loyalty industry,” said Carolina Casas Forga, Co-Founder & Managing Partner at Sangha Capital.
A subtle shift from NFT to loyalty
Non crypto people have a very mixed reaction to NFTs with some viewing them as scams. So while the consumer focused OneOf marketplace is still very much alive, the Superlogic business website doesn’t mention NFTs, blockchain or web3. Instead it says brands can “reach millions of customers with digital assets that cost less than $30 to create”. In the marketing world digital assets also refers to creative content.
The Superlogic website purely targets brands offering them ‘engage-to-earn’ experience and a ‘next gen rewards marketplace’. Last November Amex promoted the Superlogic offering to its merchant brands.
CEO and co-founder Lin Dai recently shared his vision of how tokenization adds value to loyalty. Sometimes the benefits earned in loyalty programs might not appeal to customers. If rewards are in the form of digital badges, this allowed brands to introduce “a market dynamic by allowing program members to trade these digital rewards badges with other members within the retailer’s own rewards marketplace. Customers earn and trade rewards with each other and end up with more of the perks and benefits they truly want,” said Dai. Additionally, there’s scope to make loyalty programs interoperable with those of other brands.
