Pro
"Blackbird Fly, Blackbird Fly" - A Model for Web3 Loyalty Programs
Key Insights
- Blackbird increases diner retention and engagement for restaurants by providing a Web3 loyalty program for a coalition of individual restaurants, enabling a shared database for diner data accessible to all Blackbird restaurants.
- Blackbird builds strong economic and emotional relationships between diners and the Blackbird brand/platform through financial incentives across a wide range of restaurants and a well-designed user experience.
- FLY (native loyalty points token) transactions occur on Flynet, an L3 built on Base that could serve as the base layer for future Web3 loyalty-related applications.
- Blackbird Pay reduces transaction fees on payments from 3-4% to 2% by cutting out credit cards and using crypto token payments.
Introduction
Margins in the restaurant industry have declined from about 20% to 4% over the last 20 years.
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Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.
Outline
- Introduction
- The State of Restaurant Economics
- Expanding Access to Diner Data through a Shared Database Approach
- Enter Blackbird
- Relationships between Brands and Users
- A Walkthrough of the Blackbird Experience and Mobile App (UX)
- Blockchain Architecture: Flynet, an L3 on Base
- Tokenomics and Value Accrual
- Restoring Margins: Blackbird Pay
- The Future of Web3 Loyalty Programs
- Conclusion: