Simon Data Launches NFT Platform Allowing Brands To Finally Own Their Customer Data
NEW YORK – In a groundbreaking move, Simon Data, a customer data platform designed to let marketers easily build personalized cross-channel customer journeys, has launched a decentralized platform allowing consumer brands to finally, literally, own their customer data – as a Non-Fungible Token (or NFT).
With web3 at the forefront of conversation in e-commerce circles, this revolutionary news marks the first example of an established SaaS company bringing a blockchain-built product into market.
“Many vendors promise brands the ability to ‘own your customer data’,” noted Jay Nakamoto, Chief Cryptography Officer at Simon Data. “We concluded that the only real way to make that possible would be with something truly tangible like an NFT.”
Simon’s initial release of 10,000 NFTs represent customer profiles that clients already had in their CRM, but that are now minted as avatars of crocodiles, koalas, and even kangaroos donning all kinds of adorable accessories. And so, while they offer no legitimate value add in terms of personalization, early adoption and interest has been remarkably strong.
“We’ve built our company around allowing retailers to unlock and activate the data that they do have, but I’m not sure that anyone except the consumers themselves can ever really own their data.” Nakamoto elaborated. “So even though the owners of these NFTs still don’t technically own anything, they feel like they do, and that seems like a win for both parties.”
The platform’s roadmap remains unclear (due to the countless possibilities that lie ahead), but Vitalik Buterin, founder of the Ethereum blockchain on which all NFTs are built, has taken notice.
“It’s exciting to see innovative companies like Simon Data start to unlock the potential of web3,” remarked Buterin. “The future certainly seems incredibly bright.”
The price of Ethereum was down 27% on the back of the news.
Simon Data is the marketer-first orchestration Customer Data Platform (CDP) allowing e-commerce, travel, marketplace and retail brands to easily use data to build unique customer journeys across channels without the need for an all-in-one cloud solution. The platform leverages real-time. historical data and machine learning to power turnkey communications. Leading brands ASOS, JetBlue, Equinox and Vivino, rely on Simon to build one-to-one personalization across multiple channels at accelerated speeds. Simon Data’s growing team of 140 employees has been honored as both a 2022 BuiltIn NYC and San Francisco Best Places to Work, Great Places to Work Certified, and is a G2 Leader in the CDP space for four consecutive quarters. Request a demo today.
Happy April Fools’.