An expert in Bitcoin for businesses, Marty, joins the podcast to discuss embracing Bitcoin in the business world. Topics include integrating Bitcoin into rewards programs, chargebacks and international onboarding, enabling better user experience through Bitcoin, skepticism towards NFTs, monetization models for new media, protection from censorship, and saving businesses in a recession.
Fanatics could replace their loyalty program with Bitcoin rewards to attract more customers and drive more spending.
Fanatics should avoid tokenizing physical assets on the blockchain and focus on incorporating Bitcoin into their core business.
Fanatics can support sports personalities in building their presence on Bitcoin-powered platforms to ensure freedom of expression and content ownership.
Deep dives
Fanatics could replace fan cash with Bitcoin rewards
Fanatics, as the leading sports apparel company, could consider replacing their loyalty program, fan cash, with Bitcoin rewards. By incorporating Bitcoin into their rewards program, Fanatics could provide a more valuable incentive for customers. Bitcoin rewards could attract more customers to spend money at Fanatics, knowing they will receive a digital asset that holds value. Although concerns about customers spending Bitcoin elsewhere exist, being an early adopter in offering Bitcoin rewards could drive more spending at Fanatics.
Don't complicate things by tying physical assets to the blockchain
While Fanatics ventures into collectibles, it may be best for them to avoid tokenizing physical assets on the blockchain. The complications and potential pitfalls of trying to enforce ownership in the physical world via the blockchain far outweigh the benefits. Instead, Fanatics should focus on their core business and incorporate Bitcoin into their revenue and treasury strategies. By accumulating Bitcoin and offering Bitcoin-based rewards, Fanatics can tap into the growing interest in cryptocurrencies without the need to complicate their operations.
Building a presence on Bitcoin-powered platforms for media and personal brands
As the future of media leans towards personal branding, it becomes important for sports stars and other individuals to consider building a presence on Bitcoin-powered platforms. By accepting Bitcoin and utilizing engagement tools built on the Bitcoin network, individuals can avoid potential censorship and maintain control over their content and brand. Platforms that leverage Bitcoin's decentralized nature provide a censorship-resistant environment for personal branding and media creation. Fanatics, with its relationships in the sports industry, could encourage and support sports personalities in building their presence on such platforms to ensure freedom of expression and content ownership.
Using Bitcoin rewards as a low-friction way to introduce Bitcoin to customers
By integrating Bitcoin rewards into their business model, companies like Fanatics can introduce Bitcoin to their customers in a low-friction way. Customers may not be Bitcoiners but would be willing to accept Bitcoin as cashback rewards, which can be a gateway to further engagement with Bitcoin. This strategy allows customers to become familiar with Bitcoin's value proposition without having to invest their own money. Over time, as customers see the value of their Bitcoin rewards grow, they may be more inclined to spend and interact with Bitcoin in the future.
The benefits of a universal payment layer for global business operations
Implementing a universal payment layer like Bitcoin can provide significant benefits for global businesses like Fanatics. It allows for instant and seamless cross-border transactions, eliminating the need for complex banking infrastructure and long setup times. This can be particularly advantageous when expanding operations to new countries or regions. With a Bitcoin payment layer, businesses can quickly set up shop, accept payments, and sell merchandise without the hassle of setting up bank accounts and dealing with fiat currencies. The transparency and immediacy of Bitcoin transactions also allow for improved customer experiences and more efficient operations.
Lou turns the questions on Marty to find out how businesses can embrace Bitcoin.
0:00 - Intro 7:20 - Why are we here? 13:29 - What is Fanatics? 19:54 - FanCash should be Bitcoin 29:58 - Introducing Bitcoin through rewards 33:04 - Chargebacks and international onboarding 37:29 - Bitcoin is can enable better UX flow 41:39 - NFTs don’t work 48:30 - New media monetization models 53:26 - Protection from censorship 58:36 - Trust still required 1:02:17 - Saving your business in a recession 1:05:21 - Debrief, comment your suggestions!
