Tokenizing Loyalty: Interview with Andrew Doxsey, Co-Founder and CEO of Libra Incentix

In today’s context of hyper-competitive market, investing in loyalty programs that leverage decentralized finance (DeFi) solutions is a strategic imperative for brands seeking sustainable growth and a competitive edge. By harnessing the power of the blockchain technology, Web3 loyalty programs offer immutable, transparent, and fraud-resistant rewards systems that instill trust among customers, while tokenization of rewards provides tangible assets that can appreciate in value over time, fostering a deeper sense of loyalty and commitment. Moreover, the decentralized framework of Web3 ensures that rewards are distributed autonomously and securely, reducing operational costs and improving the efficiency of loyalty program management.

For businesses seeking to enhance their loyalty rewards programs through tokenization, Libra Incentix offers a comprehensive solution. By leveraging the LIX utility token and integrating it with their website or Point of Sale Software, businesses can streamline the process of earning and redeeming rewards, ultimately increasing customer engagement and satisfaction. Libra Incentix’s platform connects to millions of products and offers tailored experiences in various currencies and languages, catering to a diverse customer base. Through personalized earning rules, referral marketing initiatives, and dynamic LIXX tokens, businesses can incentivize customer behavior, drive fan engagement within sports clubs, and manage loyalty rewards effectively, thus powering customer loyalty into business efficiency.

Today, I have the pleasure of speaking with Andrew Doxsey, Co-Founder and CEO of Libra Incentix, to discuss the future of Web3 loyalty programs and how Libra Incentix is leading the charge in this space.

1. How do Web3 loyalty programs differentiate themselves from traditional loyalty programs, and what advantages do they offer in terms of ownership, control, and interoperability?

Web3 loyalty programs give users true ownership of digital tokens or NFTs as rewards, providing more control over their rewards. Unlike conventional programs, users can transfer, trade, or sell their tokens across various platforms, enhancing flexibility. These tokens are interoperable, allowing use across different communities, thus broadening their utility. Web3 loyalty programs are more user-centric, offering enhanced value and versatility.

2. What strategies can brands employ to leverage Web3 loyalty programs to strengthen communities, enhance customer relationships, and drive customer loyalty in a nonthreatening and pro-business manner?

From LIX’s perspective, leveraging tokenized loyalty programs to strengthen communities is what we do. Customer loyalty involves personalizing rewards based on user preferences, creating exclusive communities for meaningful interactions and ensuring transparency in how rewards are earned and redeemed. Integrating gamified elements to enhance engagement is important in providing an enjoyable experience and driving long-term loyalty.

3. How do Web3 loyalty programs enhance brand value and customer engagement through cross-promotion opportunities and interoperability with other participating brands?

Facilitating cross-promotion opportunities with multiple participating brands is crucial, especially in the crypto world, where community and transparency are paramount. By enabling the use of loyalty tokens across diverse platforms and brands, coalition loyalty programs encourage customers to explore new products and services, leading to increased exposure and collaboration between brands. This interoperability creates a network of mutual benefits, where customers enjoy a seamless experience, and brands gain from shared loyalty and enhanced visibility. 

4. How does Libra Incentix’s platform utilize blockchain technology and loyalty tokens to offer true ownership of rewards, granular control over loyalty programs, and interoperability with other brands?

We grant users true ownership of their rewards using our native token, LIXX, which can be used across multiple communities. Our platform functions as a loyalty management system that can be fully configured by the program issuer, with the rules governing the loyalty program managed through smart contracts to ensure automatic settlement and reconciliation in real-time.

5. Can you elaborate on the role of sports clubs in Libra Incentix’s strategy for achieving global adoption and how partnerships with major sporting events contribute to fan engagement and loyalty rewards within the platform?

Almost everyone on this planet is a sports fan, and the engagement in this sector is undeniable. As part of the ComAve global ecosystem we work with major sports clubs to create a symbiotic relationship where clubs can capitalize on their fan base. A world where supporters will be rewarded for their spending through a loyalty program, gamification and personalized experiences.​ These partnerships are key to amplifying fan engagement and enhancing loyalty rewards within our partner’s platform. Our participation in fan zones via the ComAve ecosystem at major sporting events like the FIFA World Cup and Copa America also provides us with great exposure.

6. How does Libra Incentix serve as a mechanism for commercializing communities, and what impact does this have on engaging users and fostering long-lasting relationships with customers?

LIX enhances interaction and drives user engagement within the ComAve ecosystem by incentivizing various activities, including participation in social media, attending matches, and making purchases on affiliate platforms that participate in our loyalty programs using our native token. For example, we partner with ComAve’s online shopping platforms to ensure that fan purchases through affiliated clubs result in rewards. Our solutions, available for white-labeling and API access, enable easy integration into end-user applications through third-party systems, seamlessly embedding the loyalty experience into fan engagement apps.

7. Can you elaborate on your aspiration to develop your own private blockchain and how it aligns with your long-term strategic objectives?

Developing our private blockchain is a key strategy detailed in our original white paper to enhance security, scalability, and control within our ecosystem, aligning with our goal of creating an efficient, transparent loyalty rewards platform. It can offer improved platform functionality and increased efficiency with faster, cheaper transactions. It will also support growth and ensure seamless system integration. 

8. What unique capabilities does Libra Incentix possess that enable the platform to achieve its goals, particularly in terms of customer engagement, loyalty, and value proposition within the loyalty ecosystem?

With ComAve, LIX emerges as the premier Loyalty program in the sports world, harnessing Libra Incentix’s distinct features such as its seamless integration with the sports industry, utilization of fan enthusiasm to boost engagement, and its established global presence, guaranteeing extensive acceptance. The platform presents a unique value proposition through its provision of personalized, blockchain-powered loyalty solutions, creating genuine customer loyalty and delivering a smooth, gratifying experience within the ecosystem.

9. How does Libra Incentix plan to leverage its team’s extensive experience in the loyalty and blockchain domain to drive success, enhance customer satisfaction, and establish a strong presence in the market landscape?

Our founding team has a track record of starting tech businesses and launching software products globally. Additionally, our partners and shareholders boast over 25 years of experience in the football industry and have extensive business connections in the sports world, both in the Americas and Europe. The team also include former consultants from world-renowned tech firms such as Capgemini, IBM, and Cognizant. 

10. What are the future ambitions of Libra Incentix in terms of global expansion, introducing new features, and developing its own private blockchain, and how do these ambitions align with the platform’s long-term strategic objectives?

Libra Incentix’s future goals involve expanding globally within the ComAve ecosystem. Enhanced data analysis will provide more insightful information, assisting our partners in developing robust marketing strategies. Our CRM capabilities are consistently advancing, allowing clients to execute precise, targeted marketing campaigns. The addition of staking features is aimed at appealing to a broader audience of crypto enthusiasts, while integrations with popular third-party applications will ensure the relevance of our product for mainstream brands.