Adapting to Web3 as a Brand
More brands are adopting blockchain technology, decentralised applications (dApps), and NFTs (non-fungible tokens) into their brand strategies – should you?
Since Web3’s origin, a lot has happened.??
Between 2020 and 2021, the hype around crypto and NFTs skyrocketed. Partly from increased media reporting and celebrity by-ins – including the likes of Snoop Dogg, Eminem, and Paris Hilton. At its height, artist Beeple sold an NFT for $69 million.?
Still, in its early stage, the space remains unregulated. As a result, concerns and fears over #crypto and NFT scams persist. In 2022 alone, the Web3 ecosystem lost almost $4 billion due to crypto fraud.?
But behind all the Web3 hype and cybercrime, many brands, like us here at Nicework, who believe in the potential and future of Web3 are making the move towards #decentralization.?
And so should you. Here’s why.?
The potential of Web3?
Web3’s like the cool new kid in town, you know, the one with all the fancy gadgets and the latest tech. It’s the most exciting development in web technology since the internet itself. If you don’t want to get left behind, you need to get involved, you need to experiment with #dApps, create NFTs, and educate yourself about the changing digital climate.?
Why? Because early adopters are at a serious advantage.?
In the world of #Web3, brands are more than just products or services – they are building thriving global communities. These communities are not passive consumers, but active participants who are deeply invested in the success of the brand's products and projects.?
They care about the brand's future because they have a stake in it, and Web3 technology makes it possible for them to actively participate in shaping its trajectory.?
Some notable #brands already making the move to Web3 include Gucci and Nike.
Fashion powerhouse Gucci now accepts crypto payments from more than ten #digitalcurrencies.?
Nike’s CryptoKicks, digital NFT sneakers, will soon be available as physical sneakers to its holders IRL.?
Web3 offers opportunities for growth and innovation. It's also a chance to tell your brand's story and connect with your audience in new and compelling ways.?
Here’s how.??
Better for business
Picture this – you’ve got a cutting-edge decentralised network of distributed ledgers that records transactions and safely transfers all kinds of assets like #cryptocurrency and #tokens. The best part? It’s extremely secure.?
Unlike traditional networks, the blockchain is copied across multiple computers, called nodes. You'd have to hack all of them to gain access. That's like trying to steal a car from a parking lot with a hundred cameras.?
If you’re in the financial or software security industry, for example, this is a game changer.?
On the one hand, using #blockchain technology has enormous potential for your brand and business because it can significantly improve things like security, efficiency, and transparency in your operations.?
Take TradeLens for example. It’s a blockchain-based solution for global trade that enables secure and transparent sharing of trade-related data across the supply chain.?
These are things like:
Traditionally, these are shared via paper-based documents like emails or phone calls. All of which can be time-consuming, error-prone, and difficult to track.?
By implementing #blockchaintechnology, TradeLens is not only able to save time, money, and serious effort for their own business but also for their customers – giving them a significant edge in the market.
People care about privacy??
On the other hand, blockchain technology offers increased privacy to your customers. This can be a compelling reason for them to engage with your #brand.?
By using blockchain-based solutions, customers can have greater control over their personal data and transaction history, while still ensuring the security of their transactions.
For instance, imagine a blockchain-based platform for buying tickets online to a concert. Via the blockchain, you buy your tickets without revealing any personal information or financial details to pesky third parties.?
It goes something like this:
Voilà! Since it’s blockchain-based, you don’t need to provide your name, address, phone number, or credit card details to complete the transaction. Your personal info isn’t getting stored on any centralised server that could be hacked or breached. Instead, it’s secure, tamper-proof, and transparent.???
Overall, the privacy benefits of using blockchain technology can be a significant selling point for your brand and can help to build customer trust and loyalty, while also enhancing the security of your transactions.
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Better rewards and incentives
Blockchain-based loyalty programs can provide users with more rewards and incentives than traditional programs. Because blockchain enables the use of digital tokens, loyalty points can be more easily exchanged for a wider range of rewards.
A great example of this is Singapore Airlines' KrisPay. KrisPay is a blockchain-based loyalty program by Singapore Airlines that allows its customers to convert frequent flyer miles into digital tokens that can be used to pay for everyday expenses like groceries and fuel.
NFTs, ownership, purpose??
Imagine owning a digital piece of history, like an NFT of Beyonce's iconic Super Bowl performance outfit – it's not just a collectible, it's a piece of pop culture history. And most importantly – it’s yours, you own it.?
This kind of value is a powerful incentive for people to invest in brands or projects using this technology. By providing ownership and authenticity, NFTs give people a stake in the brands they love. This creates a shared value that can be used to build strong communities around your brand and lead to new business opportunities and increased visibility.
Here are a couple of examples of this in action.?
Bored Ape Yacht Club (BAYC)
BAYC gives its NFT owners full commercial rights to their tokens. As a result, holders have created a diversity of businesses using their unique Bored Ape NFTs. From restaurants like Bored & Hungry to beverage companies like Ape Beverages.?
The benefits??
Every popular Bored Ape that exists in the world adds to the worth of the entire brand. This type of shared value is a powerful tool to consider when looking to leverage the potential of NFTs and Web3 in this way.
Moss?
Another approach would be fractional ownership. It means that the ownership of an NFT is divided into smaller fractions. The brand, Moss, is a great example of this. They’re a climate tech using NFTs and crypto credits to fight the climate crisis.?
Their Amazon rainforest preservation NFT project, Moss Amazon NFT, gives NFT holders a part of the preserved forest. Holders are able to digitally monitor their sections and receive an encrypted digital ownership certificate in return.?
The benefits??
Ultimately, fractionalisation reduces costs to holders which makes this type of ownership more accessible to everyone. And through this type of ownership approach, Moss was able to reach a larger audience and work towards achieving their goal – to preserve the Amazon rainforest.?
Really, NFTs are a catalyst for brands in the impact space working to achieve various global solutions ranging from improving access to education to bridging the wage gap or addressing gender disparities. Brands across industries can use Web3 technology to achieve their set goals while at the same time growing a community with shared values.?
So should you make the move to Web3??
Yes. Web3 is transforming industries and changing how brands do business. If you want to be at the forefront of Web3 development and innovation – now’s the time to make the move.?
Check out the brands below who’ve already made the leap.?????
Atari, the iconic video game company, has partnered with Decentral Games to launch a retro arcade in Decentraland. The DCL x ATARI partnership allows Atari to expand its reach into the cryptocurrency and blockchain communities, while also appealing to gamers who are interested in new and innovative gaming experiences.
This is what they’re saying about their transition into Web3:?
“Atari is proud to be at the forefront of the Web3 revolution. We were early adopters in this space and are currently working on several ambitious projects. We anticipate that blockchain technology will play an increasingly vital role in our business, allowing us to form new partnerships, engage with our players and fans in new ways, and drive growth for our brand.”
Christie’s and Sotheby’s auction house?
Both auction houses – Christie’s and Sotheby’s have tapped into the growing #NFTmarket.?
Christie’s launched their #NFT department called Christie’s 3.0, where they’ve sold #NFTs, including the digital artwork by Beeple that fetched over $69 million.?
Whereas Sotheby's has auctioned off several NFTs, including the first NFT ever created – “Quantum” by Kevin McCoy. They’ve also collaborated with artists to produce new NFT-based artworks including artists Charles Csuri and Tyler Hobbs.?
Both auction houses are also exploring ways to use blockchain technology to track and authenticate physical artwork, which could help reduce the risk of fraud.
It’s clear that with the various benefits that come with blockchain technology, ownership and NFTs, and decentralisation – Web3 offers limitless potential for brands that are moving into this space.?
In the words of several crypto leaders featured in the esteemed media brand review Fast Company Middle East…
“I think we’re going to see more massive brands enter the Web3 space in 2023. Even during the bear market, with Bitcoin and ETH [Ethereum] losing roughly 75% of [their] combined value, brands like Meta and Starbucks rolled out blockchain-based initiatives to billions of people around the world.” – Joe Lau, Cofounder and CTO, alchemy
“Over the past few years, a number of triple-A crypto games have been in development and will begin launching in 2023, which is the year when we will see gaming and culture boost Web3 adopters to well above 100 million.” – Yat Siu, Cofounder, Animoca Brands
There you have it, folks.?