If Web3 Has Arrived, Where Were All the Big Brands at NFT.NYC?
Despite the recent crypto currency crash, there was still a lot of anticipation for this past week’s NFT.NYC, the 4th installment of what many have called the “Super Bowl of NFTs.”
I attended a number of sessions and events throughout the week and what stood out the most was that despite many of crypto and blockchain’s biggest names attending — and continuing to spend money — there was a lack of mainstream consumer, lifestyle, and entertainment brands in attendance. With many marketers searching for new paths to revenue and loyalty opportunities through Web3 channels, I expected more in the way of showcases, announcements and activations — or at least brand attendees.?
I acknowledge that last week many brands had to prioritize amongst the Cannes Lions Creativity Festival, Collision Conference, VidCon, and NFT.NYC — with budgets already stretched heading into the second half of 2022.
The brands I did see in NYC — namely fashion, luxury and technology companies — were still bullish on the potential impact of the metaverse in the form of exclusive content and experiences, loyalty and access, and in virtual goods. Perfect Corp's mid-week summit (a satellite event to NFT.NYC) drew dozens of top beauty brands to engage in discussions and showcases.
What was crystal clear to me was that there needs to be many more channels designed to educate executives on how, and when, to participate in Web3 initiatives. Michelle Abbs, the founder of Web3Equity (www.web3equity.io), held an engaging educational forum and cocktail reception in Williamsburg, Brooklyn on the first night at NFT.NYC. This session covered topics from minting an NFT to understanding Solana blockchain architecture to creating a personal avatar.
Will more mainstream brands crossover into the world of Web3? Sure, and many already have. There were hundreds of major brands in Cannes, with many touting their NFT and metaverse strategies.
As we head into the summer where many brands look ahead to back-to-school, fall entertainment launches, the NFL season, and holiday shopping, we should start to see additional brands dabble more in Web3...in the form of virtual goods, loyalty initiatives and virtual/augmented reality storytelling.
HOW much they invest remains a key question.
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Web3 and NFTs: An Opportunity for Smaller Brands and Businesses?
From the handy App Store to the nearby Amazon shelf, small-business owners are getting squeezed from all angles. Yet, it’s merely impossible to thrive as a modern mom-and-pop or smaller scale brand without deploying today’s technology.
The issue? Scale.
Web3 has the opportunity to level the playing field as it is decentralized by nature and allows brands and small businesses to break free of the control and reliance on the major social media, app, and shopping platforms. These boutique businesses can build their own communities, partner with peers, and connect with customers directly.
Payments can be handled directly via the blockchain. New community channels found in Horizon Worlds, RecRoom, Roblox and Discord provide direct access and paths to engagement. New revenue streams in the form of virtual goods or NFTs that serve as entree to loyalty programs can be be powerful for smaller companies. I heard a number of small business owners, including a wine shop proprietor and a Turkish coffee brand owner, speak with excitement about the new revenue potential Web3 offers.
Web 2.0 is certainly not going away. Most small businesses and brands are still reliant on the major players--Amazon, Instagram, Google, Snap, and TikTok among them--to reach customers, gain awareness, and sell goods.
Yet, Web3 may become the great equalizer and push these influential platforms to relax their grip. It's an area I will be watching closely.
Vice President at the Ad Council | Emerging Media & Technology | Leader in building partnerships and social impact strategies
2 年Greg! Thanks for the thoughtful post. Would love to connect with you as Web3 and Metaverse are my focus areas at the Ad Council. I know I can learn a lot from you. I’ll shoot you an email ??
CMO, Creator, Consultant, Catalyst for Connection & Community. (Also: Pioneer, Pragmatist & Provocateur.)
2 年As you acknowledged, it was a busy week. In Cannes, we talked with probably 40+ brands, agencies, and platforms about the possibilities of web3 and blockchain technology and marketing. It came up in almost every panel. There were varying degrees of curiosity, interest, and vision. But as the understanding that tokenization platforms are much further along increases, so will readiness to opt and adopt.
Director, Product Marketing @ InvGate | Startup Operator | Voracious learner
2 年"If Social Media has arrived, where were all the Big Brands at <INSERT SOCIAL MEDIA EVENT>?" We're in the equivalent to 2007-2008 when it comes to Web3. Still very early days. We still haven't seen this generation's Instagram or SnapChat, we haven't onboarded 1 billion people. For context, in Jan 2009, FB had "only" 150 million users. LMVH group is investing heavily in the space, as are other brands. Still very much the early adopters, people willing to risk and learn. We'll get there, give it time.
Hey Greg, we were there...Turner Sports and our sister companies Warner Bros. and CNN. Plan to launch some interesting projects over the next few months. Talk soon.