Time for Brands to Move into WEB 3.0 – Here’s How To Do It
The tokenized duplicate of the World Wide Web is Web3. In 2014, Gavin Wood, a co-founder of Ethereum, coined the word. Due to the abundance of crypto, blockchain, NFT, and fintech aficionados, the notion only gained traction in 2021.
Much of the concept is based on blockchain technology and the simple exchange of digital assets. Journalists, technologists, and others have referred to it as the “cure” of centralization. Even if the concept is described, it remains in a “fuzzy” condition, with no clear path forward.
We’ll talk about how brands can effectively transcend into the Web3 and use Metaversal capabilities in this blog. We’ll talk about it in terms of Web3 and Metaverse’s three primary pillars: Identity, Ownership, and Community.
Our desires for social status and self-expression become more important as we spend more time online. NFTs with ape themes and 2D pixelart are the new luxuries. Fortnite skins are the newest fashion statement. “Ready Player Me,” the Avatar creation epicenter, is growing rapidly by over 40% each month, attracting commercial partners such as New Balance and luxury fashion label RTFKT. By developing 3D avatars based on self-creativity, users can rethink their identities. In metaverses like Decentraland and The Sandbox, they can live these identities, dress, and wear the same way.
There are various similar motivations for strategic firms and brands to build themselves. There are endless possibilities for experimenting with new ways to link to the metaverse. The main goal is to create a “brand identity.”
The ability for marketers to expand customer interactions is one of the most intriguing opportunities presented by web 3.0. Brands are now forming superfan communities on their own platforms, allowing them to reach out to all of their fans without relying on centralized autonomous facilities. These communities encourage loyalty, generate UGC (user-generated content), and inspire creativity through co-creation activities. For example, The Hundreds, a well-known streetwear company, has grown its Discord community to almost 28,000 members.
With the greatest social networking company redesigning for the metaverse, it’s easy to imagine a future when our online lives are as important as our real-life ones. Play-to-earn or cryptocurrency staking attracts millions of people to the metaverse. We’re still a long way from Mark Zuckerberg’s Ready Player One vision coming to fruition. In order for companies to transcend the Web3 ecosystem, they must lay the groundwork for future approaches to produce value and development. We succeed not alone but collectively.
— Play to Earn Online Magazine (@PlayToEarn) June 6, 2022
Web3 is primarily built on blockchain technology, which is a decentralized, programmable global computer that works as a shared ledger, as previously said. This allows users to own one-of-a-kind (non-fungible) digital commodities that can be bought, sold, and resold in the same way all trades happen. Examples are virtual clothes, art, gaming products, music, access cards, and real estate. All of these are cross-platform compatible. Derivatives no longer have to be tangible to be valued, opening up entirely new revenue streams unaffected by global supply chain disruptions. This ownership property offers brands the opportunity to invest and profit. Brands now have the capacity to establish loyal client bases by returning power to the hands of the people. It becomes simple for them to curate strategic expansion and profitability as the loyalty quotient remains high.
The Most Important Takeaway
Although debatable, Web3 competitiveness remains similar to that of prior incarnations. The essential message here is that there is no one-size-fits-all strategy that marketers can adopt blindly. They must self-investigate their market situations in order to comprehend their trajectory. Another important aspect is to learn from your mistakes. Many brands fail, while others prosper. Brands should follow the right strategic approach to identifying failures, learning from them, and reinventing restoratives.