Web 3.0 is the tokenized replica of the World Wide Web. Gavin Wood, co-founder of Ethereum postulated the term first in 2014. The idea though gained interest only in 2021 due to the surplus of crypto, blockchain, NFT, and fintech enthusiasts.
If indeed explained, the idea is still in a “fuzzy” state, with no actual and critical path for advancement. Much of the concept involves nothing but blockchain technology and effortless transaction of digital assets. Journalists, technologists, and likewise describe it as the“remedy” to the “curse” of centralization. Infinite data scalability, powerful privacy, and security are what companies and brands can benefit from the Web 3.0 reception.
In this blog, we’ll discuss how brands can effectively transcend into the Web3 and utilize Metaversal capabilities. We will discuss this in terms of Identity, Ownership and Community— the three main pillars of Web3 and Metaverse.
As we spend more time online, our cravings for social status and self-expression become imperative. Ape themed NFTs and 2D pixelart NFTs are the new luxury. Skins for Fortnite are the latest fashion expression. Avatar creation epicenter “Ready Player Me” is growing massively, almost 40% each month, attracting brand partners such as New Balance and luxury apparel label RTFKT. Users get to reimagine their identities by generating 3D avatars based on self-creativity. They can live these identities, dress and wear likewise in metaverses like Decentraland, Roblox, and The Sandbox.
There are several likewise motivations for strategic businesses and brands to establish themselves. Infinite ways to experiment with new ways of connecting to the metaverse. The core thing is to form a “brand identity”.
One of the most appealing prospects provided by web 3.0 is the possibility for marketers to expand consumer interactions. Brands now are establishing superfan communities using their own platforms where they can comprehensively reach their followers without relying on centralized autonomous facilities. Through co-creation activities, these communities foster loyalty, generate UGC (user-generated content) and stimulate innovation. The Hundreds, a renowned streetwear brand, for example, expanded its Discord community to over 28,000 members.
With the biggest social networking brand revamping for the metaverse, it is easy to see a near future in which our online lives equal our actual ones. Millions of users are engaged in the metaverse through play-to-earn or cryptocurrency staking. We are still a long way from Mark Zuckerberg’s Ready Player One reality. Laying the foundation for providing newer ways to generate value and development is, therefore, necessary for brands to transcend the Web3 ecosystem. It’s not individually, but together, that we succeed.
As stated previously, Web3 is mostly based on blockchain technology – a decentralized, configurable global computer that acts as a shared ledger. This allows users to hold unique (non-fungible) digital commodities that may be purchased, sold, and resold much like real objects. Such can include virtual apparel, art, gaming items, music, access cards, and real estate. All of these have multi-platform usability. Derivatives no longer need to be tangible to be valuable, which opens up totally new income sources that are unaffected by global supply chain disruptions. Brands have the potential to invest and achieve from this ownership property. By providing the power back to the hands of the people, brands now have the ability to build up loyal customer bases. As the loyalty quotient stays high, it becomes easier for them to curate strategic expansion process and profitability.
The key takeaway here is that there is no set path that the brands could blindly follow. It is necessary for them to self-investigate their market statuses to understand their trajectory. Another critical thing is to learn from the failures. A lot of brands fail and some succeed. Although arguable, competition in the Web3 still stays similar to that of its previous iterations. Identifying the mistakes, learning from them, and reinventing restoratives is the right strategic process that brands should follow. Only then can they benefit from moving into Web3.
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