Web 3.0 is easy for brands to understand and apply
Introduction
Web 3.0 is a tokenized replica of the World Wide Web. Gavin Wood, co-founder of Ethereum, first posted the term in 2014 However, the idea only gained interest in 2021 due to the surplus of crypto, blockchain, NFT and fintech enthusiasts.
If indeed explained, the concept is still in a “vague” state, with no real and critical path to progress. Most of the concepts involve nothing but blockchain technology and the effortless transaction of digital resources. Journalists, technologists and so on describe it as the “remedy” for the “curse” of centralization. Unlimited data scalability, strong privacy and security are the companies and brands that can benefit from Web 3.0 Reception.
In this blog, we will discuss how brands can effectively access Web3 and use the metaversal capabilities. We will discuss this in terms of identity, ownership and community – the three main pillars of Web3 and Metaverse.
Identity
As we spend more time online, our desire for social status and self-expression becomes essential. Ape themed NFTs and 2D pixelart NFTs are new luxuries. Fortnite skins are the latest fashion expression. The “Ready Player Me”, the hub of avatar production, is growing exponentially, attracting brand partners, such as New Balance and luxury clothing label RTFKT, up nearly 40% per month. Users can re-imagine their identities by creating 3D avatars based on self-creativity. They can wear these identities, costumes and wear similarly on metavers like Decentland, Roblex and The Sandbox.
Strategic businesses and brands have similar motivations for establishing themselves. Infinite way to experiment with new ways to connect with Metaverse. The main thing is to form a “brand identity”.
Community
One of the most exciting possibilities offered by Web 3.0 is the possibility of marketers expanding their consumer interaction. Brands are now establishing a superfan community using their own platform where they can reach their followers more widely without relying on centralized autonomous facilities. Through co-creation activities, these communities increase loyalty, create UGCs (user-generated content) and stimulate innovation. The Hundred, a well-known streetwear brand, for example, has expanded its Discord community to over 28,000 members.
With the reorganization of the largest social networking brand for Metavers, it is easy to see in the near future where our online lives are on par with our real lives. Millions of users are employed in Metaverse through play-to-earn or cryptocurrency stacking. We are still far from the reality of Mark Zuckerberg’s Ready Player One. Laying the groundwork for new standards of quality and development, therefore, is essential for brands to transcend the Web3 ecosystem. It is not alone, but together, that we succeed.
Ownership
As mentioned earlier, Web3 is largely based on blockchain technology – a decentralized, configurable global computer that acts as a shared laser. It allows users to capture unique (non-fungible) digital products that can be purchased, sold and resold as real objects. These may include virtual clothing, art, gaming items, music, access cards, and real estate. All of these have multi-platform usability. Derivatives no longer have to be realistic to be valuable, which opens up a whole new source of income that is not affected by the global supply chain disruption. Brands have the potential to invest and acquire this proprietary property. By giving power back to the people, brands now have the ability to build a loyal customer base. Since the quotient of loyalty is higher, it is easier for them to determine the strategic expansion process and profitability.
Key takeaway
The key here is that there is no set path that brands can blindly follow. To understand their trajectory, they need to self-investigate the market conditions. Another important thing is to learn from failure. Many brands fail and some succeed. Arguably, the competition on Web3 remains the same. Identifying mistakes, learning from them, and redesigning retrievers is the right strategic process that brands should follow. Only then can they benefit from going to Web3.
About NFTICALLY
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