Big Brands & Web3: NFTs and the consumer brand revolution

Transcript

foreign [Music] can you all hear me awesome I know we're getting to nearing the end of a very long conference so thank you all for being here I hope we can uh bring back the energy up a little bit the topic today will be hopefully something everyone can connect with we'll be getting into basically what I see is the next wave of mainstream adoption for our whole space in working with big Global Brands to adopt the tech mostly through nfts so

we'll get into some fun details I think even if you're not with a brand I mean I imagine you're all here because you work in the web through ecosystem so even if you've never been in brand marketing or in consumer or worked in anything I certainly hadn't before we are all consumers ourselves of Brands and so it's kind of easy to see how this future might shake out um so I always play to introduce yourself I'm Camilla um I have been working full-time in this industry for about six years um was it consensus with Jordan who went just before me um so it's great to see some friends here uh worked at consensus in the early ecosystem to help bring products to Market like metamask and inferior and truffle um and then uh went on to serotonin as the founding team with Amanda cassett to

work with a bunch of amazing web3 startups across the space as their marketing partner and now the last two years with mojito and we can get into the details our team um is awesome our CEO Rocky Miller has been building Enterprise products for almost two decades the JP Morgan and Goldman Sachs our CEO and co-founder Matthew Isles has also been building web 3 products since about 2016 with the blockchain for journalism projects civil way back one um and it's when it was a digital marketer before uh started in and exited a marketing agency and a mandic acid the former CMO of consensus essentially bringing to Market and growing ethereum in the early days of the ethereum ecosystem um so mojito before we get into the fun

details of the stack and what's happening um just some of the brands we've worked with um we power the back end marketplaces sort of end-to-end web 3 Enterprise infrastructure for Sotheby's um for CAA the talent agency for galleries like Pace on the art side a bunch of sports teams like the Milwaukee Bucks the Tampa Bay Rays Liverpool Football Club get into some one of those use cases a little bit later and some amazing Global Brands like pronova card for their wines and spirits Mattel we've worked with Prada and Givenchy on the luxury side so totally across industry we're just they're fun back-end partner um so just to take a step back and set the scene like you guys all know this

you're in the room because you're web3 experts I'm obviously preaching to the choir but just to explain a little bit somatically like what we're seeing and where we are in terms of adoption in the ecosystem so 2021 to 2022 wild time for nfts when you say the word we even use it colloquially among ourselves this is what comes to mind a lot from just like what pops into our brain from an aesthetic standpoint certainly this is what pops into the brains of like Brands when they hear nfts for the first time 2022 word of the year it had entered the Zeitgeist people think of Collectibles they think of board Apes they think of incredible digital art like generative art like Tyler Hobbs um this room knows better that nfts is just a file format it's just a construct and if anything to use them to just host

a JPEG is like using a very sophisticated military tank to carry a kitten like there's so much more the tech can do and some Brands who have been learning for a couple years now have come to the conclusion to see everything else the tech can do two brands that are leaders in the space um Nike who's been sort of experimenting in public for the last couple years they bought artifact they did a bunch of digital wearables their conclusion Now sort of the outcome of where they see full web3 integration going outside of experimentation is their dot swoosh platform they have a five ten year roadmap and plan for that.such platform that's only in the very very beginning stages of what it is as they see is the new way for Consumer engagement gamified playable consumer engagement for a

consumer to engage in a brand that they love in a new and digital first way that is so much more in between liking a post on Instagram or buying something there's so many more ways in between to engage in web3 is the perfect tool to empower and capture that um same thing with Starbucks biggest loyalty program arguably in the world 50 million members it drives more Revenue than their retail they have dozens of people working on their loyalty team like if anyone knows loyalty at Starbucks at a global level and they are at the table fully embracing web 3 with their Odyssey platform so some smart friggin Innovative brands are at the table building long-term engagement why and what do they see and how is this going to drive essentially what we see is like the gateway drug into mainstream

adoption so I'm going to speed up a little bit another helpful metaphor of like what's been happening with Brands and what's happening now um I sometimes like to think of what's been happening in the last two years for Brands entering web 3 is they've been throwing a house party outside they've been doing a drop they don't even need permission for Mom and Dad they just throw in a house party in the back House of the brand to see who comes totally experimentally rented Furniture they're slopping a brand logo on an image and they're selling it to the market mostly to the same 50 000 active wallets that they're sort of trying to drive revenue from their kpis for those sales are Financial it's how much money can we make from this drop they think of it as a very traditional product launch where

you build it you launch it you make money it's done where brands are now and especially as the markets cooled over the last year they've kind of taken a step back from like their house party planning and they've moved into like what the tech can do they've learned a ton over the last 12 to 24 months and now they're coming back to the market and back to the table working with companies like us to build what I'd call like more of a home renovation so now they're building an extension of the house they do need the parents approval they do need the every other part of the Brand's approval they need a budget they need a long-term plan how is this extension going to fit into the rest of the house how is the room going to be used how does it integrate with sales

Finance legal business marketing feedback loops into product everything it's no longer a side backyard experiment they're now thinking long term about what's happening and how to embrace the tech like the Nikes and the Starbucks so web 3 powering the future of consumer engagement what is consumer engagement even mean um I don't know if you guys can see great you can see um so this is not a web 3 graph this is every marketer's playbook for pre-purchase engagement from a customer to a brand during purchase engagement and post-purchase engagement it's things like before you buy something how do you find out about it obvious way social media Word of Mouth digital ads Direct Mail website influencer marketing maybe

problems and Deals and then there's the during purchase experiment what is the in-store experience or increasingly what is the e-commerce digital experience what do the trions look like how do they know you've arrived to the site what is that online checkout the packaging increasingly things like supply chain information what you're buying what is that receipt or that invoice look like we're here in Paris where they love to still get that paper receipts for absolutely everything I don't think that's uh where we're headed long term from a digital perspective so what does that experience look like and then post purchase which is where it gets very exciting in web 3 because for traditional Brands the moment purchase is not where the consumer Journey ends because this is kind of a loop but it's that's driving towards all of

it like it kind of ends a purchase where in web3 as we all know the consumer Journey sort of starts at mint and so it starts at purchase mint if there is a financial thing attached um post purchase are things like what is that customer service experience look like where the forums you go to talk about it what is that brand promise um you know if you just had you needed utility you could carry around a canvas bag but so why do people spend thousands of pounds on luxury vet what does that brand promise um what is the extended experience things like you know how do I use my car online forums about it what is the brand giving you that's a digital extension of a physical thing um aloe yoga did an awesome project with this with the token attached with the purchase so you bought the physical ski

suit like you do normally and then you had a digital twin or a token with purchase that unlocked extended digital experiences with that ski suit um I don't know exactly what they did but you can imagine that being things like discount on lift tickets ski videos something out a digital extension to the physical thing you're buying and so if you think about all these brand touch points web3 can sort of change almost every single one of them either to capture like hashing every experience if at every time you're mentioning a token you're signing with wallet as that user Journey gets more seamless and elegant or using some of the actual utility um from a sort of use standpoint like redeemables for purchase certificate of

authenticity Supply Chain management things like that on the receipt in the invoice certainly when it comes to things like extended digital experience and resale web3 kind of enables a lot of this in different ways so what is that uh what does that look like um I'm going to get a little bit quickly if you'll indulge me into the data side because that's essentially what we're talking about for Brands um they really see uh uh web3 and nfts is sort of the new cookie in a way and so there's a lot like happening somatically globally legally right now that sort of is enabled this rise in this approach to web3 as a source of first party data so there's two kinds of cookies there's first party cookies which are largely Good Cookies even us like web through

privacy vaccines Good Cookies beneficial user experience these are things like you know the site remembers what's in your shopping cart when you leave and come back these are things like you remember your email and login site customization driven towards you the data that's captured is just with the brand and just between the brand and you then there's third party cookies bad cookies well increasingly bad cookies because they're getting regulated out of existence these are things like web tracking that then track everywhere else you go in the internet and the goal of these is not a better customized experience for you checking out it's for ad targeting now this is not inherently evil some people gen Z love ad targeting they're like I love my Instagram feed I get served up great stuff it feels like

a more customized web but the thing that feels a bit icky about it right now is that it's not a choice so it's happening to us these third-party cookies and from that privacy Crackdown um which is why I mean there was a global survey done in like 75 percent of people don't trust their companies with their data um obviously and so these are the kind of cookies that extends into that trust and even distrust of a brand um Firefox Safari already automatically blocked third-party cookies Chrome will I think early next year obviously crypto native Brave box these already here in the EU everyone's familiar with much more Forward Thinking regulations like gdpr and e-privacy that make you opt in which is where you get all those pop-ups

for every site here you have to opt in um U.S a little bit more a little bit more Open Season because it's all done by a state level California was the first state to pass consumer Privacy Act um actually I'm a very proud sister my sister just recently helped to push through Florida's Privacy Act for a state for Consumer privacy so this is changing it's a changing landscape to how we interact with trust with data so this is where we Bunch web 2 but it is being how does web3 fit into it so when we speak to these Brands they think okay no more third-party data no more ad targeting it's all about first party data over third-party cookies so what kind of first party data can you get right now it's a pretty limited stack they know like age location maybe how

much you've spent with that brand often not even that because a lot sell through third parties and resellers so they didn't even have that information about you um and so there's this whole changing landscape from a data perspective and brands are now in the middle of thinking what does our consumer strategy look like consumer connected consumer strategy look like from a data perspective over the next five years um there's also this idea of this race intimacy that's happening with Brands and consumers right now especially gen Z and Millennials have an insane meter for like inauthentic communication from Brand to Consumer even more than we do certainly more than our parents did and what does that intimacy look like between Brands and consumer its personalized experiences um and it's rewarding them for loyalty

it's offering back benefits so it's not just one directional value extraction or not value extraction you're getting product out of it but much more targeted loyalty and in more intimate relationship um web3 comes into that because as essentially consumers become the platform which is the whole kind of idea of data ownership that our Tech allows is that instead of my data being fragmented and segmented across a lot of different places the I basically carry all of my data with me through my wallet or through nft identity especially with the new token contracts um like 6553 and and I didn't get that wrong um one is account abstraction

um and one is sort of uh adding like an account within an nft essentially and so with the wallet is the base of the identity and that is kind of an open question of how that will evolve like a lot of us already have multiple wallets that we kind of treat like file formats um or with a new account abstraction you can have one nft that kind of acts as your account with these Brands and every time you interact with the brand whether it's through an ad or in store or post purchase instead of like collecting a token at each point collecting a PO app or like collecting marbles with each brand engagement in your wallet it's essentially updating the metadata from that one token as it goes on over time so same amount of data same amount of customization in terms of what the brand

then wants to allow um so it's either looks like tokens or are updating metadata all based on sort of the wallet identity which becomes the new user identity and the user being the platform here the Omni Channel platform that gets super interesting as well when you can connect off chain or web to CRM data so let's say my you know historic Global loyalty with Nike over the years if I'm joining the dot swish platform I don't necessarily have to start net new they can use an existing CRM and connect it with my my DOT swoosh nft which they've literally done the first thing you do when they joining the ecosystem is mintyre dot swoosh ID that becomes

your Dynamic updating metadata nft for all the things you do and they can pull in Connected CRM to their existing data to that and understand my existing loyalty um so this is sort of another visualization of you know you can just tap to connect I mean we all mentioned a Pro app when we signed into ECC today this gets really interesting though when you collect other brand engagements you know let's say I'm a you know we're here in Paris they'll say I'm a Dior Super Fan and so I walk into the flagship store in every city I go to I walk in like I click an NFC chip I meant a token for having checked in that's so much more information about me and my brand loyalty that you are never knew about me before I might be an amazing person to Target for a discount or a benefit or to

reward that engaging with the brand in some way um so now to the fun bit now what we're all here what does that stack look like so this is literally what we've built out at mojito all of those ideas that I just spoke about are awesome and that's what gets the brands super excited about it so let's say you have an amazing vision for how this looks like connected marketing campaign for your consumer how do you bring it to Market and how do you bring it to life and how do you build it which is where we come in so we've built um sort of an all-in-one API set end to end everything and you know this is all of it or for some of the brands they only use bits of this stock and it kind of follows the user Journey so anything from new wallet creation

obviously we have the crypto native web 3 Journey you know you go to a site you connect your wallet you pay in crypto or you mint with your existing wallet with your metamask or wallet connect also increasingly for these Brands and there are hundreds and millions of global non-web to audience who don't have a wallet who don't have crypto it's to make it as easy as possible for them to log in with an email get a wallet created for them in order to Mint their first claimed free nft or purchase with Fiat in a new wallet that's created um this is actually a part of our platform that's modular there's so much Innovation happening right now on the on the wallet side especially for new users industry standard at the moment is um MPC wallets multi-party computational wallets for new users it abstracts away

a little bit of the private Key Management that is such a barrier to entry for a lot of new people like your friends and family that aren't in crypto if they're wanting to just claim a free nft for going to an event and it's like setting up a new wallet write down your private key but not all at once but don't lose it but put it in your mom's closet but in different places it's losing a lot of people so easy wallet creation but you know sharded and securely stored for that new user to get set up that they can then choose to bring fully on chain or to transfer those assets into another wallet later on um on the reward side we handle all of the uh the mechanisms for earned nfts as we call them or free nfts but you're sort of earning them through an engagement

with a brand um and that dynamic nfts as I talked about with 6551 where you can sort of update the nft like a profile with a brand with updating metadata for all of your interactions it's what G money does for his 90cc Community where if you play his weekend game or if you have a shirt and you give out Pro apps he has that leaderboard of active participants within his community that's based on Dynamic updating metadata you're not necessarily A leaderboard based on how many sort of new g-money tokens you've minted it's more how active are you in the community based on sort of every interaction is like a hash we manage all the memberships the brands are super excited about with this Tech like tiered systems and levels and how do you specifically tokengate for different

aspects of your community like token get experiences with a super fan or not on the payment side um super simple from a crypto Journey we all know it connect your wallet pay and crypto of your choice and you're Off to the Races and then obviously for our new user Global adoption Fiat payments as well this is another area of our stock where we partner we've partnered with coinbase Commerce and moonpay checkout.com stripe has a amazing new payments uh product that they're rolling out and obviously whenever you come into Fiat you brush into the existing system it gets very legally in regulatory complex and so we've also sort of partnered across to analysis sardine vertex on feto to offer a fully compliant platforms with tax accounting

kyc AML fraud checks when needed which is necessary when we're working with customers like Sotheby's that are selling millions of pounds in art or customers like preneur card who are dealing with you know alcohol and and things that need kyc um and then when there is a cost associated with the digital product being sold via nft whether that's art or something else we handle all that sophisticated drop Dynamics as well like English auctions increasing bids Dutch auctions decreasing bids by now redeemable discount codes claimables ballots and then marketplaces essentially how you're interacting and uh and minting or claiming or buying that nft so the storefront where you're first minting

directly from the brand or also fully custom secondary marketplaces which we just launched a few weeks ago with subbase which is increasingly interesting for Brands like if you wanted to just buy a Dolce Gabbana nft they've done a couple different series now you can go uh sure to openc looks rare but if you're a brand new user and you're really just looking to pick that up go into those marketplaces is sort of more of a web 3 native Trader focused Journey so you should have the option to go directly to the brand buying peer-to-peer but directly on a brand created site and then you can enforce things like royalties and reward loyalty and everything else um so that was the fun bit of our stack in summary it's creating sort of an end-to-end goal of a seamless user

experience while still staying true to the tenants of what this makes this Tech So Exciting in the first place which is digital custody at the individual level and then what that relationship looks like and changes from the brand to the consumer um the only part of our so all that I explained this stack um we don't have our own Marketplace mojito doesn't look like anything we just silently power these brands in the background so you can play with our Tech by going to Sotheby's Marketplace or to Pace galleries or to the Tampa Bay Rays the Milwaukee Bucks reclaimable site um but we sort of just power we want to see a world where all these Brands just have their own essentially web3 enabled sites and experiences um the part of our

mojito that does look like something is our brand facing dashboard and so we set it up we build their site whatever features they want to bring their idea to life and then they can manage their own platform essentially themselves it's a no code dashboard where they can list Newman's they can pick the price is it free is it Buy It Now is it on polygon is it on Eve um how much what's the metadata look like what is the description what does the trait data look like they can customize all themselves essentially just to marketer on their team and then also see all the analytics and Reporting like how did the sale go um what does the p l look like if there's a cost Associated how many wallets have minted um I won't go in too much time because I got my uh minute flag but um just to

case studies I think I mentioned before you know we've powered the marketplaces for Sotheby's and Pace digital art for nfts was one of the first immediate use cases of this Tech to be able to own a digital art piece for the first time um and so Sotheby's was actually our first client and worked with Pace as well we've driven over 120 million of sales with Sotheby's um recently the amazing Goose that went for sale and um with Pace Gallery as well for uh their first buy now auction or sorry on-chain auction um with Tyler Hobbs and Claire silver earlier this year um so those are all paid mints if you will a cost associated with buying an nft um for these it was uh free mints so earnables as we spoke about um with both the Milwaukee Bucks and

Tampa Bay Rays similar use case for both the Tampa Bay Rays they actually have an incredibly loyal fan base for one of their affiliate teams the rowdies uh not your web through user base hardcore Tampa Bay sports fans and they wanted to give away a free digital claimable to their season ticket holders so if you're a season ticket holder you go to the page you minted digital pass it looks sick the fans already loved it and then with that pass we partnered as token proof you get discounts on food and bab in the stadium and from a team perspective they get so much more data about who claimed where did they use their code what does that look like so they can offer better and better experiences for their fans in stadium um we weren't we were expecting maybe

our internal kpis were like 15 minted or something over 60 percent of these folks minted it so that was awesome and this is getting more into what I spoke about before with the sort of you know house party Revenue driven and now that they're moving towards loyalty and engagement um their main kpis for things like that is not immediate immediate financial Revenue it's three things which are the holy grail for Brands new customer acquisition so more like gamified Digital Way of engaging with the brand that the younger generation will uh connect to more lowering CAC lowering the cost of new customer acquisition it's uh seven times cheaper to keep an existing

customer than to get a new one and so they're trying to lower that existing uh sorry trying to lower the cost for acquiring new customers and the third one the Holy Grail of increased total lifetime value again most brands especially luxury but across the board get eighty percent of their revenue from 20 of their brands and so if they can super customize and reward those experiences for their 20 and make them feel amazing for bringing brand loyalties give them discounts benefits access that's really where the brands see this happening and then Revenue you know brand Financial benefits everything else comes later and so they're seeing that as a longer term play um can't be a web 3 conference without dog fooding experiencing some of our own

Tech so for all of you that are still in the room and still alive and still here thank you for coming out um if you claim this you can actually test our like free fully branded free claimable experience so this will take you to a site where you can mint your mojito Insider pass um this is a free claimable or again as we call them earnables you have all earned this for showing up to come to my talk you are now part of the Mojito insetter and you can see on the page when it comes there uh you can have two options you can actually connect your existing wallet and mint or if you want to check out the new wallet creation process put in your email you'll get sent to code and then you can mint it as well and a new wallet will be

essentially being set up for you in the back end an MPC wallet so try it out would always love your feedback I'll be outside after this if anyone wants to chat and my Call to Arms for all of you guys if you thought this is cool and want to partner one if you know any Brands family members friends that are exploring web3 as a strategy and need a fabulous Tech partner we have an awesome referrals program um so anyone you refer we can work together on that program and that and that um and that split and our apis are for everyone like we've worked with some pretty fantastic Brands leaders across every industry um but that doesn't mean that we are unaffordably expensive um we have increasingly started to

partner with a lot of web3 native platforms for nfts who want to use us to fill certain holes of their stack that they're looking to grow and build so part of our apis available to everybody um and so if you are a web 3 native platformer brand and need sort of want to accelerate your roadmap and build some of these functionality custom secondary whatever it might be we also would love to partner there so thank you all for coming and claiming your mojito Insider pass and it's uh I hope you enjoy your rest for your time in Paris and it's great to be with you all today [Applause] [Music]

[Music] thank you