How existing brands can use web3 to their advantage

Transcript

gmgm welcome to web3 Academy a place for entrepreneurs businesses and creators to explore and learn how to use web3 to transform business models and build thriving communities I am Jaybird and I'm here to keep you on the Forefront of technology so that you don't fall behind on today's deep dive we are talking about how existing Brands can use web3 to their advantage three main ways we're going to be discussing first offering unique digital experiences the entire world is moving online now is happening pre-pandemic and then during the pandemic it just sped things up the

world is online and you need to be offering your customers unique digital experiences and you can do that with web program to talk about how that's happening in places like the central land and different metaverses we're going to talk about number two leveraging nfts to create exclusivity and Community number three we're going to talk about how to increase your brand awareness and your positioning using web3 and I'm going to do this with examples from Coca-Cola Tiffany's and crypto punks and some others so buckle up we got a great episode for you today so the question on many business owners and leaders and entrepreneurs and

creators Minds is how existing Brands can use web3 to their advantage and that's what this article is all about and if you've been following web 3 Academy for a while you would have seen that web3 has already started to gain some serious traction and popularity especially among existing Brands such as Starbucks which just launched their nft program I shouldn't say a launched they have announced it it launches later this year Nike which is the really the leading web 2 brand that has blown up in web 3 Adidas all our early adopters of web3 and have done incredibly well and have great business models and playbooks that you

can use there's no doubt about it that web3 and blockchain Technologies be poised to become a pillar of our economy in the coming years we didn't want this article to be another cell of a future dream we want to stay focused on what's Happening Now so let's look at some of the ways that Brands can leverage web 3 to stand out from their competition increase brand awareness and engage with customers like never before special Thanks goes out to Jose Mendy co-founder of coptek and IGS group and the writer of the into the chain for writing this deep article let's get into it friends number one way that existing Brands can

use and leverage web 3 is offering unique digital experiences decentraland one of the world's largest and most popular metaverse plot metaverse platforms hosted a metaverse fashion week in March 2022. the event brought together dozens of global Brands and thousands of consumers for a series of events including virtual fashion shows live music sessions interactive showrooms talks and more metaverse Fashion Week is just one example of the unique digital experiences that Brands can create and be a part of to gain more exposure another example is PacSun the American retail clothing brand released a line of PacSun branded digital clothing items

for sale in the Roblox Avatar Marketplace this opened the brand to a new form of Engagement with its existing customers as well as tapping into a new digital Community focused on a identity and self-expression this isn't just about selling digital wearables either the metaverse allows Brands to create immersive experiences that increase engagement and ultimately lead to more physical product sales with the continued adoption of web3 across the global economy the line between physical and digital experiences is only going to continue to blur in the coming years

Brands can use web 3 and metaverse platforms to host live online events release new products and services create branded games to engage new customers and so much more the sky is truly the limit Brands will need to think creatively to explore the best ways to tap into this emerging digital ecosystem and I think the best way that you can do that when you are thinking creatively about how to tap into web3 and how to offer a unique digital experience is think about what you are already offering don't try to reinvent the wheel if you are really good at in-person events then go offer an online event it's probably true that you're also

going to be good at online events yes there's going to be some tech that you need to learn and some new um processes and systems but the core theory around events is going to be very similar right so think about what are you currently good at and then how can you translate that into something simple online that's the key don't try to jump into web 3 by building or creating some totally new thing you're going to be overwhelmed it's going to be very difficult you need to walk into this water slowly so that you don't jump into the deep end right away number two way existing Brands can use web3 is leveraging nfts to create

exclusivity and community nfts and more importantly digital ownership are the perfect opportunity for Brands to create a community around their products and services after all humans are cultural or tribal beings and we love being part of a community so when a brand launches an nft collection anyone who buys that nft becomes eternally connected to the brand as long as they hold that nft and since nfts are programmable in other words they can change and offer new unique experiences to Consumers they are not a static product this aligns with a recent Harris report which found that 72 percent of Millennials prefer to spend money on

experiences rather than on material things instead nfts can function more like a membership card that provides exclusive access to branded events merchandise special discount accounts or even voting rights that determine the future developments of the brand nfts give consumers significantly more value over time than simply owning a product from a brand they become an integral part of the ever-evolving Brand Story this technology is a huge opportunity for Brands to build a highly engaged Community around their mission and if a brand creates a limited number of nfts for its collection and continues to provide value to nft Holders the value

and demand for those nfts will continue to rise and if we ever establish trustless royalties a percentage of every secondary sale into nfts as well which we've discussed Lots on the show then Brands will be able to create a new additional Revenue stream now if you want a deep dive on the truth about nft royalties and what is going on there go back a couple weeks in our show we have a great deep dive all about that uh also we are talking just uh go back one episode in the show and we talk about what is happening right now with a magic Eden launch their meta Shield standard which allows nft

creators to enforce uh nft royalties sorry I shouldn't say to enforce interferabilities more to punish or to penalize those who do not pay royalties uh by changing metadata fascinating I won't get into that but go listen to the last show if you just go back one show on the podcast you'll be able to see that it's in the rollout so the thing is right now many brands are simply using the nft buzz to flex their PR muscles without providing any real value that's that's the switch we need to make you need to focus on value and utilities so if a brand wants to succeed with nfts then it needs to be about the Community First not profit the most exciting part of nfts for consumers

is they get to become an Act become active collaborators that can fuel the Future Vision of the brand some of the more notable brands that made a serious jumps jump into nfts this past year include Gucci Louis Vuitton and Coca-Cola number three way that existing Brands can take advantage of web3 is increased brand awareness and positioning web3 technology and cryptocurrencies are the tip of the spear when it comes to the technological Evolution and Innovation that we're going through young tech savvy consumers aren't looking to engage with out-of-date Brands they want to engage with Forward Thinking brands that

are evolving along with the rest of the world a recent example of this is Tiffany's and Co they recently made a move to create a fifty thousand dollar yeah you heard that right fifty thousand dollar diamond pendant specifically for crypto Punk nft holders they only created 250 of these pendants and it was an exclusive release you could only buy one if you held an original crypto Punk nft which is as many of you know one of the most popular nft collections in the world activities and CO's target audience has typically been women 35 to 50. but with this exclusive release they're able to

tap into a younger market and position themselves as early adopters in the emerging web 3 ecosystem this Crossover with Tiffany and crypto punks is just one example of how Brands can gain exposure to New Markets with web3 the potential for Unique Partnerships and collaboration collaborations in this space is infinite and I can't stress that enough if you are an existing brand and you want to get into web3 one of the best ways to do it is through Partnerships and collaborations there are lots of web 3 communities out there that have very engaged customers that you probably want to reach well go collaborate with them they can handle the web 3 side and you can bring

something unique such as in this case Tiffany is capable of making pendants so they can make the pendants and crypto punks through a partnership can help them Reach the upper echelon the wealthy in the crypto World web 3 is poised to offer Brands the same type of region monetization monetization potential that social media did in the early 2010s the difference is that today web 3's True Value will come from immersive Community German experiences that offer true ownership and engagement like we've never seen before all right wrapping up the full scope of how Brands can leverage web 3 cryptocurrencies and blockchain

Technology it remains to be seen and it's honestly I couldn't even begin to wrap my mind around it you're talking about the beginning of the Internet it's going to disrupt so many Industries but it's clear that even now there are tons of new opportunities to grow your brand connect with your community and create new revenue streams if you're a brand big or small looking to enter the metaverse or web3 or blockchain however you want to categorize it here's what you need to know first there is no Playbook on how to enter web 3. that's what's so fun about the space I love it you can't Google it so you got to get in the sandbox you gotta experiment you gotta build the space is still so new

and Brands currently playing in the sandbox of web 3 are simply experimenting and innovating as they go your best bet is to try something that's never been done before or as I said partner with somebody who's done it and use them leverage them whatever you do make sure it's centered around Community First cancer addressing enough Community First Community First Community First don't just launch an nft to launch an NFP should provide value beyond what you can do with web 2 tools the ux is not great in web3 you need to make the hassle of using web3 worth it number three focus on the experience not the revenue generated the web3 user base is not big enough to scale to the masses that couldn't be more true the success

of web 3 of your web3 Endeavor should not be measured by profit instead you should focus on engagement building a community and the experience itself and it can't be understated that one of the coolest parts of this new technology is how easy it is to find and look up data and how that data is all stored on chain forever so if you get into web 3 with your brand and even if it's nothing to do with Revenue even if if you just get 10 20 50 100 customers to get an nft you will forever be able to look up those

customers on the chain and see that they were your original supporters in your transition to web 3. maybe you use that for something maybe you reward them down the road maybe they reward you down the road because they feel connected to being your first there's just so much potential in playing in this sandbox web3 technology and metaverse Partnerships can create Innovative and exciting experiences for both content creators and consumers alike marketing professionals and Brands need to pay close attention to this base if they want to compete in the years to come this is just the beginning but boy things are heating up fast Mom is cooking in the kitchen and we are eating chicken tonight

web3 is here to stay and it's going to be great so get in the sandbox friends thanks for listening hope to see you around hope to see you in Discord hope to see on Twitter if you're thinking about getting into web3 and you're a brand and you need advice you need help doing it reach out to me we are talking to tons of Brands constantly right now honestly not even necessarily looking to charging money just looking to learn happy to give you a free Discovery or Consulting call on my views and what I'm seeing in the space have a great week everybody keep smiling you're all beautiful I love you thank you for listening to web3 Academy we hope this helps you along your web3 journey if it

does please share this episode And subscribe so you don't miss the next one nothing in this podcast was Financial advice crypto and web 3 can be risky you can literally lose it all in fact if you invest on account of what we say you probably will lose it all so don't do that in all honesty the point of this podcast is to remove the noise of markets and price and focus on utility and implementation anyway so you should not take any of this as Financial advice thank you friends and see you in the next one