Now that we’ve established that Web3 is deemed the future of the internet and promises a more direct relationship between brands and consumers in our previous blog post, let’s see how some brands are already exploring new ways to use this evolving technology.
NFTs
If you’re unfamiliar with exactly what an NFT is, here’s a quick recap. Simply put, NFTs (or non-fungible tokens) are blockchain-based items which prove ownership of digital assets – everything from a piece of digital art, a weapon in a video game, or a trading card. The key benefit of NFTs is that they can be traded on the open market, meaning they are simultaneously investments as well as art objects.
For example, the NBA’s Top Shot store sells video highlights of especially compelling shots — like a clutch three-pointer from Warriors star Steph Curry or a legendary dunk from the Lakers’ LeBron James — as collectible NFT “trading cards.” These virtual trading cards include not only the highlight clip but also team-specific artwork, game and player stats, a description of the action, a unique serial number, and additional details.
Coach, the luxury fashion brand, launched an NFT collection for the 2021 holidays, giving buyers a special bag that wasn’t available otherwise.
Adidas, as well as a few other brands, record attendance at virtual or real-world events, like a fashion show or a collection launch, on the blockchain and reward the people who came with preferential access to new products and sales, exclusive invites to other events, and personal styling services.
Cryptocurrency Payment
The footwear and accessories brand, Charles & Keith is one of the first retailers to add a cryptocurrency payment mode on their e-commerce website. C&K, originating from Singapore, enables the payment mode using TripleA, a crypto payments platform licensed by the Monetary Authority of Singapore, and they accept both Bitcoin and Ethereum.
Beyond the world of NFTs and cryptocurrency, Web3 will offer brands strategic opportunities to drive growth, increase revenue, and build greater brand awareness.
Ready to enter the Metaverse and adopt Web 3.0 into your business goals? Now is the time to get started. Contact us today
